Estate planning is a necessity especially for people who own several real estate and highly valuable personal properties. The process is crucial for the proper division of important properties at the time of death of the property owner and for the peace of mind of surviving family members and relatives. It is, therefore, highly important that this is done while still living.
The process of estate planning involves a lot of legalities hence, various professionals are normally hired to take care of this. Professional advisors involved here include your estate planning and probate lawyer, accountant, financial planner, banker, broker and life insurance advisor. These people will take charge of transferring the properties of the deceased owner to the rightful people who were left with some inheritance.
Wills come in different types depending on the family and tax objectives you wish to accomplish. A simple will refers to only the distribution of assets. If one or more trusts are established, it is known as a testamentary will. Another type is the pour over will which leaves probate assets to a pre-existing inter vivos trust. A trust arrangement usually aims to ensure that the properties are well managed and the surviving family members are protected.
Estate planning puts emphasis on one vital document which is the will. With a will, you can distribute properties to your spouse, children and siblings in any way you prefer at the time of your death. But of course, other personal objectives can be specified in the document other than disposing of properties.
Preparing for estate planning can be done when one is still young and not when you’re already old. In fact, you can already start making a will when you have secured several real estate properties and financial assets even before you get married. All you need is to consult with an estate planning and probate lawyer preferably whom you personally know.
Here are some helpful tips to guide you on estate planning.
? Estate planning software is now available to help you with the process. You only have to answer the questions in the program and then provide the information to your lawyer. Always remember to have your attorney review any legal documents that you make using a software package.
? Have your will notarized with the right number of witnesses. Refer to your state laws and remember that a beneficiary is not allowed to sign as a witness. Make sure to have only one set of documents signed and notarized.
? Review your estate plan every now and then. This is essential especially when laws change and your situation changes as well such as in cases of divorce, death of a spouse, birth of a new child, getting married or remarried and moving to another place.
? Assign an executor who is capable of managing your estate at the time of your death and until your assets are distributed to the rightful heirs.
? Create a list of your assets and liabilities. This is to determine how much will be left to your heirs and how it will be divided after all the liabilities are paid off at your death.
Author Resource:-
Attorney Julia Benkoski is an Austin estate planning and probate lawyer who is helping individuals, families and business owners control their professional and personal goals, protect their families, preserve their assets and legacy and save taxes.
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