Working with an estate planning services firm to see that your legacy will be handled according to your wishes is an important job. A will attorney, however, can assist you with a lot more than just putting documents in place. If you're worried about what will be done with your legacy, it's wise to consider these four commonly overlooked problems before you apply your signature to any paperwork.
Creating a Fund to Pay Taxes and Debts
As hard as you may try to get money, items, and properties to certain beneficiaries, two groups get to cut to the front of the line. These are the government and any creditors. It's hard to leave an estate that's completely settled on these fronts, and the best way to keep it from being a burden to your loved ones is to develop a fund that'll be used to pay any outstanding debts and taxes. Not only will this keep creditors from trying to push the estate into probate, but it'll also ensure that no desirable items have to be sold to pay anything down.
Locating Beneficiaries
Modern life can drag people to places all over the country and the globe. It's wise to know that you can track beneficiaries down prior to naming them, and the average estate planning attorney will have relationships with professionals who can find people. They can regularly update contact information each year to ensure that they'll be easily reached in a crisis. Similarly, they can make an extra effort to track folks down if someone is in a dire medical situation and wants to say good-bye.
Planning for Non-Death Scenarios
Although we mostly think of will attorney services as encompassing what becomes of a person's estate when they pass, many other issues can come up. In particular, the question of what happens in cases of incapacitation is a big one. Who gets to make medical decisions? If you have a stake in a business, who has the right to vote your shares? Will anyone have access to your bank accounts in order to pay for things while you're recovering?
Making Updates
Setting down your will is important, but it's also essential to keep it updated. Not only will your financial situation change, but so will the law. Likewise, your relationships with beneficiaries will shift. If a named beneficiary has passed, for example, it's wise to update your estate plans accordingly.
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