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.
First, take an inventory of all your assets and liabilities. This is important to help you to be able to account for all what you own before going for the planning services. You can put down on paper all your wealth and estimate the value. Very important is that you are likely to make better judgments due to the clear figures of value.
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.
Make sure you draft the plan when you in a good and sound condition. Do not wait till that time you are very old or approaching death. Do it earlier enough to avoid court battles and unnecessary family conflicts. This will help solve chances of someone challenging your decision in a court of law owing to the capacity of your thinking if done when sick or too old.
Take the relevant insurance covers as well. Life insurance will leave a good deal of cash to your heirs especially when taken at the young age. A homeowner insurance cover will be ideal to protect your property against damage and cover for injuries sustained by your workers. A long term care insurance will be ideal to offer intensive care at old age as well as assisted living arrangements.
First, take an inventory of all your assets and liabilities. This is important to help you to be able to account for all what you own before going for the planning services. You can put down on paper all your wealth and estimate the value. Very important is that you are likely to make better judgments due to the clear figures of value.
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.
Make sure you draft the plan when you in a good and sound condition. Do not wait till that time you are very old or approaching death. Do it earlier enough to avoid court battles and unnecessary family conflicts. This will help solve chances of someone challenging your decision in a court of law owing to the capacity of your thinking if done when sick or too old.
Take the relevant insurance covers as well. Life insurance will leave a good deal of cash to your heirs especially when taken at the young age. A homeowner insurance cover will be ideal to protect your property against damage and cover for injuries sustained by your workers. A long term care insurance will be ideal to offer intensive care at old age as well as assisted living arrangements.
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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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