Estate planning is the process of managing and parceling out an estate to reduce the taxes owed and to transfer assets to beneficiaries after someone dies.
The goal is to avoid the pitfall of no plan done and the disaster when wills and trusts are in place but the asset ownership and beneficiary designations frustrate the plan by having assets pass to the spouse and not the trust. If you want to hire a best personal injury lawyer then you can visit various websites online.
Few things are more important to the success of your estate plan than the attorney you choose to design and draft it. Almost as important is the relationship that is formed between that attorney and other professional advisors who serve you in the areas of financial advice and accounting. If you are looking for a coordinator of a company’s legal and business activities who will advise you on personal legal concerns then you can check out various websites online.
A checklist to help you take care of your family by making a will, power of attorney, living will, funeral arrangements, and more.
Your will is the document that contains who will receive some or all of your property at your death. Your will allows you to designate executor of your estate and successive executors. The executor of your estate is responsible for administering your estate and overseeing the probate process. You can check out Wellesley estate planning lawyer online if you want to solve your legal issues.
The will also provide an opportunity for you to inventory all your assets and designate the beneficiaries of different categories of personal property, real property, bank accounts, shares of stock and any other property that you own.
After the will is created, you may choose to keep it in a safe location with your designated executor or with an attorney. You also have the option of creating a joint will with your spouse. A will must be admitted to probate when you die and undergo a court proceeding before your assets are distributed to your heirs.
There are several ways to transfer property before your death or make certain that specific property goes directly to your beneficiaries without going through probate. Life insurance policies and pension benefits go to the beneficiaries that you have already previously designated and are not admitted to probate.
If you own property with others as joint tenants, the remaining joint tenants have rights of survivorship, which means that the other co-owners acquire your interest in the property upon your death. Bank accounts may be set up as pay-on-death accounts, allowing the account assets to transfer to a designated beneficiary.
As part of your estate plan, you may establish a trust, naming someone as the trustee and designating beneficiaries of the property. A living trust is created while you are alive, and it can substitute or replace a current will. If you are looking for an estate planning lawyer, then you can mail us at email@example.com online.
A trust is established by creating a trust agreement and transferring property to the trust. A trust may be revocable, allowing you to cancel or make changes to the trust assets while alive. A revocable trust becomes irrevocable upon your death.
An irrevocable trust is the opposite, and once an irrevocable trust is created, you relinquish your rights to cancel or amend the trust. The trustee is required to maintain the trust assets and distribute the assets to the beneficiaries when you die. Trust assets are not admitted to probate.
If you become ill, there are documents that you can create to help health care providers ascertain your intent regarding medical decisions.A durable power of attorney allows you to designate someone to make medical decisions for you, if you are unable to make these decisions.