what are the key financial questions to ask at an estate and will attorney

Here are several questions you should ask yourself: When meeting with a potential estate planning lawyer, how comfortable do you feel? Does your advisor communicate well and clearly?

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What are the most common estate planning questions?

Jun 29, 2021 · Questions to Ask Your Estate-Planning Attorney Questions to help you find an attorney you can trust with your estate plans. By. ... Marguerita is a Certified Financial Planner (CFP®), Chartered ...

What should I look for when hiring an estate planning attorney?

The thought of planning your estate may seem daunting. You might wonder where to start or what you should ask your attorney. To get your estate plan off on the right foot, consider the following six questions to discuss with your estate planning attorney. Use Your Time Wisely A Get-Started Guide to Seeking Sound Advice 2 3 4 5

What is a will and how does it work?

Dec 01, 2020 · Typically an attorney is the best asset you can use to help build a Will, Trust, or comprehensive Estate Plan that will keep your family out of probate court, saving them $10,000s in legal fees, countless hours in court, and ensure that your assets and property pass on smoothly to the people in your life you care about the most.

How to prepare for an estate planning meeting with an advisor?

Here are a few key questions to ask as you gather your data and build your team. ESTATE PLANNING ATTORNEYS. Attorneys' role in developing clients' estate plans may seem fairly obvious -- they ...

Will and Estate Questions?

10 Common Questions in Estate PlanningQuestion 1: How is my property transferred at death? ... Question 2: What happens if I die without a will? ... Question 3: I was listed in the will as a beneficiary of certain assets. ... Question 4: What is estate planning? ... Question 5: I heard that the estate tax will be repealed.More items...•Jan 25, 2020

What questions should you ask an estate planner?

8 Questions to Ask Before Hiring an Estate Planning LawyerWhat will happen during an initial meeting with your office and how much will it cost? ... Are all of your fees flat fees? ... Does my planning fee include a regular review of my legal documents?More items...

What questions do they ask when making a will?

Some questions you should discuss with your wills and probate solicitor are:What will my funeral arrangements be?Who will get my property and assets?What happens to my debts?Who will look after my non-adult children?What will happen to my pets?What will happen to my business?Will Inheritance Tax be payable?More items...

What is the consequence of not writing a will and planning for your estate after your death?

A will is a legal document that spells out your wishes regarding the care of your children, as well as the distribution of your assets after your death. Failure to prepare a will typically leaves decisions about your estate in the hands of judges or state officials and may also cause family strife.

Will and estate planning?

While a will is a legal document, an estate plan is a collection of legal documents. More specifically, they often including a will, trusts, an advance directive and various types of powers of attorney. An estate plan can handle other estate planning matters that can't be covered in a will too.Aug 10, 2021

What is an irrevocable trust?

The term irrevocable trust refers to a type of trust where its terms cannot be modified, amended, or terminated without the permission of the grantor's beneficiary or beneficiaries. ... Irrevocable trusts are generally set up to minimize estate taxes, access government benefits, and protect assets.

What should I leave in my will?

It only makes sense that you would want to make sure to leave it to the right person (or people). Other notable assets to take stock of before finalizing your Will are your vehicle, family heirlooms, cash, bank accounts, retirement funds, stock options, and any other valuable possessions.

What should I include in my 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.

Who can be an executor of a will?

Anyone aged 18 or above can be an executor of your will. There's no rule against people named in your will as beneficiaries being your executors. In fact, this is very common. Many people choose their spouse or civil partner, or their children, to be an executor.

Who has power of attorney after death if there is no will?

Is power of attorney valid after death? Unfortunately, if the principal dies, a power of attorney ceases to exist. The purpose of a POA is for the agent to act on behalf of the principal when the principal is unable to carry out their own legal matters.Jun 25, 2021

What is a child entitled to when a parent dies with a will?

The children will inherit the entire estate and share it equally. If the deceased's parents are still alive, each one will inherit half of the estate. If only one parent is alive, the dead parent's children or grandchildren will inherit in the place of their parents.Dec 1, 2021

How do you avoid probate?

How can you avoid probate?Have a small estate. Most states set an exemption level for probate, offering at least an expedited process for what is deemed a small estate. ... Give away your assets while you're alive. ... Establish a living trust. ... Make accounts payable on death. ... Own property jointly.

How to avoid probate?

Revocable living trusts are often used as a way to avoid probate. You establish a revocable trust while you are living to manage your assets. Your lawyer drafts the document for you and then you retitle most of your assets in the name of the trust. You can use the income, or principal if needed, from the trust during your lifetime to meet your needs. If you later change your mind, the trust can easily be amended to accommodate changes. You typically appoint yourself as trustee, but you can appoint a trusted friend, professional advisor or bank trust department as your trustee.

What is durable power of attorney?

durable power of attorney is considered a staple of any solid estate plan. This document allows you to name someone else to make financial decisions for you, such as paying bills or selling your car, should you become incapacitated and unable to make them yourself. It ends upon your death.

Who is Chris Atallah?

Chris Atallah is a licensed Michigan Attorney and the author of “The Ultimate Guide to Wills & Trusts – Estate Planning for Michigan Families”. Over that past decade, Chris has helped 1,000s of Michigan families and businesses secure their futures in all matters of Wills, Trusts, and Estate Planning. He has taught dozens of seminars across the State of Michigan on such topics as avoiding the death tax, protecting minor children after the parents’ death, and preserving family wealth from the courts and accidental disinheritance. If you have any questions, Chris would be happy to answer them for you – just call at 248-613-0007.

Do it yourself law offices do it yourself?

A. Many law offices ( and nearly all of the online do-it-yourself companies) do NOT handle one of the most important aspects of drafting a Will , Trust, or Estate Plan – the signing ceremony...

What happens when an estate goes through probate?

When your estate goes through probate, the distribution of your assets can get delayed in the court system. This means your heirs have to wait to receive the inheritance you intend for them.

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What is the role of an attorney in a client's estate?

Attorneys' role in developing clients' estate plans may seem fairly obvious -- they draft the documents that translate a client's wishes for transferring assets to the next generation into reality.

What is a financial advisor?

Financial advisors often act as general managers for their clients, assembling a team from among the large universe of attorneys, trust companies and others to craft, implement and monitor appropriate estate planning solutions to serve their clients' needs.

What is the most important skill in estate planning?

Among the most important skills of an estate or financial planner is the ability to know the client, to understand who the client is, where that client stands in relation to the objectives (stated or unstated, realized or subconscious) he/she may have, and what things have to be done to move the client closer to the realization of these goals.

Is estate planning a parallel process?

The processes of engagement, data gathering, understanding, and assessment are actually parallel processes.

Can an estate planner improve interviewing skills?

The good news indeed is that, like technical estate planning knowledge, nearly every estate planner can learn and continuously improve their interviewing skills. If psychologists, psychiatrists and social workers can organize, study, teach and learn interviewing skills tailored to their respective helping professions, ...

What is a testator will?

Terms to Know. Testator: The person who makes a will; one who dies leaving a will.

What is a beneficiary in a will?

Terms to Know. Beneficiary: A person designated to receive something according to the terms of a will or trust. Probate: A court procedure for settling the personal and business affairs of a decedent by proving that his or her will is valid and establishing the legal transfer of property to any named beneficiaries.

What is a grantor in a trust?

Terms to Know. Grantor/Trustor: The person placing cash, real estate, etc., into a trust. Trustee: The person or legal entity who receives property and places it in a trust, and manages the trust for the benefit of the beneficiary (ies) in ways consistent with the trust declaration and good business practice.

What is estate planning?

Estate planning is the process of anticipating and arranging for the management and disposal of your estate during your life, as well as at and after death, while minimizing gift, estate, generation skipping, and income tax. A will is part of the estate plan.

Why is estate planning important?

Estate planning can be behavior-shaping—family values can be preserved and younger generations can be motivated to pursue the right goals. This is very important for business owners, especially when some children will take over the family business, and some will not. Helps prepare family for uncertainties.

What happens if you don't have a will?

Except for the assets that will be passed by beneficiary designation or operation of law, your state’s probate laws will determine the distribution of estate assets if you do not have a will. Please keep in mind that many states have different rules related to the distribution of a deceased’s assets when no will is presented for probate.

What is a trust in a trust?

A trust is a fiduciary arrangement that allows a third party, or trustee, to hold assets on behalf of a beneficiary or beneficiaries. Trusts can help wealthy families minimize the estate tax, but don’t let this reason blind you from the many other benefits a trust can provide.

Why gift a lifetime exemption?

That is because currently, any amount in excess of the annual exclusion can be shielded by a lifetime exemption (also called unified credit). Gifting is a powerful way for wealthy family members to reduce the tax burden, but not so much for the families with moderate estates.

Why is it important to establish a trust?

Establishing a trust is especially important if a child has a disability. Generally speaking, a trust is not a relevant tool for a family with few assets. Families who don’t own real estate property and whose net worth is less than $100,000 may not find a trust worthy.

How is property transferred at death?

Property is transferred at death in several ways: Valid will – A legal document created to express how a person desires his or her property to be distributed at death. It also names one or more persons to manage the estate through its final distribution. (Also see question 2)

What is a trust after death?

A trust is designed to function during your life and after your death. A will provides for the distribution of all of your assets upon your death. It only provides instructions for what will happen to your assets after you die.

What is a living trust?

A living trust is a document that allows you to place assets into a trust during your lifetime. You continue to use the assets, but they are owned in the name of the trust. You name a trustee who is responsible for managing and protecting the assets in the trust. After your death, the assets in the trust are distributed to ...

What is a revocable trust?

A revocable trust (one that can be altered during your lifetime) does not avoid estate taxes that are applied by your state or the federal government. A special kind of living trust called an AB trust passes assets directly from one spouse to another and avoids estate tax. Living trusts do not pass through probate, ...

Why are living trusts so popular?

Living trusts offer a variety of benefits, which is why they have become so popular. Living trusts allow your estate to avoid probate. By doing so you avoid the costs associated with having a will probated, but you also avoid the delay associated with probate. It can take months for a last will to be probated, but when you create a living trust, ...

Do you need a power of attorney for a living trust?

Living trusts have all of your assets already placed in the ownership and management of a trust, so that should you become incapacitated, they are already being handled for you. Most attorneys do recommend you also draw up a power of attorney which will authorize someone else to make legal and financial decisions on your behalf ...

Can a living trust include all of your assets?

Living trusts cannot include all of your assets since some are not eligible to be owned by a trust. The other problem with a living trust is it can only control the assets you specifically transfer into it, so if you forget to change ownership of something like a bank account, it won’t be covered by the trust.

Do you have to pay upfront for a living trust?

The living trust cost can also be seen as a drawback. You need to pay upfront to have the document prepared and make sure the trust is being managed.