6 Successful Tips for Estate Planning

 It is a myth that estate planning is exclusively for the wealthy. Lack of an estate plan can confuse the wishes of your end-of-life. Additionally, it can be emotionally stressful for your family. That is why the best estate planning lawyers are so much in demand.  

                  

The basic concept varies between a will and an estate plan. An estate plan offers elaborate regulations regarding all your assets, trusts, guardianship wishes, and more. It is a step ahead of a will. You’ll feel pleased that you could do it. In this article, we have identified a few tips to create an estate plan like a pro. 

 

1. Create a Team    

 

If you can work with a team that includes a tax professional, financial advisor, and estate planning attorney, then they can facilitate you to chalk out an entire estate plan that’s modified to suit you. Each individual plays a significant role in the process. They will aim to ensure the proper distribution of your assets to the people and/or organizations you wanted to with minimal possible confusion.  

 

2. Note Down Your Desires 

 

Your estate plan has to spell out categorically what you wished to have happened to your probate assets and occupancies at your death. In your absence, the state may decide on your behalf. You need to ensure that your estate plan includes the following elements: 

 

• Durable Financial Power of Attorney: Chooses the person responsible for making financial decisions when you are unable to. 

 

• Healthcare Power of Attorney or Proxy: Entrusts the person you wish to make health decisions for you when you are unable to. 

 

• Health Insurance Portability and Accountability Act (HIPAA) Release Form: Let's named individuals access healthcare information. 

 

• A Living Will: Furnishes clear instructions regarding the treatments you do and do not wish to when you are can’t speak for yourself. 

 

• Testament: Let you appoint beneficiaries for your property and select guardians for minor children. 

 

3. Name Guardianship for Dependents 

 

You must set up a guardian to look after any dependents, like a minor or a person with special needs whom you look after.  However, if you don’t, then a judge has to designate one for you. 

But you need to communicate with your nominated guardian well ahead of time for his or her consent. He or she doesn’t need to be the person managing the money left for your child’s future.           

         

It is better not to choose any couple as co-guardians as it could become risky when the couple divorces. Speak with your estate planning attorney and not any criminal defense attorney regarding the ways to prepare for this situation.  

           

4. Think of Trusts 

 

If you consider any trust as a container designed to hold money for your heirs, then it is a wise decision. You strategically plan whatever you put into the trust, who gets what, and the ways it’s shared.      

 

A properly structured trust can facilitate ensuring that your plan is precisely implemented the way you wish to. Collaborate with an attorney who is specialized in dealing with estate planning and trusts. 

 

5. Refrain from Probate      

 

You need to understand that probate is the legal method to authenticate your will through the courts. It can be expensive as well as slow. Moreover, it doesn’t remain personal any longer. It is in the public domain as a public record.  

 

However, you can rest assured that your assets may not need to go through the probate process. You can discuss probate laws with your attorney. Accordingly, you'll be aware of your expectations.   

 

6. Arrange Federal and/or State Estate Taxes 

 

When your estate is subject to federal estate taxes, remember that they are usually due, in cash, within nine months of death. This could be alarming if most of your estate is not in cash. That could signify selling assets, such as a house you may have wished to leave for an heir. 

It is better to speak with a tax professional who can collaborate with your attorney and financial advisor to figure out the estate tax planning strategies suitable for your circumstances. 

 

Inference   

 

When you appoint the best lawyers in California for successful estate planning, then you need not worry. They will take care of every single thing.