Estate planning means preparing for the transfer of a person’s wealth and assets after death. What gets sold and where the money and remaining assets go are questions that get answered during estate planning. Not all assets can be handled in a will, even if they are specifically addressed in the will.
What Does Estate Planning Include?
There are several very important steps in planning an estate to make sure everything is handled seamlessly. Contact estate planning lawyers to help navigate all the paperwork. These steps include:
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Creating a will
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Placing property in a living trust
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Filling out medical advance directives
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Choosing a financial power of attorney
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Naming an adult to handle any property belonging to minor children
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Having a beneficiary for bank accounts and retirement funds
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Having a life insurance plan
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Understanding estate tax laws
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Covering funeral expenses
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Making final arrangements
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Creating a business succession plan
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Safely storing all estate documents
Mistakes to Avoid
Let’s look at some of the simple mistakes to avoid in estate planning. Estate planning lawyers can help avoid all of these and more.
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Not updating the will
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Not planning for an unexpected or long–term disability
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Putting a child’s name on a property deed
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Not transferring life insurance policies to a life insurance trust
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Procrastinating
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Choosing the wrong person to handle the estate
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Not learning all the ways to save on estate taxes
The easiest way to avoid these mistakes and more is by meeting with a legal professional. Find a professional who specializes in estate planning. They not only specialize in estate planning, but they also know the laws specific to the city and state they practice in. Estate planning lawyers in Topeka, KS will know all the laws for Topeka, KS. They will be an invaluable guide through the process. Go find a professional today because tomorrow is never promised, only hoped for.
Estate planning sounds as if it would be a big job replete with paperwork, paperwork, and more paperwork – good grief, when will it end? Estate planning lawyers can be easily found at Debenhamlaw.com.
