Estate planning is a process that involves certain steps. An estate attorney or financial planner typically performs the following steps:
Obtain facts about the estate Evaluate potential claims against the estate Design an appropriate estate plan Prepare the necessary legal documents Periodically review and revise the plan Atlanta title loan
The first step is to obtain relevant facts about the individual’s estate. A detailed questionnaire must be filled out that shows the financial assets and real estate owned, names of family members, whether or not a will is in existence, business interest, estate plan objectives of the individual, the current estate plan, and other relevant information.
The first step is to obtain relevant facts about the individual’s estate. This includes an estimate of funeral and last illness expenses, the amount of federal estate and state gift taxes that may have to be paid, unpaid federal income taxes at the time of death, and other expenses that will be charged to the estate.
The third step is to design an appropriate plan. The estate attorney or financial planner designs a plan to meet the objectives of the individual and family. The plan design includes the judicious selection of various estate-planning tools, such as a will, marital deduction, gifts, trusts, and life insurance. The estate plan is then hypothetically tested to determine if the estate objectives will be accomplished.
The fourth step is preparation of the required legal documents by a competent attorney. An attorney usually drafts the legal documents such as a will or trust. The legal documents are complex and often include specific clauses and provisions to reflect the individual’s estate-planning objectives. Thus, we do not advise using a do-it-yourself legal documents kit, such as those sold in book or software format.
Finally, the estate plan should be periodically reviewed and revised when necessary. The plan should be revised if there is a marriage or divorce; a child is born; a spouse or family member dies; a new business is acquire or an existing business is sold; the individual’s financial position changes significantly; the individual moves to another state with a different estate tax; or the federal estate tax law is changed.
When an estate plan is drafted, certain pitfalls and mistakes should be avoided.
An effective estate plan requires the use of certain estate-planning instruments. The basic tools of estate planning include a will, marital deduction, gifts, trust, and life insurance and any assets from an Atlanta title loan.
Write something about yourself. No need to be fancy, just an overview.