Estate planning includes creating a will. A will is a document that directs what you want to happen to your assets after you die. Wills often include provisions for trusts, so you can pass on certain properties to specific beneficiaries, or to charities. It is essential to have a will, even if it’s simple, but it’s important to have a clear understanding of what it means to you. Estate planning may help you avoid taxes or minimize the amount of estate taxes you pay.
A trust is another useful tool for unmarried couples and blended families. Unlike a will, a trust allows both parties to make specific bequests to their children and their trusts in the event of their death. It is also a useful tool for couples who would like to ensure that their children will inherit their assets. However, it is important to ensure that the beneficiaries are properly chosen before signing a Will.
It is an ongoing process
You must remember that estate planning is a never-ending process, and that the documents you create should be updated and revised as your circumstances change. There are many reasons to revisit your estate planning plan, including life changes, tax changes, and new asset purchases. You should review your plans at least every five years, if not more. For example, you may have bought a new property or acquired a new insurance policy. It may be necessary to update your insurance policy to reflect the new asset ownership.
Reviewing beneficiary designations is another important part of estate planning. Changing your beneficiaries can be a straightforward process, but there are a variety of factors that can influence who receives your assets. Some people don’t want their assets to be divided unevenly, while others don’t want their assets to be distributed to non-profits and charities for tax efficiency. As a result, they should revisit their beneficiary designations regularly to ensure that their beneficiaries will get what they deserve.
Creating an estate plan is a lifelong process, and should be reviewed regularly. As your family’s circumstances and the laws surrounding estate planning change, you should update your plans as necessary. Estate planning documents are not static; they will need to be amended as needed. The best time to review your estate planning documents is right now. It’s important to have a current document to help your family deal with your estate.
It is sensitive
An Estate Planning Lawyer Quincy MAis one who understands the intricacies of the law, while still providing guidance that is sensitive to his or her client’s needs. An estate plan is vital for protecting hard-earned assets, establishing guardianship for loved ones, and minimizing taxes. Although estate planning is an emotional process, it’s essential for an individual to get a lawyer who is sensitive to their needs and wants. With the growing diversity of clients and assets, an estate planning attorney is essential for peace of mind and for minimizing taxes for heirs.
It is based on word of mouth
You can find out a lot about an estate planning lawyer by looking for reviews online, but word of mouth is still one of the best ways to choose an attorney. Most outstanding estate planning attorneys are known for their reputation in the community they serve, so ask friends, co-workers, and family for referrals. You can also ask an estate planning lawyer for references.