The possibility of leaving behind those you care about, should you pass away, is never a pleasant thought. However, making sure that they are taken care of in the best way possible, before this occurs can leave you with a sense of security. If you care for your spouse and children, another loved one or a charity, take the steps necessary to protect them in the event of your untimely death. Seeking the assistance of an experienced will and Trust lawyer, who can can assist you with all the necessary arrangements and documents, will make this process more calming for you.
1. Draft a Will
The most important step to any estate plan is the drafting of the Will. This document tells your loved ones and the court how you intended for your property to be distributed among your heirs, which can include your pets and charities.
2. Creating a Trust
Depending on the size of your estate, you may want to consider creating a trust. This vehicle will allow assets to pass directly to your heirs and greatly reduce to cost of probating your estate. A trust needs to be set up before you pass, but a trust can also be created by direction of your Will.
3. Select an Executor For Your Children’s Property
If you have minor children, you will need to ensure that your property or assets are protected against misappropriation by another heir or party. Name an adult who you can trust to look after your children’s financial best interest and name them in your Will as executor or make them Trustee of the trust you create.
4. Create a Financial Power of Attorney
If you should become incapacitated, this individual will be able to make financial decisions on your behalf. This POA expires at your time of death.
5. Draft Health Care Instructions
Your will and Trust lawyer can assist you with thoroughly outlining your end of life medical instructions should you suffer from a major catastrophe.
6. Purchase Life Insurance
If you have young children or a mortgage, purchase life insurance to cover those expenses and protect your family after your death.
7. Update Beneficiary Information
Make sure that your beneficiary information is up to date on all insurance, financial, and retirement asset accounts.
8. Prepay Funeral Expenses
Funerals are expensive. Even though you may already have life insurance, it’s a good idea to prepay for your funeral expenses ahead of time. This will make it much easier on family members who arestruggling emotionally during this time.
9. Plan for Estate Taxes
As of 2014, any estate valued at $5,340,000 will incur a hefty inheritance tax. Experienced wills and trust lawyers can assist your family with asset protection strategies.
10. Outline Your Final Wishes
If you have any special requests for your funeral arrangements or would like to donate your body medical transplants, you must clearly outline that information in your Will. Your Will and Trust lawyers will help outline those final requests so that they will be fully honored.
11. Protect Your Business
If you own a business, make arrangements for that enterprise to continue operations after you pass. This includes a management plan for who will take over theoperationsor the transfer ofownership.
12. Organize and Store Your Documents
All the preparation in the world will be for naught if no one knows where to find the information. Make sure that the executor of your estate and your attorney have access to all your documents including your will, trust documents, financial information, and insurance policies.
The firm, Goldstein & Scopellite, PC, with its experienced probate and Will and Trust attorneys, has an excellent track-record. The firm, located in Dallas, Texas, was established in 2002; and now only takes selected clients. Contact the firm at 214-351-9100 for more information.
