Do You Have Questions About Estate Planning?
Preparing an estate plan does not need to seem daunting. Although the process involves many complex details, the team at Paulsen & Reissner, PLLC, will assist you at every step. Our licensed attorneys will create a tailor-made estate plan that addresses your needs. Along the way, we will explain the process to you.
To help you understand more about estate planning, we have compiled some of our clients’ most frequently asked questions.
What are the elements of a standard estate plan?
While every estate is different, every estate plan should have these designations:
- An executor, or someone who will carry out the duties of estate administration
- A durable power of attorney, or someone who can make legal decisions on your behalf
- A healthcare power of attorney who can make medical decisions for you if you become incapacitated
- Beneficiaries, or the people to whom you wish to distribute your assets
You can speak to your attorney about including other elements in your will, including guardianships, trusts and charitable donations.
How can I use trusts to pass on my wealth?
Trusts allow you to put some of your assets into a fund that will eventually pass to a designated beneficiary. A third party, called a trustee, holds onto the assets until it is time to transfer them to the beneficiary. Trusts are an excellent way to pass money, property and real estate to your children, grandchildren or other recipients.
What happens if I die without an estate plan?
A shockingly high number of adults do not create estate plans while they are alive. If you die intestate, then a probate court will distribute your assets according to the state’s laws of inheritance.
I am in good health. Why should I make a will and an estate plan?
Every adult should have a legally valid estate plan. This prevents the probate court from distributing your assets against your wishes in the event that you should die. An estate plan can also provide instructions about your medical care if you become incapacitated. It is much better to create an estate plan now rather than ignore the inevitable and leave your assets to the state.
Do I need an attorney to create an estate plan?
The internet provides many do-it-yourself templates for wills and other legal documents, but you should not use these. Many courts will not uphold these documents. Instead, you should work with a licensed attorney who understands how to draft and create valid legal documents.
Ask More Questions To Our Team
These questions are just a few that we hear every day from our clients. When you contact Paulsen & Reissner, PLLC, we can answer any other questions that you have in mind. To reach us, call 800-248-5120 or use our online contact form to schedule an initial consultation.