Creating a Family Tree is a helpful method to guarantee your estate plan encompasses all your wishes for the distribution of your property.
A comprehensive estate plan includes a Last Will and Testament, Living Trust, Living Will and insurance policies. Depending on your personal circumstances, you may or may not need all of these documents.
It can be confusing trying to sort out the various bequests and properties made in each estate planning document. Drawing a Family Tree will help you make certain you have left bequests or property to each individual you wish to and no one is forgotten.
Outlining a Family Tree
If your parents are surviving, write their names at the top of your tree. Draw a line down to yourself. Extend the line horizontally and write down your siblings' names. To get more info about the estate plan, you can also check here.
Next, draw a line down from yourself and write in your children's names. Do the same with your siblings' names and mark down their children's names.
Once you are satisfied with your Family Tree, the next step is to start with bequest designations. If you are married, you may want to leave your entire estate to your spouse. Alternatively, you could give the majority of your estate to your spouse and leave small bequests for other special people in your lives.
Parents likely want to divide their estate amongst their children.
At the end of each year I take a record of myself, what I did in the past year and what changed over that time. There have been new additions to my family; I have grown closer to some friends and more distant with others; we've moved to a new house; and in general things have changed considerably.
I need to modify my documents and you probably do too; or you need to create an estate plan if you don't have one already. If you want to know more about the estate planning and estate planning lawyers, you can navigate to http://www.rubinhay.com/wellesley-estate-planning-attorney_pa23282.htm
1. Do you have an existing estate plan?
If your answer is yes, then I will direct you to question number 2. If your answer is no, then please read on.
I sometimes meet people who keep on telling me that they have a will but it just hasn't been signed. My answer is short: "Then you don't have a will." In Oregon, a will is only valid if you sign it and it's properly witnessed.
2. Has the size of your estate altered?
If the size of your estate has increased then you may need a new estate plan to address the surge for estate tax reasons or from a financial planning standpoint. Even a decrease in your estate may necessitate a change since tax planning in your previous estate planning documents may no longer be necessary or satisfactory.
Not only is your will revoked but most payable on death designations naming your ex-spouse as a beneficiary will be automatically revoked too.
Estate planning refers to the procedure of transferring assets in anticipation of death. Typically, estate planning attempts to preserve a majority of an individual's wealth for beneficiaries, while maintaining flexibility before the person dies. Tax and legal issues are major concerns of adequate estate planning.
Trusts and Wills
Trusts and wills have many similarities related to the distribution of a person's wealth. However, there are distinct legal differences.You can also browse http://speedwelllaw.com/alexandria-estate-planning-attorney/ to get more info about estate planning.
A trust outlines a right to real and personal property. The assets are held by a trustee considered reliable and honest in administering the trust after a person's death. A will is a written, legal declaration by an individual for distribution of his or her wealth. A will also include real or personal property.
Tax Issues for Estate Plans
In most cases, assets of a person's estate are subject to an estate tax, a tax levied against real or personal property before transference occurs. Regardless of how property is distributed, an individual is subject to the estate tax. Another tax is an inheritance tax. This is paid by the beneficiaries who receive real or personal property from an individual.
Legal Issues for Estate Plans
Unless all beneficiaries agree to the distribution of a will, the estate plan is subject to probate court. This process can prove cumbersome and depend on the size of the estate, may cost more to contest than the estate's value. Most probate cases are resolved within nine months; however, complicated taxes or other issues could prolong the process.
While thinking of Estate Planning, people generally think of legal wills. Rather, it's a series of legal steps that involves allowing your beneficiaries to avoid probate and minimize the taxes incurred, and for you to write a living will in which you nominate trusted associates who would assume power of attorney and executor status should you be incapacitated or die.
One of the most vital parts of any estate plan are measures to avoid too much of the estate's worth being lost to taxes. The simplest way to minimize estate tax is to name recipients of funds or assets from your estate in your legal will, specifying that a certain amount should be given as a gift. Watch the video at https://www.youtube.com/watch?v=54lvahT8LXg to know about the estate planning and Wiils.
A significant part of any estate plan is the inclusion of a living will. A living will is not usually considered a legally binding document, however, it is given consideration if you are ever incapacitated and left unable to carry out your legal rights, or make decisions.
Additionally, with no prior planning of where the assets should go on the event of your death, your estate is likely to be taxed the maximum possible amount. Where no will is present, the spouse is likely to keep one third of the value of the estate with the remainder to be distributed evenly among children.
Sooner or later we will all need help, hopefully from our children. As we grow older and come to depend on others for more and more of our daily needs, it becomes necessary to sit down and discuss our plans and the elder law issues that may factor heavily into them.
Elder law attorneys become especially relevant when elderly people get very old; basically the longer we live the more we need these attorneys to help us place our affairs in order.
In the case of children of elderly persons, it can be awkward to approach parents and discuss these issues. However, it is very important to have these discussions before they become too old to make sound decisions. If you want to hire an elder law attorney, you can check out ogden elder law lawyer online.
A lawyer can even help children form a strategy for how to broach these topics. He or she will be able to provide a comprehensive list of pivotal topics to discuss.
As for when to approach aging parents, the time is always now. Issues like setting up estates, end of life decisions, and wills need to be settled ahead of time; otherwise the chances of litigation lawyers being needed increase.
One way to approach them without too much awkwardness is in their own home, and with compassion. Focusing on caring for their needs and providing for the futures of their decedents will set them at ease. One of the most important reasons to have an elder law attorney is to avoid any conflicts over settling the estate in the future.
The reason for needing a real estate plan are as diversified as the individuals engaged and it seems that the many myths surrounding the subject do quite a little bitof harm. For example, do you have to be "rich" to have an estate plan? The answer is, "No", one does not be rich to need an estate plan. All you need is the desire to pass on to your loved onesthe greatest amount of the wealth possible that you have maintainedduring your lifetime.To have more knoweldge about estate planning.visit rubinhay via online sources.
Amongstthe list of benefits associated with a well-drafted real estate plan are minimizing the expense of passing your estate to beneficiaries, reducingthe administrative complexities and ensuring to the level possible that your distribution wishes are followed.
For example, if you own a home, have minor children or grandchildren, grown children in their own marriages, have been divorced, own a business, or expect to receive an inheritance of your own, you need to seriously consider the benefits of properly planning your estate. Instead of passing problems on to your heirs, you can instead elect to pass on the greatest amount of wealth with the least amount of problems through estate planning.
Many times , the major hurdle is building a lasting relationship with an legal professional that is an expert in estate planning. Heading through the Yellow pages, or asking friends for referrals or an online business is often a haphazard process with little guarantee of success.