Estate planning is the process of managing and parceling out an estate to reduce the taxes owed and to transfer assets to beneficiaries after someone dies. The goal being that all of your financial wishes are met upon your death and are not determined by a court.
You plan your estate through legal entities like trusts, wills, powers of attorney, health care surrogacies, etc. These are critical legal tools that will help your spouse and your family after you die and avoid having your estate go into probate and be settled by a judge.
When you begin to make a plan, you will want to go through an attorney to make sure that all of the requirements are in order for your final wishes to be carried out appropriately as per the laws in your particular state.
There are some things you can do to prepare to meet with your estate planning attorney. You can browse tompkins-law.com to know more about estate attorney.
Steps In Planning Your Estate
The first of these is to get your documents in order. You will want the names and addresses of all parties that are associated with your assets.
Bank account information, pension and retirement plans, insurance information, household inventory lists, debt list, etc. are all things you will want to bring to a meeting with your estate planning attorney. You want to provide as much information as possible so they can prepare your estate plan as well as possible.
When seeking out an estate attorney, there are some things you will want to ask. You will need to know how much they charge for their services, how best to reduce your tax requirement after death, are there any apparent problems with your wishes, are arrangements in order for children, and how often should my will be updated? These are all things you will want to cover initially before beginning your plan.