When you finally decide that it is time to start your estate plan you will have to schedule a gathering with an estate planning attorney. There will come a point when the discussion with your estate planning attorney may get uncomfortable or private and you feel that you should not share everything and keep some information back.
Choosing to hold back information could venture your the plan for your estate though. Your estate plan is only as great as how complete you share with your estate planning attorney.
This means that your attorney can only create a plan with the information they are delivered. The attorney executes the plan for your estate based on the objects of the client and the facts the client decides to share.
If there are aims that the client has for their plan, but regrets to share then the attorney might not be able to create a plan to attain those goals. To know more about estate planning, you can also look for Alexandria Estate Planning Attorney.
More often there are cases the client will hold back out of fear of shame or discomfort that can dramatically change the plan. Family problems or personal problems of potential beneficiaries must be shared with the estate attorney to make sure the solid estate plan is made.
If a child has an addiction problem, it may not be something you need to share with all, but it is something that must be shared with an estate planning attorney to protect that child's potential estate and their well being.
Estate planning attorneys are most likely going to rely on information that is provided to them by the client in creating a plan, and not do any independent research of the facts. You can also navigate here to get more info about estate planning.
The attorney is kept to a strict standard of confidentiality once the attorney-client relationship starts. This means that the attorney cannot disclose any confidential information that you decide to share with them.
Estate planning probate is the legal process used to designate beneficiaries whom you wish to receive your assets in the event of your death. Many people postpone estate planning; especially when they are young and in good health. Unfortunately, death oftentimes arrives unannounced and can strike when you least expect it. Inadequate planning creates an enormous burden for your family and loved ones should you die unexpectedly.
Estate planning probate generally requires the services of a qualified probate lawyer. This type of attorney specializes in estate planning and can assist in keeping estate assets out of probate. It is important to understand that everything you own is transferred to probate unless you have taken steps to avoid the process. Probate is the legal process used to validate your Will and ensure assets are transferred to rightful heirs. If you want to get more knowledge about estate planning then you can also look for Estate Planning Law Firm in Alexandria, Virginia.
Probate laws are governed by each individual state. Financial assets and personal belongings can be gifted to anyone you choose. However, in most states, financial and real estate holdings are automatically transferred to your spouse. Assets held by unmarried decedents typically transfer to direct lineage relatives such as children, parents or siblings.
When decedents do not engage in estate planning probate prior to their death, it is referred to as dying 'intestate', which means "without a Will". A probate judge must designate an estate administrator to locate missing heirs and determine the rightful owners of your property. Click here to get more info about estate planning.
The probate process can be quite lengthy and can be prolonged for months or even years. Estate planning experts state the average probate case lasts for three years. During this time the estate is responsible for all expenses related to probate. These expenses can include paying mortgage payments, maintaining real estate, property taxes, and attorney fees.
Assets held in probate depreciate with time. Add in all the costs associated with probate and estate assets can quickly be depleted; leaving little to nothing for the heirs. This can easily be avoided my executing a Last Will and Testament and establishing probate planning.
Although everyone's estate plan is unique, there are a number of common mistakes that can cause your loved ones unnecessary grief down the road. Here are just a few of the mistakes people make when planning their estate:
Doing It Yourself
I can't count the number of people who think it's fine to write their own Will. Or equally as bad, they'll download a do-it-yourself form off the Internet. Estate planning is a complex legal area that is governed by a whole host of rules and regulations.
If you have the wrong form, if it's not signed in the right place or if you've somehow missed something else along the way, there's a good chance that your homemade Will won't be honored and a judge will decide how your estate is distributed. To get more knowledge about estate planning, you can also visit http://speedwelllaw.com/alexandria-estate-planning-attorney/.
Forgetting the Big Picture
Estate planning isn't just about having a Will and ensuring that your best friend gets your coin collection. Quite the contrary, estate planning is about protecting your loved ones, providing for them as best you can and also protecting you and your estate if you should become disabled.
Never Updating Your Plan
The Will you created ten years ago is probably not the Will you need today. Let's face it: there will be changes and they will occur in 3 areas: the law will change, your circumstances will change and the attorney's advice, which is always dependent on the law and your situation will, of necessity, change.