should my lawyer discuss his game plans when it comes to estate planning

Should you hire an estate attorney to plan your estate plan?

Whether it is two siblings who cannot get along, a grumpy uncle with wadded up money buried in his backyard, or a nephew who is bad with money, there is always that one person or situation you would like to pretend does not exist. But they do exist, and those factors need to be addressed when it comes to your estate planning needs.

Why is estate planning so important?

Jun 29, 2021 · While there is generally no extreme rush, bear in mind that you may wish to discuss aspects of your estate plan with other professionals, …

What questions should I ask when meeting with an estate planning lawyer?

Feb 11, 2020 · by admin February 11, 2020 LAW. When planning for your future, you will want to consult an estate planning lawyer to discuss plans for your possible future incapacity and eventual death. An estate planning attorney does more than simply prepare your Last Will and Testament. A capable and experienced attorney will engage in deep discussions with you to …

How often should you review your estate plan?

Feb 14, 2013 · The attorney should spend some time educating you about estate planning basics. If you decide you would like to hire the attorney and complete a plan, some attorneys will continue with a longer meeting at that time, but most will schedule a time for you to return for a “planning session,” and will give you a list of information you will need to bring to the next meeting.

What are the common estate planning mistakes?

Naming just one Beneficiary. Forgetting about Power of Attorney or Healthcare Representatives. Forgetting about final arrangements. Forgetting about your digital assets.

What are some important decisions they need to make regarding their estate planning?

It's important to consider the following estate-planning moves at any age:Up-to-date beneficiary designations.Health care proxy.A living will.Durable power of attorney.A will.Guardian for your children.A trust for extra control.A plan for long-term care.Sep 2, 2020

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 Question 5: I heard that the estate tax will be repealed.More items...•Jan 25, 2020

Which of the following activities would be considered the unauthorized practice of law for a financial planner who is not a licensed attorney?

Which of the following activities would be considered the unauthorized practice of law for a financial planner who is not a licensed attorney? Helping a client to identify his financial planning goals.

How much does an estate have to be worth to go to probate?

Every state has laws that spell out how much an estate would need to be worth to require the full probate process—anywhere from $10,000 to $275,000.Apr 13, 2022

What are the four 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 does an estate lawyer do?

An estate lawyer is a legal professional who assists people in planning their affairs to ensure the administration of their estate goes smoothly. Estate lawyers ensure that a client has documented their wishes so that they may be carried out after their death, including through wills and trusts.

What is the estate planning process?

Estate planning involves determining how an individual's assets will be preserved, managed, and distributed after death. It also takes into account the management of an individual's properties and financial obligations in the event that they become incapacitated.

Is estate planning for the rich?

Although estate planning does impact the very wealthy, it can also dramatically impact those of moderate means. For example, if you own property or have someone who is dependent on you, an estate plan is needed. It helps you address how, when and to whom you want your assets to be distributed after your death.

Which of the following activities would be considered the unauthorized practice of law?

The following activities would be considered the unauthorized practice of law when done by paralegals: helping a client determine which power of attorney form is the correct one to use.

Which of the following documents is used to modify a will?

Which of the following documents is used to modify a will? A codicil.

Which of the following is an estate planning goal?

Having worked with clients to develop estate plans, there are some common basic goals that are considered. This includes providing for loved ones, mitigating or avoiding probate, minimizing taxes, providing for the orderly distribution and stewardship of assets, protecting assets, and planning for incapacity.

What are the phases of estate planning?

The basic phases of estate plan creation are: initial consultation; information gathering and planning; drafting; review; and signing. Afterward, there are funding steps and there should be ongoing review and attention to the plan to ensure that it continues to meet your needs. This is Part One of a two part post.

What does an attorney do during a consultation?

During an initial consultation, the attorney usually spends some time just chatting and getting to know you better. This allows you to decide if you are comfortable with this attorney, and allows the attorney to assess your mental capacity and independence of thinking.

As the recent pandemic has dramatically demonstrated, planning for the unexpected can never be undertaken too soon

Too many people mistakenly believe that to have a need for estate planning you must be old and wealthy. Nothing could be farther from the truth.

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About Chris Heritage

Chris Heritage is the Founder and Principal of Heritage Legal, PC, with offices in Palm Springs. Heritage Legal, PC offers legal services in the general areas of Estate Planning (Wills and Trusts), Trust Administration, Trustee and Executor services, Probate, Family Law, and Bankruptcy.

Who Are the Important People in Your Life?

This is probably the most important question an estate planning attorney will ask you. Family set up greatly affects the estate planning process. In fact, some states have laws that won’t let a person write certain relatives out of a will. Are you married? Most states protect spouses from being written out of a will.

What Do Your Finances Look Like?

Putting together a list of your finances will help your estate planning attorney make the best decisions for your financial future. Since most states have estate and gift tax laws for assets that exceeds certain amounts, you’ll need to make your attorney aware of every asset and liability to your name.

What Do You Want to Give Away?

Once you take out any spousal shares and pay off liabilities of the estate, it’s time to talk personal bequeathments. Do you want to leave a sum of money to your favorite niece? Do you want to set up a trust fund for your children? How about those heirloom pearls your mother gave you?

Do You Have Life Insurance?

Life insurance also falls under contract law as well, which means it will be distributed according to the life insurance policy. You can, however, list a trust as a beneficiary on a life insurance policy and the terms of a trust can be contained within a will.

Have You Gone Through a Divorce?

Believe it or not, this question matters. Depending on the terms of a divorce settlement agreement, your estate planning attorney will need to know if your ex-spouse has any claims to child support, alimony, retirement accounts, or life insurance proceeds.

All the Questions No One Wants to Answer

Unfortunately, estate planning means answering tough questions. Are you aware of any life-threatening illnesses? What are your wishes for after you’ve passed? If you have any specific wishes or religious requests, these are things your estate planning attorney will want to know.

Where Can You Find the Right Lawyer?

Planning out your will may seem like a tedious process, but an experienced estate lawyer can help you navigate through the ins and outs of planning for your future.

What can an estate planning attorney do?

An estate planning attorney can help advise on who the best person will be to carry out your health wishes. Oftentimes, we choose a family member when emotionally that role might be better suited to a close friend who’s a bit more removed from the situation. An attorney can act as a third-party to guide you on who might be best to serve in this role.

What is included in an estate plan?

A well-rounded estate plan will include elements such as your will, list of beneficiaries, durable power of attorney (should you become incapacitated), advance medical directive, life insurance, and a trust. This entire plan will ensure that your loved ones won’t have to jump through hoops upon your death. Meeting with a knowledge, good estate planning attorney can guarantee that these legal documents have all the details laid out properly.

What are the duties of an estate attorney?

Essential job duties of estate law attorneys include: 1 Creating and implementing of legal documents such as wills and trusts; 2 Designating beneficiaries and establishing durable power of attorney; 3 Meeting with relatives and close friends of those involved with an estate; 4 Organizing and arranging the transfer of assets to the rightful heirs and beneficiaries; 5 Developing solutions to reduce taxes or fees imposed upon an estate (this requires tax knowledge); 6 Establishing restrictions on an estate (only when necessary) to ensure deceased wishes are properly carried out; 7 Handling of retirement plans, life insurance policies, and charitable contributions.

How long does probate take?

Probate is the court process for transferring a deceased’s estate to the named heirs and beneficiaries. Going through probate is very expensive, quite lengthy (the entire process can take up to two years), and is extremely public. Anyone who is willing to go to the courthouse can obtain copies of the Will and any legal documents associated with it.

Can an estate plan change over time?

Why? Whether it’s a divorce, birth of a child, marriage, change in assets, health, or even an out of state move – whatever the situation might be, you should plan to update your estate plan throughout your life.

What is an estate plan?

An effective “estate plan” involves an actual plan which takes into account the goals and unique circumstances of each family. A fillable form does not provide any guidance or a plan for a seamless transfer of assets to beneficiaries which can avoid court involvement. We see many issues that result from poor estate planning and do-it-yourselfers, including unintended disinheritance (yes, sadly we have seen this before because a do-it-yourselfer didn’t understand the form), probate, conservatorships for minors, all of which could have been easily avoided with proper guidance.

Do you need a will to avoid probate?

A will may be the extent of your estate planning knowledge, but wills have potential pitfalls. For example, many people believe that if they have a will, their estate will avoid probate. However, that is not always true because it may not cover your individualized needs. Additional documents may be needed for situations such as real estate, your business, a special needs trust for caring for a disabled loved one or how to minimize taxes. Knowing which combination of documents are necessary for your specific needs is important.

Do it yourself estate planning?

We Americans like doing things ourselves, and this DIY or “Do It Yourself” impulse can extend to estate planning. Various online websites offer these DIY legal documents. However, as the old saying goes, you typically “get what you pay for.” Drafting your own estate plan can backfire. You may never know it, but your family may spend unnecessary time and money sorting out your affairs if something is not done correctly. Before trusting your assets and end-of-life care to a fill-in-the-blank form, considering the following: