Being prepared for life as well as death is the responsible thing to do. To help with this the estate planning basics should be understood. This will be very helpful for those that are left behind so the financial worries of your estate will not be an issue. The proper planning will also help reduce the tax bill that could reduce what is passed on to your loved ones.
The first item on your list of things to prepare is your will. This is to help prevent your estate from becoming intestate according to the US. If this happens any claim on your belongings and holdings will have to go thru probate court. There is a standard formula for who can claim what in this court. In some cases when a petition from a relative is unsuccessful, the estate is claimed by the state and no heirs will receive anything from your life or any of its assets. But, it is important for you to remember that estate laws differ among estates so it is very important for you to hire an estate planning attorney.
The main purpose of a will is to legally control who will receive what when you pass away. This is also where your last wishes are to be stated on any matter you may feel you need to express. This includes how you wish your remains to be treated along with any conditions you wish to impose on those inheriting your estate.
In your will it should be a stated who will be the guardian of your estate until all of the matters are fulfilled or concluded. This should be a trustworthy individual that is capable of carrying out your wishes including the distribution of your wealth, funeral expenses and the paying of the taxes. This person should know about this appointment before your death. Do not let it come as a surprise to them.
There should also be an exordium clause included in your will. This is where you clearly identify yourself and declare this document as your last will and testament. This clause has to include the statement that nulls and voids all previous wills.
The last clause will avoid most court battles amongst family members. This is the non-contestability clause. This should state that if anyone in the will contests it for any reason; all of their claims to your estate are null and void. But, again, you need to see an attorney in your state to find out the laws on wills in your state. This article is not intended to be legal advice and you should not rely on it.
Of course these are just the simple estate planning basics that need to be followed. The consultation of a good attorney is also advisable.
For other great resources from this site please look at Stock Splits Explained and Money Tips. Another resource for financial information of interest can be found at Banks with Consistently Good CD Rates which is available on my other website of www.bestcdratestoday.com.
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{ 2 comments… read them below or add one }
Howdy Hawk, how much do you think the average estate planning attorney costs, and how long and how many sessions does one have to endure?
Thnx
Financial Samurai´s last blog ..Don’t Have Children If You Can’t Take Care Of Yourself
@Financial Samurai – The price of an attorney greatly varies depending on where you live. But, if you live in a moderately priced area, I think that you can find a good estate planning attorney who will charge you between $100-$200 an hour.
With respect to the time needed to meet with your attorney, if you have all of your financial information ready, you can probably just meet with him once or twice. Unless, you are very wealthy, your will and estate probably won’t be too complicated.