Estate Planning Attorney Discussion Checklist

What is meant by the term “estate”? Your estate is all of the property that you own that you worked hard to acquire throughout your lifetime.

Depending on the size of your estate, without proper planning there could be a hefty tax bill that your family will burden after you pass away.

Will or Trust

A will or trust should be the primary area of discussion with your attorney. Having a will alone is usually not enough because a will does not avoid probate.

A trust on the other hand, offers most of the same benefits of a will, but also allows your family to avoid the costly and lengthy probate process after you pass.

A will lawyer can help you get both a last will and testament and a living will made. Both of these legal documents are very important to have because they can provide you with peace of mind by establishing a plan for the future.

A last will and testament ensures that your loved ones get whatever you want them to have after you pass on.

A living will details your wishes with regards to medical treatment if you are ever in a coma or mentally incapacitated.

It's a good idea to hire a lawyer to draft these documents because they can ensure they are drafted properly and made legally binding once complete.

The wording and structure of the will or trust document is critical. Therefore, you should discuss your plans in detail with your attorney.

Durable Power of Attorney

It is important to have a durable power of attorney drafted so that a person whom you assign will be able to act on your behalf, if you are unable.

Beneficiary Designation

Some of your assets can pass to your heirs without being clearly mentioned in the will. That is why it is important to have a beneficiary and a contingent beneficiary.

For example, certain insurance policies should have beneficiary and contingent beneficiaries appointed so that they can pass too outside of the will.

Healthcare Power of Attorney

It designates another person generally spouse or a family member to make important health care decisions on your behalf in case of your incapacitation.

For this reason, it is important to select someone you trust.

Guardianship Designation

Some wills may or may not incorporate this clause. If you have a minor child. Then making a guardianship is very important and many times overlooked.

Designing a gifting strategy to reduce your taxable estate may be important based on your goals and should be discussed with your attorney.

Additionally, an estate planning attorney may be able to help you develop a strategy to deal with taxes depending on the size of your estate.

conclusion

Dealing with the death of a beloved isn't easy. It can become even harder if the deceased loved one didn't plan properly before they died.

Without a living trust, your family will need to undergo probate to urge your assets.

Even with a will in situ, probate remains a requirement. Probate is public and may take an extended time.

It’s a difficult situation for a family to travel through once they are mourning the loss of a relative.

A last will and living will can help you do both.

If you are interested in getting an estate plan created and you are looking for an experienced attorney to help you, give us a call at Rochester Law Center to schedule an initial consultation today. Over the past decade, we've helped thousands of clients in all matters of estate planning.