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Anyone preparing to meet with an estate planning lawyer can benefit from thinking about a handful of key issues they'd like to discuss. If you're looking for some initial topics to cover, here are four you should take up with an estate planning attorney.
Legal Instruments Other than Wills
When folks imagine the estate planning process, they frequently focus on wills. Having a will is important, but there are two other legal instruments you should consider using.
The simpler of the two is what's called a payable-on-death benefit. Many types of accounts allow you to name someone as a beneficiary, allowing them to take control of the account with proof of your passing. This is a very common solution for transferring bank accounts. The beneficiary must provide a copy of a death certificate, and they will also have to prove they're the party named in the benefit.
Setting up at least one trust is also a worthy discussion to have with an estate planning lawyer. Trusts come in all kinds of forms, allowing you to transfer money while you're alive or after you pass. A trust is especially useful if you want to provide long-term income to someone or to retain control of assets while you're still here.
Paying Debts and Taxes
Creditors and governments will likely have claims on your estate. These have to be resolved before beneficiaries will receive anything. It's wise, if possible, to set aside money or specific assets for paying off any outstanding bills, credit accounts, and taxes after you pass. You may want to provide your beneficiaries with money to pay any taxes they might owe, too.
Successorship
When you establish a will, you'll also appoint an executor to administer it. What happens if the executor becomes ill, is unavailable, or dies? It's prudent to set up at least one successor to ensure the estate will still have an executor. Otherwise, a court will appoint an administrator to handle the estate.
Keeping Accurate Contact Info
The entire goal of an estate is to transfer assets to beneficiaries. However, people move along with their lives long after you've set up your estate. Not only do you need to have accurate information at the start, but you should provide resources so your estate planning attorney can also update information on beneficiaries at least once a year. If possible, try to obtain a second person to contact in case a beneficiary falls out of contact.
For more information, visit a website like https://www.linskylaw.com.
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