Estate Planning Maximizs Your Assets and Minimizes Problems
Estate planning involves organizing the handling of your estate after your death or when you are incapacitated and cannot manage your estate yourself. You can plan for your estate management and transfer using a will, trust, or insurance policy. However, it would be best to involve an estate planning lawyer as they have outstanding knowledge of state and federal laws affecting your estate’s inventory, valuation, dispersal, and taxation. Also, they can help in creating a will.
When preparing a will, you may ask yourself, ‘Can I make a will at home?’ Writing a will alone should not be difficult, provided you have an easy estate plan. The two crucial documents that guide estate planning are the estate planning inventory form and beneficiary planner template. However, to be valid, it must be in writing with your signature, have two witnesses present when you write it, and state that it revokes all others.
If you are wondering, ‘Can a power of attorney change a will after death?’ A power of attorney becomes invalid upon the grantee’s death. Hence, provided a will is valid, a power of attorney cannot change nor rewrite it. The responsibilities of executing the will shift to the executor upon the demise of an estate owner.
Estate planning involves an estate planning inventory form detailing your inheritance family trust. Retirement planning and estate planning is a continuous process and should be started soon by any person with a measurable asset base with the help of estate planning lawyers.
One of the main aims is to ensure your beneficiaries get assets in a way that minimizes taxes such as estate tax, income tax, and gift tax. Estate taxes can run as high as 40% of the entire amount, so at the very least, you should set up a will even if the estate isn’t ample.
The good news is your beneficiaries might not have to worry about paying taxes. Federal law in the US mandates that only estate planning inventory forms with assets exceeding $11.7 million should attract estate taxes. However, Congress has a proposal to cut this figure by half.
That said, who should look for help with an estate after death? You can get more information on this topic and more, check out our review on how estate planning maximizes your assets and minimizes your problems.
In so many areas of life, the best motto seems to be “hope for the best but be prepared for the worst”. This is specially true in the area of family law and estate planning. People put off thinking about making wills because of the human reluctance to accept our mortality. But making a will is a way of protecting your family and loved ones in all eventualities. An estate planning and litigation attorney can help you make the best plans for your assets, in order to preserve their value and avoid extra burdensome taxes.
Who needs a will?
Estate planning helps you to maximize the value of assets. It also prevents unnecessary costs and problems for your loved ones. According to Business Insider, the three most important legal documents that any American should have are a will, a living will, and a durable power of attorney. Despite all our reluctance to confront end-of-life issues, these three documents will ensure a smoother transition as and when it should become necessary.
The most important reasons that people have for estate planning as revealed in a survey are: avoiding probate, for 59%; minimizing arguments and disagreements between beneficiaries, for 57%; and to prevent their children from mismanaging or wasting their inheritance, for 39% of the respondents in the survey. Despite these powerful reasons in favor of making a will, more than half or 57% of the respondents in a survey, who did not have wills, said that they ?just haven?t gotten around to making one.?
Estate planning advice from experienced attorneys
Once you’ve decided to go ahead and make a will, the first step is to discuss the legal issues with a firm of specialized attorneys with expertise in family law. Family law attorneys can provide all estate planning services, including:
- Last Will and Testament
- Power of Attorney
- Living Will
- Life Insurance Trusts
- Grantor Trusts
- Revocable Trusts
- Testamentary Trusts
- Estate Litigation
Experienced lawyers can help you draft a will in as little as 10 to 15 minutes. Estate planning and litigation attorneys also advise that you should review your estate planning documents every three to five years, specially if you have children, to ensure that the documents are up to date and that the most appropriate people have been designated to handle your assets.