Old age is an avoidable and so is death. It is therefore important to plan well for your property when you are in a good state to do it rather than waiting till you are very old. This is important because you plan at such an old age may be challenged in court especially if you are approaching incapacitating condition. Here are some preparations before hiring estate planning attorney Seattle WA.
The first initiative to take is to take an inventory of all your assets and liabilities. This is the fundamental step towards any sound judgment on who to own what. When you have a good account of all your wealth the n you are in good position to plan for future distribution. It will also help you make the necessary arrangements with your lawyer and facilitate the process of writing the will.
The other initiative is to determine who your beneficiaries are. This will enable you to name all those you would wish to inherit your property fully. Importantly remember to update your lists of beneficiaries when significant changes occur such as marriages and deaths to prevent future conflicts and misunderstandings. Define who is to benefit from life insurance and retirement beneficiaries in case of sudden death.
Critically identify who will manage the plan for you. You can choose a lawyer, a family member or a corporate trustee. With your preferred person let there be clear information on what you want. For instance, the trustee can manage your property till the heirs are of age as you wished with special arrangements to cater for some particular expenses such as education and regular stipends for daily support.
Determine a plan that makes sense. When you own properties that are very valuable such as stocks and real estates, it will be better to plan a revocable trust. This kind of plan will prevent court oversight. This will prevent unnecessary court battles that may prompt forcing government intervention.
Use a lawyer to draw your will and estate plan documents. You can safely do this by asking for referrals from family or colleges to one who has expertise in the area. It will be preferable to consult the attorney face to face and let them help you with the process. Because of experience gained over the years will guarantee you a good job if you get an expert.
Draft the plan earlier enough to avoid unnecessary disturbances in future. It will not be ideal to do when you are very old almost becoming incapacitated. Failure to do it in time may force the government to intervene. The will may also be challenged in a court of law if you write when your health and mental conditions are subject to doubt.
Take the necessary insurance covers. Life insurance cover will guarantee some good cash to your beneficiaries when taken while still young. It is also good to take homeowner insurance to protect your properties against damage and also cover for injuries your employees succumb at your home as they work. You can take long term care insurance if you need intensive care or assisted living arrangements in your old age.
The first initiative to take is to take an inventory of all your assets and liabilities. This is the fundamental step towards any sound judgment on who to own what. When you have a good account of all your wealth the n you are in good position to plan for future distribution. It will also help you make the necessary arrangements with your lawyer and facilitate the process of writing the will.
The other initiative is to determine who your beneficiaries are. This will enable you to name all those you would wish to inherit your property fully. Importantly remember to update your lists of beneficiaries when significant changes occur such as marriages and deaths to prevent future conflicts and misunderstandings. Define who is to benefit from life insurance and retirement beneficiaries in case of sudden death.
Critically identify who will manage the plan for you. You can choose a lawyer, a family member or a corporate trustee. With your preferred person let there be clear information on what you want. For instance, the trustee can manage your property till the heirs are of age as you wished with special arrangements to cater for some particular expenses such as education and regular stipends for daily support.
Determine a plan that makes sense. When you own properties that are very valuable such as stocks and real estates, it will be better to plan a revocable trust. This kind of plan will prevent court oversight. This will prevent unnecessary court battles that may prompt forcing government intervention.
Use a lawyer to draw your will and estate plan documents. You can safely do this by asking for referrals from family or colleges to one who has expertise in the area. It will be preferable to consult the attorney face to face and let them help you with the process. Because of experience gained over the years will guarantee you a good job if you get an expert.
Draft the plan earlier enough to avoid unnecessary disturbances in future. It will not be ideal to do when you are very old almost becoming incapacitated. Failure to do it in time may force the government to intervene. The will may also be challenged in a court of law if you write when your health and mental conditions are subject to doubt.
Take the necessary insurance covers. Life insurance cover will guarantee some good cash to your beneficiaries when taken while still young. It is also good to take homeowner insurance to protect your properties against damage and also cover for injuries your employees succumb at your home as they work. You can take long term care insurance if you need intensive care or assisted living arrangements in your old age.
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Find a list of the benefits of consulting an estate planning attorney Seattle WA area and more info about a well-respected lawyer at http://www.turnerlawofc.com today.
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