The process of choosing an attorney for estate planning can feel intimidating. It is important to find an attorney who welcomes questions, answers them in a way you understand, and makes you feel comfortable. An experienced attorney will also be current with legal statutes and have strategic know-how to carefully word documents to minimize complications after death.
Tax Planning
You must set goals before choosing an attorney to draft your estate plan. This will help you and your professional team focus on what matters most. Having clear goals will also save your loved ones from having to guess what you want done with your property after you die. It will also prevent the courts from deciding for you by using state law to dictate how and to whom your assets are distributed. An important step in the planning process is to review your assets, including bank and brokerage accounts, retirement and life insurance policies, collectibles and real property (including a house or condo). It would help if you also listed liabilities, such as mortgages and lines of credit.
Wills
A will is essential to a complete estate plan. It ensures your property goes to the people and causes you want it to. Without a will, your family’s assets will be distributed according to government rules (intestacy laws). Your will should include an inventory of all your assets, including beneficiary-designated accounts (IRAs, 401(k)s), life insurance policies and securities, and grant deeds to real estate. Your estate planning lawyer can assist with preparing an inventory and ensuring that all designations are up to date. An estate planning lawyer Hernando County FL, can also help you with other aspects of full estate planning, such as establishing trusts, power-of-attorney, and health care directives. The time to start the process is now before it is too late.
Trusts
A trust is an arrangement for a grantor to give someone else (usually a trustee) the power and responsibility to manage and distribute assets for their benefit and that of one or more beneficiaries. A beneficiary may be a person, such as a spouse or child, or an institution, such as a school or charity. Some people use trusts to make their wishes known in a way that is not subject to public record, and others because they can help them avoid or minimize taxes or other expenses associated with estate administration. A lawyer can help you determine the type of trust best suits your situation. A trust can be established for cash, real estate, business interests, investments, artwork, or family heirlooms. It can also provide for special needs and favored charities.
Powers of Attorney
A POA allows you to name someone who’ll make decisions for you when you cannot do so. “You can give them broad powers or limit their decision-making to specific types of affairs, such as medical or financial. Working with an estate planning or elder law attorney is important to ensure your POA is tailored to your unique needs. For example, include a clause stipulating how your agent will be compensated for making decisions on your behalf.
Also, an estate lawyer will review your assets and determine the relationship of federal and state estate, gift and generation-skipping transfer tax laws to your objectives. They’ll then help you craft a strategy that meets those goals.
Health Care Directives
Your estate plan does not just address issues that arise when you die. It also helps you express your healthcare wishes when you cannot speak for yourself. State laws vary regarding appropriate documents for expressing these choices and appointing a decision-maker. These documents are living wills, healthcare directives, medical proxies, or advanced healthcare directives. You can change these documents anytime by creating a new record, discussing the changes with your physician, and ensuring a new directive is placed in your medical file. You must also notify your family and friends about any changes. Some states require that you follow formal requirements to cancel a directive. A lawyer can help you comply with these laws.
