the reasons why i am an awesome estate planning attorney

What are the 5 Reasons to have an estate plan?

Mar 28, 2017 · There are a lot of reasons you should hire an estate planning attorney, and some of the most important reasons may be specific to your personal or family situation. In general, however, top reasons for you to hire a legal professional to help with estate planning include the following: You need to hire an estate planning attorney to protect assets: You need to keep …

Why hire an estate planning attorney?

Jan 04, 2019 · Why should I hire an estate planning attorney? You may think that you don’t need an estate planning attorney to set up your will or create an end-of-life plan. I don’t have a Swiss chalet or a house on the beach, the thinking goes, so I can just use a DIY template from the Internet. Many experts caution against using legal templates.

Do I need an estate plan to protect beneficiaries?

May 20, 2019 · You’ll be surprised to know the answers. Aside from death, there are other reasons why you should need one. Below are the top five reasons why you should call an estate planning attorney. Death in the Family. This is perhaps the most common and practical reason for calling an estate planning attorney. Your attorney will make it easier for you to handle the real estate …

How can advanced estate planning help with inheritance tax?

Jan 30, 2018 · Estate planning lawyers can help you create an incapacity plan to prevent that from happening. Administering a Trust If someone names you as the Trustee of their trust, and you have never before served as a Trustee, you may be intimidated by the numerous and varied duties and responsibilities of a Trustee.

Why do you want to work in estate planning?

Facing end-of-life decisions and trying to preserve your family's wealth is difficult. As morbid as it may be to face one's own mortality, planning estate matters ensures that your family members can maintain their lifestyle.Jun 12, 2018

What are the 4 positive outcomes of estate planning?

Five key benefits of an estate plan are (1) ensuring that the intended beneficiaries receive the assets of a decedent in a prudent manner, (2) minimizing any complications with and the need for probate, (3) providing for management of assets in the event of incapacity, (4) protecting assets from creditors and (5) ...

What are the 5 components of estate planning?

A good estate plan is comprised of five key elements: Will, Trust(s), Power of Attorney, Health Care or Medical Directive and Beneficiary Designation. A will is a legally binding document that directs who will receive your property and assets after your death.Nov 8, 2017

What is the most important decision in estate planning?

A will or trust should be one of the main components of every estate plan, even if you don't have substantial assets. Wills ensure property is distributed according to an individual's wishes (if drafted according to state laws).

Are there benefits of estate planning during lifetime?

With prudent estate planning long-term financial interest of your loved ones can be ensured, and legal rigmarole can be minimised. Death is certain, yet uncertain as far as the time is concerned. Nonetheless prudent financial and estate planning can protect the long-term financial well-being of our family.

How can estate planning be seen as a gift?

The most practical way to make significant gifts may be through your estate plan, by means of a will, living trust or a beneficiary designation on a life insurance policy or retirement account. Such gifts are wholly revocable while you are alive and may save significant taxes for your estate.

What are the most important things to put in a will?

What are the Most Important Things to Put in a Will?Personal Information. This should go without saying, but your will should include basic information about you to be official. ... Last Will and Testament Verbiage. ... Property and Assets. ... Beneficiaries. ... Executor. ... Guardianship. ... Signatures.

What should I include in my will?

You must include basic personal information about yourself in a will, like your full name, birthdate, and address. It might also be helpful to list any other names you go by, as well as the names of your spouse and family members and their relationship to you.Jan 14, 2021

What are the most important elements of a will?

The 10 MUST HAVE Parts of a WillHeading, Marital History, and Children. ... Debts and Taxes. ... Disposition of Assets. ... Guardianship. ... Executor and Trustee. ... Executor and Trustee Powers. ... No Contest Provision. ... General Provisions.More items...

Who makes decisions in a revocable trust?

trusteeThe person who makes decisions about the money or property in the revocable living trust. They are called the trustee. A trustee can be an individual or a financial institution. If there is more than one, they are co-trustees.Mar 18, 2016

What is true about estate planning?

Estate planning involves determining how an individual's assets will be preserved, managed, and distributed after death. It also takes into account the management of an individual's properties and financial obligations in the event that they become incapacitated.

What problems arise for someone who dies intestate?

If you die intestate, your administrator will be required to post a bond for a specified amount of money as determined by the court. The bond serves as security. If the administrator fails to successfully carry out his/her duties, then the bond will cover resulting damages or losses.