Do It Yourself Estate Planning
Estate planning is the act of arranging and anticipating, through the life of a person, for the proper management and disposal of the estate during that person’s lifetime, if the individual becomes mentally incapacitated and upon death. The estate is an estate; and, the probate court often authorizes a last will and testament to be used in estate planning. In the state of Texas, the last will and testament must be prepared and signed within two months of the decedent’s death, unless the estate is irrevocably settled. In Texas, the testator may request that a Living Will be provided to protect his or her estate from probate proceedings. In other states, the testator may also use a Power of Attorney to authorize another to make decisions on his or her behalf, and the decision must be in writing and notarized.
Proper estate planning provides for the protection and security of your assets during your lifetime and it provides for your loved ones after your death. It is important to engage in proper estate planning today rather than tomorrow. Planning for your estate now can help avoid future difficulties with your financial affairs. A financial advisor can assist you in developing an estate plan that meets your goals and your lifestyle now and in the future. This includes determining which assets will be transferred to your loved ones, your children, charities or whomever you select. An experienced estate planning attorney can help you determine how much, if any, the estate tax will be charged, and he or she can assist you in filling out the appropriate forms.
Taxes are among the most common issues in estate planning today. In order to determine the tax-free or tax-deferred status of your assets, you will need to forward a copy of your latest federal or state income tax returns. Your financial advisor can provide you with the appropriate forms to fill out. A financial advisor can also help you develop a suitable estate plan and provide you with the assistance you may need to accomplish your estate planning objectives.
There are also a variety of choices available to you through the use of an estate planning attorney. You might want to retain the services of an estate planning attorney in case you become incapacitated or pass away, or you are required to file a living trust. Another option open to you could be the use of a qualified financial advisor who can assist you with creating a trust, which could serve as the beneficial owner of your estate while you are not physically present.
The task of planning your estate planning shouldn’t be limited to the few people who are closest to you. Joint ownership and other types of ownership by several people may also be a wise choice for you and your heirs. Also, it is important to think about the future of your children, and their ability to carry on the family name, should you die before they do. Many estates include provisions that allow your children to share in the profits from a real estate property and inheritance property are no different. It is essential to consider all of these factors carefully, when you are making the tough decision of who will receive the assets during your absence from your family.
Another good reason for you to consider hiring an estate planning attorney, is to avoid probate court proceedings. Probate court allows creditors and debt collectors to get a hold of your assets, which can lead to unnecessary stress and financial difficulties. By consulting with a qualified estate planning attorney, you can make sure that your wishes are being carried out properly.
If you have any debts that your estate planning attorney can help you with, he or she will also be able to take care of those debts for you. This helps to relieve some of the stress that can come along with estate taxes and probate court proceedings. Your estate planning lawyer can also offer financial advice to your estate, so that you can ensure that it is protected in case any unexpected disasters, such as layoffs, bankruptcies, and death, occur within the family.
If you are in need of help with your estate planning, but you don’t know where to start, then you should consider consulting a financial advisor, who can offer sound financial advice. You can talk with an attorney, or you can contact a financial advisor via the Internet. There are many DIY estate planning guides available on the Internet that can help you plan for your future, if you are financially educated and savvy. Make sure you choose a guide that fits your needs, and that you clearly understand how the information you receive from the guide can benefit you.