how can an attorney help set up your estate plan

In addition to educating you about the probate process, an estate planning attorney can assist you with the following tasks: Creating a will Designating your beneficiaries

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Why do I need an estate planning attorney?

Mar 25, 2020 · Keep an Open Line of Communication An estate plan will be most effective if you keep an open and honest line of communication with your counsel. Speaking about your finances is a very personal and private thing for many people but you need to be comfortable with your estate planning attorney in each conversation.

How do I choose the best estate planning attorney?

Estate planning attorneys often charge a flat fee to help you craft binding legal documents such as wills and durable power of attorney, but they can also be employed on an hourly basis to help you maintain your estate, act on your behalf to handle disputes when called upon, and ensure that your will is carried out according to plan when required. An estate planning attorney can also …

What are the steps involved in estate planning?

An Estate Planning Attorney Can Teach Us How To Prepare For Death Expenses. Death is already a painful experience for the family that are left behind. An added burden is when there are no funds available to cover for the funeral expenses. These traumatic situations can be avoided with proper planning and preparation.

What questions should I ask when meeting with an estate planning lawyer?

Oct 15, 2020 · One way in which Estate Planning Attorney’s can make the process as easy as possible, is by setting up a way for your family to avoid the Probate Court altogether. The best way to avoid probate court by setting up a Revocable Living Trust or otherwise known as a “Living Trust” or “Grantor’s Trust”.

How do I prepare my estate?

Estate Planning: 11 Things to Do Before You DieGather Important Documents and Contact Information. ... Execute a Last Will and Testament. ... Complete a Living Will or Advance Directive. ... Put in Place a Power of Attorney. ... Establish a Living Trust. ... Update Your Beneficiaries. ... Secure Your Digital Assets. ... Plan Final Arrangements.More items...

What are the main steps in estate planning?

The Estate Planning Process: 6 Steps to TakeCREATE AN INVENTORY OF WHAT YOU OWN AND WHAT YOU OWE. ... DEVELOP A CONTINGENCY PLAN. ... PROVIDE FOR CHILDREN AND DEPENDENTS. ... PROTECT YOUR ASSETS. ... DOCUMENT YOUR WISHES. ... APPOINT FIDUCIARIES.Mar 2, 2020

What are three elements of an estate plan?

What are the Basic Elements of an Estate Plan—at Any Age?1) Last Will & Testament.2) Durable Power of Attorney.3) Advance Health Care Directive.

What are the four must have documents?

This online program includes the tools to build your four "must-have" documents:Will.Revocable Trust.Financial Power of Attorney.Durable Power of Attorney for Healthcare.

How much does an estate have to be worth to go to probate?

$10,000 to $275,000Every state has laws that spell out how much an estate would need to be worth to require the full probate process—anywhere from $10,000 to $275,000.7 days ago

What are the tax consequences of estate planning?

Income Taxes Any income generated while settling an estate or Trust must be reported on IRS Form 1041, Income Tax Return for Estates and Trusts. It is the responsibility of the estate's executor to file and pay any taxes on the decedent's estate by April 15th the year after the owner's death.

Which of the following is an important document needed for estate planning?

An estate plan is a collection of documents and includes a will, guardianship designations, healthcare power of attorney, beneficiary designations, durable power of attorney, and a personal letter of intent, outlining your wishes, should you die or become incapacitated.

What things are used in estate planning?

Estate planning checklistLast will and testament. ... Revocable living trust. ... Beneficiary designations. ... Advance healthcare directive (AHCD) / living will. ... Financial power of attorney (POA) ... Insurance policies and financial information. ... Proof of identity documents. ... Titles and property deeds.More items...•Oct 12, 2021

The Cost Of Dying In Utah: How Much Do You Spend?

Life is short, and death is sure, that’s what we can learn from the recent death of basketball superstar Kobe Bryant.

An Estate Planning Attorney Can Teach Us How To Prepare For Death Expenses

Death is already a painful experience for the family that are left behind. An added burden is when there are no funds available to cover for the funeral expenses.

Godfrey Law is the Best Estate Planning Attorney in Ogden, Utah

Dying in Utah has a price, and the cost can be huge for your loved ones if you don’t prepare for it. Don’t let your loved ones pay for your mistake, prepare for your death today.

What is an estate lawyer?

An estate lawyer is trained in matters related to passing on your assets after you die, and planning for situations where you can no longer care for yourself. They are experts in wills, trusts, and your local probate process. Some estate lawyers may also have specialties, like planning the succession of a business.

Who is Derek from Policygenius?

Derek is a personal finance editor at Policygenius in New York City, and an expert in taxes. He has been writing about estate planning, investing, and other personal finance topics since 2017. He especially loves using data to tell a story. His work has been covered by Yahoo Finance, MSN, Business Insider, and CNBC.

How to build an estate plan?

When building an estate plan, you may have a variety of concerns, including the following: 1 Maintaining an orderly administration of assets while you are living 2 Managing estate assets flexibly while you are living 3 Reviewing estates involving tenants in common or community property 4 Considering assets in multiple states 5 Examining small business assets 6 Naming your children’s legal guardian 7 Ensuring that your heirs and loved ones receive your assets 8 Helping to reduce or avoid conflicts and confusion 9 Minimizing legal expenses and taxes 10 Assessing wealth preservation

Why is it important to have an estate plan?

It's important to have a solid estate plan in place to ensure that your loved ones receive your assets without a hassle or undue delay after your death. There are many questions you should ask prospective estate-planning attorneys before hiring one to craft your estate plan. Above all, make sure you hire an attorney who demonstrates ...

Can a lawyer draw up a will?

Although any lawyer can draw up a simple will for straightforward situations, such as naming the beneficiary of one's 401 (k), seasoned trust-and-estate lawyers can help navigate more complicated situations involving several trusts and multiple heirs. 1:21.

Why do you need a trust?

In particular, a trust allows your estate to avoid probate for the assets in the trust. This can save time and money if you know that you want to pass certain assets to certain beneficiaries. Assets you move into some kinds of trust are also no longer part of your estate, which means your taxable estate is smaller.

What is estate planning?

Your estate is the collection of everything you own — money, property, and other personal belongings. No matter how much you own, those things will need ...

How to start an estate plan?

The best way to start estate planning is to take an inventory of all your assets. Identifying these up front can save a lot of time in the future, especially if you’re working with an attorney or working on a joint plan with your spouse. Keep your list in a place where you can easily reference and update it.

Who is Derek from Policygenius?

Derek is a personal finance editor at Policygenius in New York City, and an expert in taxes. He has been writing about estate planning, investing, and other personal finance topics since 2017. His work has been covered by Yahoo Finance, MSN, Business Insider, and CNBC.

Can you contest a will?

Contesting a will can drag out the probate process for months and potentially cost a lot in lawyer or court fees. If you don’t have a will, your estate still goes through a probate court. The difference is that a judge will appoint someone to handle disbursing your assets.

Why is estate planning so daunting?

Estate planning is daunting because it requires you to plan for your own death. And while it’s very easy to ignore, a solid plan can really make things easier for you and your loved ones both before and after your death. When you create an estate plan, there are some essential things to consider.

What happens to your estate when you die?

Then, the estate goes through the probate process, where a probate court decides what happens to your assets.

Is life insurance good for a child?

If you have young children or own a house, or you may owe significant debts or estate tax when you die, life insurance may be a good idea. 8. Understand estate taxes. Most estates -- more than 99.7% -- won't owe federal estate taxes.

What is a health care directive?

Health care directives include a health care declaration ("living will") and a power of attorney for health care, which gives someone you choose the power to make decisions if you can't.

What is a durable power of attorney?

With a durable power of attorney for finances, you can give a trusted person authority to handle your finances and property if you become incapacitated and unable to handle your own affairs. The person you name to handle your finances is called your agent or attorney-in-fact (but doesn't have to be an attorney).

What is estate planning?

Estate planning goes beyond drafting a will. Thorough planning means accounting for all of your assets and ensuring they transfer as smoothly as possible to the people or entities you wish to receive them. Along with implementing your plan, you must make sure others know about it and understand your wishes.

How to start things out?

To start things out, go through the inside and outside of your home, and make a list of all valuable items. Examples include the home itself, television sets, jewelry, collectibles, vehicles, art and antiques, computers or laptops, lawn equipment, and power tools.

Where to keep a copy of a will?

Once your will is finalized, signed, witnessed, and notarized, you will want to make sure that your estate administrator gets a copy. If the original is not being kept in your home (for example, it's at your attorney's office), you should also keep a copy in a safe place at home.

Who is in charge of administering a will?

Your estate administrator or executor will be in charge of administering your will when you die. It is important that you select an individual who is responsible and in a good mental state to make decisions.

Did Aretha Franklin have a will?

Updated Apr 28, 2021. When Aretha Franklin died intestate—without a legal will—in 2018, she joined a surprisingly long list of famous people, including Prince, who also did the same. By not preparing an estate plan, she made the task of settling her affairs more complicated for her survivors.

What to consult with a professional about a full investment and insurance plan?

While you may think that you've covered all your bases, it may be a good idea to consult with a professional on a full investment and insurance plan. And if it's been a while, you may want to revisit your plan. As you get older, your needs may change, such as figuring out if you need long-term care insurance and protecting your estate from a large tax bill or lengthy court processes. Professionals will also be up on changes in legislation and income or estate tax laws, which could impact your bequests.

How old do you have to be to have a will?

Everyone over age 18 should have a will. It is the rulebook for the distribution of your assets, and it could prevent havoc among your heirs. A will can also name a guardian for your minor children, and designate who should care for your pets. You can leave assets to charitable organizations through your will, too.

What happens if you don't have a will?

If you don't have a plan, the government will handle it for you through a process called intestacy. Intestacy rules within each state serve to approximate the intent of an average person dying without a plan for their possessions.

How does an executor transfer property?

In informal administration, when the executor carries out the decedent's wishes, property may be transferred via an affidavit (written, court-confirmed statement) or through summary administration, bills paid by the family in almost any manner agreed upon, and no estate set up.

Who is the executor of a will?

The executor is the person in charge of your estate after you've died. That's the person who will likely be in full control of your assets. The executor needs to be named in your will and you should consider assigning an alternate in case your first choice is unable to help.

Can you pass down money without a court order?

Depending on the size of your estate, you may be able to pass down your assets without interference from a court. However, many estates must go through the legal system for heirs to access the assets. The legal process of transferring money from a deceased account to living heirs is called probate.

What is an inventory account?

Create an inventory, or account, of the estate for distribution to heirs. The inventory should contain a list of all of your debts and assets, the approximate value of each, whether the assets will pass directly to a new owner, and a total debt and asset value.

Who is responsible for administering an estate?

The personal representative will be responsible for setting up and administering the estate. Executors and administrators are the formally appointed personal representatives of an estate and have been granted Court authority to act on behalf of the estate. More often than not, the executor has been named in the will.

Can an estate change state to state?

The laws governing estates differ from state to state and can change very quickly. You should consult a legal or tax professional for important rules regarding setting up an estate in your county and state.