The process of estate planning can either be smooth or rough, depending on your individual circumstance and the person who handles it. Interestingly, estate planning is one of those procedures many people would rather put off for a later date. Most times, it is put off simply because of the work that needs to go into it, as it can be a long process to complete. If you have been assuming there will be another time to do this, you might up in a situation when there isn’t. The sooner you do it, the better.
One of the situations in estate planning that can be quite challenging is when there are no children in the picture. It can also be a challenge if the person has no designated beneficiaries. Read about this in the following post:
PLANNING YOUR ESTATE WHEN YOU’VE GOT NO CHILDREN OR HEIRS
Certified financial planner Mike Keeler has a client, a retired teacher, who saved diligently for her golden years and will leave behind a sizable estate when she passes away. Her estate-planning challenge, though, is that she has no children.
It’s a situation financial advisors come across frequently: Childless clients who are unsure what should happen to assets they leave behind or whom to appoint as their proxy decision-maker.
“Sometimes there is no close family, and the person doesn’t know who to leave their estate to,” said Keeler, CEO of Peak Financial Solutions. “They also don’t know who to name as executor of their will or who they trust to make decisions for them if they are [incapacitated while still living]. These can be tough decisions.” Read more at CNBC…
It is advisable to start early if you want to carry out your estate planning and have special circumstances, as highlighted in the post above. That way, you don’t have to feel the pressure of time as you plan.
An attorney plays a crucial role in this whole process. If you had thought of doing it yourself, the following post should shed some light on the importance of an estate attorney:
Details are Many in Matters of Trust Administration
Much of the process of estate planning is concerned with transferring your assets to your heirs smoothly, without conflict, and with the minimum taxation allowed by law. It is a simple idea – you want your family, loved ones, and favorite charities to benefit as much as possible. While your intentions may be straightforward, however, the legal requirements for creating and administering a trust to transfer your assets to your heirs can be quite complex.
Whether you want to designate an individual trustee to manage assets and facilitate transfers when the time comes, or would prefer that the court oversee the transfer via the probate process, implementing your intentions in legal documents compliant with the requisite state formalities is essential.
Planning on who will inherit you and how it should be done is not something you can afford to take lightly. It also has many legal details that are best handled by an estate attorney.
So who is an estate attorney? Discover who he or she is, and what estate attorneys in general are responsible for in the following post:
WHAT IS AN ESTATE PLANNING ATTORNEY?
An estate planning attorney is a type of lawyer who, through years of mentoring, continuing legal education and experience, understands how to advise clients on getting their affairs in order to prepare for the possibility of mental disability and eventual death.
What Does an Estate Planning Attorney Do?
Estate planning doesn’t begin and end with a last will and testament. An attorney specializing in this field will also draft living trusts, develop a plan to mitigate or avoid estate taxes, and work to ensure that your life’s savings and assets are safe from your beneficiaries’ creditors after your death. Read more at The Balance…