3 Uncommon Facts On Estate Planning Services

Health care attorney Wills and estate planning

Updated 08/05/22

Estate planning is the process of preparing for your death and managing your assets after you die. It includes things like creating a will, choosing an executor, setting up trusts, and ensuring full control of your assets after death. Another word for estate planning is “estate management.” Here is an AARP estate planning guide to help you plan.

The first step in estate planning is deciding what type of document you want to use. There are three main options: A will, a living trust, or both. Each has its advantages and disadvantages. The choice between them depends on how much money you have, who you want to inherit your property from, and whether you need someone else to decide about your health care if you become incapacitated. If you don’t have children, you should consider using a revocable living trust. This lets you decide at any time which gets your property and gives you control over your medical treatment. The best probate attorney can help you with this after death planning guide by answering your questions and helping you create a plan that works for you. This way, you will have peace of mind knowing that your assets are in good hands after you are long gone.

When you are planning for after your death, there is a lot of financial planning to do. You may want to start a trust in order to protect some of your money from excessive taxes. Can I do my own estate planning? Yes, many people do conduct their own estate planning, though you may need an attorney to file certain paperwork for you. Can a financial planner prepare a will? In general, yes, they can help with this aspect of estate planning.

If you are looking for cheap estate planning, you will want to do as much of it as you can to keep the court and attorneys’ fees as low as possible. While you may need the lawyer to file your trust paperwork as well as to make sure your will is legal, you can do many other aspects of estate planning by yourself. Look at websites that specialize in state planning as well as how-to books that can help. These will tell you about all of the common estate planning documents that you will need in order to begin planning for your estate. You can also go the route of consulting with a lawyer upfront and then doing the work.

 

Estate planning services are important for everyone of all ages, gender, and health. Sure, they become increasingly more important the older you get as your chance of death inherently increases, but it’s never too early to start thinking about writing a will and keeping your beneficiaries out of probate law. Here are three slightly uncommon reasons to hire estate planning services today.

1.) Healthcare Power of Attorney: Unfortunately, a lot of people don’t have a health care attorney named. Currently, about 38% of adults have one. Even worse, many people don’t even know what they are. This is the person you select to make healthcare decisions for you should you become incapacitated in any way. Something you never want to think about, but could very well happen to you at any point. Make sure you have someone you trust named so that you can be confident your best interest will be looked out for.

2.) Little Known Facts: There are quite a few things many people don’t know about personal estate planning. One of them is that federal estate taxes can be taken from you after death if you are worth more than $5.43 million in 2015. Fortunately, (kind of) this only affects about 0.3% of estates. Another thing a lot of people don’t know is what happens if a married couple dies without a will. Typically, the second-to-die spouse’s family will inherit everything. This includes any wrongful death claims. The first-to-die spouse’s family is left with nothing but potentially empty promises. Don’t let your in-laws take everything, get a will.

3.) Pets: There is a place for pets in any complete estate planning services as well. Most people want someone to care for them after they’re gone, but don’t think it’s important to include their wishes in a will. This can lead to disputes over who gets them or the even sadder alternative of no one wanting them and being abandoned. Of course many times these pets are euthanized.

Wills and estate planning

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