While the oft-quoted saying concerning death and taxes is overused, its expression of truth remains a fact of life. The human mortality rate is 100%. Unfortunately, many people refuse to face the reality of this insight. As a result of their unwillingness to face the inevitable, those left behind can face significant difficulties after one's death.In the USA, one of two entities will decide the distribution of one's assets as well as how the individual's loved ones fare in the process. Unless one has a will or other documentation, a stranger is appointed by the government and must follow specific laws to finalize the estate. Any concerns, specific obligations or priorities left behind by the individual are irrelevant due to the fact the individual must follow the impersonal prescribed process.
The other option is that the individual's decisions and wishes, as written in legally prepared documents dictate the estate's distribution. Aside from following these personal priorities, the process of planning can help to prevent taxes and other expenses from eroding away the value of the estate one has taken a lifetime to collect. Many find it ironic that the individuals who work so diligently in life to accumulate substantial assets will then fail to protect them by using proper diligence in this particular process.
The Basics of Estate Preparation
The complexity of the law, along with the nature of estate planning, makes it virtually impossible to do this work without the help of an estate attorney. Tax laws as well as other estate laws change frequently. Estate attorneys make a major time commitment to track such changes and ensure the documents prepared for clients reflect them. A professional wealth manager or financial planner may also be involved. Even moderate estates can benefit from the advice offered by these professionals.
The size of one's estate will determine if a will can accomplish what is necessary or if a trust should be prepared to provide better protection.
If the handling of the estate will be through execution of one's will, the following is a minimal list of the documents the attorney should prepare. In some locations and with certain personal situations, other documents are needed. The basics; however, include:
Last Will and Testament: This is a document detailing the plan to distribute the assets left for one's estate. It may also address certain special situations, including special bequests, care of minor children and specific wishes, including burial instructions.
Living Will: This document provides end-of-life guidance in terms of medical treatment. It guides medical personnel and is sometimes referred to as a do-not-resuscitate order.
Advanced Medical Directive: This is a document appointing the person or persons with authority to make medical decisions in case the individual is incapacitated.
Financial Power of Attorney: Gives authority to the individual selected to make financial decisions such as moving assets into trusts. The power may be invoked if the individual is incapacitated.
If the individual chooses to use trust-based planning the Last Will and Testament is replaced with the Pour Over Will. This document facilitates asset transfer into the estate trust. Most of the time, this type of will is written as a Revocable Living Trust. Larger estates will require more documents than smaller ones.
The estate planning attorney will provide clients with checklists to ensure the items needed for preparation of the documents are available. In addition, he may ask questions to aid in preparing these documents. The minimum required is:
- Lists of liabilities and assets, including insurance
- Contact information for all family members
- Ownership documentation, titles and relevant contracts
- Agreements, document and relevant contracts
- Tax record for previous three years
- Location of keys, account authorizations and relevant passwords
In South Florida contact the expert legal team of Wild Felice and Partners P.A. at (954) 944-2855
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