what to discuss with estate planning attorney

Here are 6 key estate planning questions to keep in mind:

• 1. How Long Have You Been Practicing? Experience matters. As does specialty. ...
• 2. Who Executes the Estate Plan? It is one thing to discuss estate planning with a seasoned professional. ...
• 3. What About Estate Tax Considerations? ...
• 4. Should I Set Up a Power of Attorney? ...
• 5. What Would My Probate Process Look Like? ...
• 6. Will or Trust?

Full Answer

Is an estate-planning attorney right for You?

Trust your instinct to determine if a particular estate-planning attorney is right for you. Estate planning can be complex, both emotionally and legally, so it's imperative to choose an attorney who can deftly handle all of its elements.

Do I need an estate attorney for a comprehensive estate plan?

You may have multiple types of wills, trusts, and life insurance plans and comprehensive estate plans can include all of these. So it's important that your estate attorney is knowledgeable in these areas.

Why is estate planning so important?

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.

Should I hire an associate or paralegal for estate planning?

While most estate-planning attorneys strive to make themselves available to their clients at any time, it's important to know that an associate or paralegal will be available to answer questions in an emergency if your lawyer is not available. When meeting with a potential estate planning lawyer, how comfortable do you feel?

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.

What are the five most important estate planning documents?

Estate Planning Checklist: The 5 Essential DocumentsLast Will and Testament. This legal document is the foundation for a successful estate plan. ... Living Trust. ... Durable Power of Attorney (POA) ... Healthcare Power of Attorney (POA) ... Living Will.

What is the most important decision in estate planning?

A will or trust is an essential component of any estate plan. Both ensure your property is divvied up according to your wishes but the major difference and benefit of a trust is that the assets avoid probate which saves time, court fees and potentially reduces estate taxes.

What factors should you consider when planning your estate?

Here is an estate planning checklist of items every estate plan should include:Will/trust.Durable power of attorney.Beneficiary designations.Letter of intent.Healthcare power of attorney.Guardianship designations.

What not to put in will?

Here are some items that you should never put in your Will:Business interests.Personal wishes and desires.Coverage for a beneficiary with special needs.Anything you don't want going through probate.Certain types of property.

What are the 4 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.

What are the three primary goals of estate planning?

Three primary goals to estate planning are: (1) Maintain control while living, (2) Distribute responsibly and (3) Minimize expenses. Three major estate planning obstacles to avoid are: Probate, Conservatorship and Estate Taxes.

What is the difference between will and estate planning?

Simply put, an estate plan is a broader plan of action for your assets that may apply during your life as well as after your death. A will, on the other hand, dictates where your assets will go after you die, who will be the guardian of your children and more.

What assets should be included in a will?

Your will should state who gets what from your savings and property, including your home, investments and cash. It should cover all the things you own, such as cars, furniture, pictures and jewelry.

What is the difference between a will and a trust?

A Trust is a way to assign property and assets to someone else and to make arrangements around it that help you set your plans in place. In contrast, Will is a legal document that is crucial in setting things up for your estate after your death.

How do I organize my estate documents?

5 Steps to Organize Estate Documents for Your ExecutorStep 1: Create a checklist of important documents (and their locations)Step 2: List the names and contact information of key associates.Step 3: Catalog your digital asset inventory.Step 4: Ensure all documents are organized and accessible.More items...•

What are the four major components of a will?

Table of ContentsTestator Information and Execution.The Executor and Their Powers.Guardianship of Dependents.Disposition of Assets.

What is estate planning and why is it important?

What is estate planning, and why is it important? Estate planning is laying out in writing what you want to happen to your assets after you die. It's also documenting who you want to make key medical and financial decisions for you during your lifetime if you can't make them yourself.

What is the main benefit of estate planning?

Ensures that all assets are passed on to your loved ones Estate planning ensures that all your assets – physical, financial and online – are inherited by the people to whom you want them to be transferred after your demise.

Why is estate planning important quizlet?

It's the process of accumulation, management, conservation, and transfer of wealth considering legal, tax, and personal objectives. Planning in anticipation of a person's inevitable death. What is the goal of estate planning? The goal of estate planning is effective and efficient transfer of assets.

What is the objective of estate planning?

Upon your death, the primary objectives are to wrap up your affairs, provide for the support of your spouse and children, avoid unnecessary probate expenses, minimize the costs of estate taxes, and to transfer your property to your heirs and legatees.

Will or Revocable Trust

A will or Revocable Trust is important in determining who will receive your property after your death. A qualified Florida estate planning attorney can help you develop an estate plan designed to ensure your final wishes are carried out.

Designation of Health Care Surrogate

A designation of health care surrogate is an important document that everyone should have because its sole purpose is to express your medical wishes and assign a health care surrogate.