savvy estate planning: what you need to know before you talk to the right lawyer

What questions should I ask about estate planning?

10 Common Questions in Estate PlanningQuestion 1: How is my property transferred at death? ... Question 2: What happens if I die without a will? ... Question 3: I was listed in the will as a beneficiary of certain assets. ... Question 4: What is estate planning? ... Question 5: I heard that the estate tax will be repealed.More items...•

What are four things to consider in estate planning?

A comprehensive estate plan includes four estate planning documents. These documents include a will, a financial power of attorney, an advance care directive, and a living trust.

What is the most important decision in estate planning?

A will or trust is an essential component of any estate plan. Both ensure your property is divvied up according to your wishes but the major difference and benefit of a trust is that the assets avoid probate which saves time, court fees and potentially reduces estate taxes.

How do I talk about estate planning?

How to talk to your parents about estate planningKnow the documents. ... Be mindful of family dynamics. ... Pick a time to talk (though there's usually no better time than the present). ... Look into professional help. ... Follow up.

What are the 4 must have documents?

This online program includes the tools to build your four "must-have" documents:Will.Revocable Trust.Financial Power of Attorney.Durable Power of Attorney for Healthcare.

What are the five most important estate planning documents?

5 Essential Estate Planning DocumentsLast Will and Testament. This legal document is the foundation for a successful estate plan. ... Living Trust. ... Durable Power of Attorney (POA) ... Healthcare Power of Attorney (POA) ... Living Will.

What three things should a will accomplish?

A will is the foundation of a strong estate plan and it must include any requirements set by state law.You should include your estate assets, choose your beneficiaries, and nominate a personal representative.Your will does not need to include certain assets that pass outside of probate.More items...•

What are the four major components of a will?

Table of ContentsTestator Information and Execution.The Executor and Their Powers.Guardianship of Dependents.Disposition of Assets.

What are the main goals of estate planning?

Common Estate Planning GoalsProviding for Loved Ones.Mitigating or Avoiding Probate.Minimizing Taxes.Providing for Orderly Administration & Stewardship of Property.Protecting Assets.Providing for Incapacity.Hiring an Experienced Estate Planning Attorney.

How do you ask for inheritance?

Tips for Asking About Your InheritanceMake sure everyone involved is present. ... Ask what their plans are and what you need to know. ... Avoid specific numbers for money. ... Be compassionate.

How do you approach an inheritance?

Below are some tips to make these inheritance talks as smooth and productive as possible.Have the Discussion Early and Often. Don't put this conversation off. ... Be Upfront, Open and Inclusive. ... Compile Notes and Instructions. ... Approach the Conversation With Empathy.

How do I talk to my elderly parents about estate planning?

How to Talk With Your Parents About Estate & Advance Care PlanningBe Patient. This is likely to be an ongoing conversation with your parents and not a one-time thing. ... Be Transparent With Other Family Members. ... Keep Notes. ... Don't Pressure. ... Empathize. ... Listen. ... Consult an Attorney. ... Consider How You'll Begin the Conversation.More items...

Review

"Jim gets right to the point with this book. His educational writing style makes for an engaging read while giving you a behind-the- scenes look at how estate planning is done. He's an attorney, but more than that, he's an educator to thousands of people."

About the Author

James L. Cunningham, Jr. has been an attorney for more than two decades in the areas of estate planning, probate, trust administration, elder law, disability/special needs planning, and much more. He is one of the few attorneys certified by the State Bar of California as a Specialist in Estate Planning, Trust, and Probate Law.

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Savvy Estate Planning provides the essentials you need to know about estate planning. The only mistake you could make now would be to ignore it.

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What happens if you don't do estate planning?

If it's not done properly, you could leave your loved ones facing trouble when you pass away or become incapacitated. Fortunately, you can learn from other's mistakes and be prepared before speaking to a lawyer about your future.

What is the best resource for setting up a living trust?

Living Trusts for Everyone is the best resource for setting up a living trust. Explaining in specific terms what benefits a trust will have, Ronald Farrington Sharp gives the tools necessary to set up a loved one's trust with no lawyers and no expense. Wills benefit lawyers. Trusts benefit the clients. Too often lawyers sell wills to clients only to sit back and wait to sell their probate services to their clients' heirs. Ronald Farrington Sharp describes the best way to handle modern estate planning.

Overview

Too many people make the wrong choices when it comes to estate planning. If it's not done properly, you could leave your loved ones facing trouble when you pass away or become incapacitated.

About the Author

James L. Cunningham, Jr. has been an attorney for more than two decades in the areas of estate planning, probate, trust administration, elder law, disability/special needs planning, and much more. He is one of the few attorneys certified by the State Bar of California as a Specialist in Estate Planning, Trust, and Probate Law.