Planning one’s estate may seem like a daunting endeavor, but it definitely is an endeavor that invaluably saves time and money for your loved ones when settling your Estate. A qualified estate planning attorney is one of the important persons to turn to at moments like these. The attorney you hire must understand your needs. The following are questions to ask your estate planning attorney:
Is An Update Of My Will Necessary?
Any genuine and valid will can be probated, no matter how old it is. This can have advantages and disadvantages. A will that was drafted decades ago can be probated as long as it is legally valid. However, within that duration, various personal circumstances may change; hence, it is always wise to review a will frequently whenever a major transition transpires in your life.
Is A Revocable Living Trust Necessary?
Revocable living trusts can avoid probate. It is created while you are alive and allows you, among other things, to name a backup trustee who manages your assets in case it is impossible for you to manage them. This backup trustee may step in immediately to manage even without the court’s intervention.
Do The Beneficiaries Of My Life Insurance And Retirement Plans Align With My Overall Estate Plan?
Your life insurance, IRAs, annuities and other retirement plans are not covered by your will but are directly passed to a beneficiary named outside the will. This requires proper consideration of this crucial part of your overall estate plan.
How Much Will My Loved Ones Inherit If I Die?
Your spouse and children are usually a primary concerns. It is essential that even after your demise, they receive enough money. Estate taxes may reduce the money that your children inherit; therefore, taxes saving strategies should be included in your plan. This ensures that your loved ones, and not the IRS, receive the most they can from your estate.
Is A Durable Power Of Attorney Needed?
This gives you the ability to name another person to articulate financial decisions on your behalf in cases such as incapacitation. This document terminates upon your death.
Other questions to ask your estate planning attorney include:
- The education and experience of the attorney
- The charges to be incurred
- The team you will be working with
There are other many questions to ask your estate planning attorney, and they are essential in ensuring that the engagement benefits your loved ones as much as possible. Mindy Felinton’s services are the highly regarded and cover every aspect of estate planning. Call her office and your estate planning will be in qualified hands.