Issues To Be Addressed During Estate Planning


Estate planning requires the support and guidance of an experienced estate planning lawyer, who will facilitate the handling of an individual's property, including property, wealth and even intellectual and non-material property. . Once a person has chosen the best estate planning agent that works best, here are the issues to discuss and deal with.

1. Asset allocation: the most common document for asset allocation is the will. It is a legalized document that clearly states how the assets of a person will be divided among the heirs, in the event of the owner's death. A estate planning lawyer ensures that the will he / she has designed includes all important aspects of the distribution in order to avoid feelings of dissatisfaction among survivors.

2. Asset Management for the surviving spouse and others: In the Will, developed with ongoing advice and legal advice, estate planning counsel may suggest establishing a trust. This trust will hold its assets for the named person, tell his spouse and provide for their needs. The establishment of a trust will also help reduce the tax burden of survivors.

3. Guardianship of dependents: the will can also help to support all dependents, including minors, family members with special needs, and mental or physical illnesses. In the will, a guardian may be assigned to whom will be entrusted the responsibility of taking care of his dependents. In the case of minors, this responsibility can be left to the guardian until the children reach legal maturity. The appointment of a guardian should be made after the discussion and the lawyer of the person to whom one wishes should assume responsibility.

4. Charitable donations: in the will, one can also designate the assets they desire, which should be donated to charities. Legal and tax advice is important for the donation to be accepted and awarded in accordance with the instructions of the will. Charitable donations include endowments, life insurance, property, financial accounts, stocks and shares, trusts and IRAs.

5. Health care decisions: one of the most important issues that a estate planning lawyer can help one with. This can involve anything, medical procedures that you do not want, that you want to be cremated or buried. Most of these decisions are made taking into account the uncertainty of life and the fact that we may not be able to make decisions about how we want to be cared for. These advance directives are recorded in a legal document called a living will.

6. Power of attorney: This legal document puts someone in charge of making decisions in his absence. Specific proxies, such as health care, finances, etc., can also be awarded to ensure that not one person is overburdened, or that a person with specialized knowledge manages his or her assets after the death. This will help resolve the power conflicts survivors may have. The power of attorney can also be mentioned in the will of life, in order to entrust to a person of trust and confidence complete authority over all decisions that may have to be taken.

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