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Estate Planning - 10 Things Maselli Warren, P.C. Can Do For You
- Provide for your loved ones by choosing the distribution of your property in a Will. Unless you execute a Will, the important decision regarding the manner in which your estate is distributed will be left to the state. The way in which the state will handle your property could differ significantly from your personal wishes and, therefore, should be stipulated by you in the form of a Will.
- Create trusts for family and friends in need of assistance or who you do not want receiving a large sum of property at once. A trust allows you to hold a sum for a loved one or charity that you would like to receive the money at a certain time or on a landmark date such as a birthday, wedding, or graduation.
- Distribute your property to beneficiaries quickly and in the manner you see fit. If you opt to forgo a Will, upon your death there will be two areas of state law that will determine who inherits property in which you held an interest. These laws affect only those types of property that do not require you to name a beneficiary upon your death, or do not otherwise pass to others without your direction. For example, when one opens an individual retirement account, one also names a beneficiary entitled to the balance on the deposit upon your death whether or not one has executed a Will.
- Plan for possible physical or mental incapacitation so your family can honor your wishes in the event you are unable to communicate them. A living will or advance directive can assist loved ones in making decisions regarding your wishes for medical care and property in the event that you are unable to communicate them directly.
- Minimize expenses by clearly stating the manner in which you would like your property distributed. By engaging in lifetime and estate planning, you can minimize the stress and costs to loved ones by clearly explaining your wishes in a Will or advance directive.
- Choose executors and trustees of your estate who you trust to see through the provisions of your Will. If you do not execute a Will that names the executors, trustees, and potential guardian of your children, these issues could be left to the state to decide and may not follow your wishes. In the absence of a Will, anyone can petition to be named guardian and, if none of your loved ones wish to act as executor or trustee, the state can appoint someone who may handle your property in a manner different from that you desire.
- Ease the strain on your family by indicating your funeral preferences. At the time of a death of a loved one the last thing people want to do is argue over funerary arrangements. By executing a Will, you are able to clarify exactly what you would like your arrangements to be and avoid the potential stress that your family might face in determining this without your direction.
- Contribute to a favorite charity both during your lifetime and after your death. Estate planning allows you to establish trusts for a favorite charity both while you are living or at the time of your death.
- Ensure that you are maximizing the amount of property going to your family while minimizing taxes going to the government. Estate planning allows you the most freedom to dictate the manner in which you would like your property to be distributed and estate planning attorneys can assist you in allowing this to maximize the amount to your family while being mindful of taxes payable to the government.
- Help the executor of an Estate through the process of estate administration. In the provisions of your Will or advance directive, you are able to specify the order of succession in a business as well as the manner in which you would like your personal or business affairs to continue after incapacitation or death.