With the current state of the world, and this epidemic taking root in different countries, you need to see an estate planning lawyer fast.
The lawyer guides you on what to do so that you are prepared for any eventuality. The need for the lawyer is to help you plan your estate and make sure the future of your family is certain.
The first meeting is usually stressful, because you are heading to a meeting with someone who is going to ask you about what you wish to happen when you pass away. For many people, this is not even a topic that they share with their loved ones, albeit a stranger.
To make this part easy and less emotional, you need to bring all the information you can, and try to research about some issues before you head to the meeting.
Here is a breakdown of what to have on your mind when you head to the meeting.
Understand Your Primary Goals
This can seem like an obvious question, but you need to understand that estate planning aims at accomplishing various goals apart from the obvious one of distributing your property.
Think along these lines:
Asset protection.
Do you wish to protect your assets from falling in the wrong hands? The lawyer has all the answers you need to make a decision and come up with a plan.
Medical costs.
Are you worried that you might use up the entire estate for healthcare needs? If this is the worry, then planning ahead might solve your problem.
Avoiding taxes.
If you have a taxable estate, then you need to understand what you can do to reduce or avoid taxation altogether.
Charitable giving.
You wish to give your estate to a charity of your choice when you pass away? Talk to the lawyer to give you direction.
Probate issues.
Do you want to avoid the probate system so that you can save some money?
Incapacity planning.
In this time when coronavirus is spreading fast and the medication is uncertain, you need to be ready for incapacitation to strike anytime. Plan to talk to your lawyer so that you include a clause in the plan that will allow someone else to make a decision on their behalf.
Know Your Worth
This is the right time to understand the worth of your estate. The lawyer will advise you according to the value of your estate. Try and have some relevant records that will help you reach an exact figure.
You need to have a recent valuation of any property you own, latest bank statements, the value of the securities you own and any retirement accounts and their worth.
Assess Your Debts
Any estate plan is incomplete without creditors. When you pass away, you need to be sure that you have paid off most creditors so that your family doesn’t have to spend a large part of the estate paying them off.
Talk to your lawyer concerning the creditors and what you can do to make sure you are on the right track.
Have a List of Beneficiaries
You need to understand who you wish to provide for in your will when you die, and how much each one needs to receive. This is the time you need to stop and think whether there are other people as well to receive part of the estate.
Choose the People that Can Handle Issues on Your Behalf
You need to decide who will handle your affairs in case you pass away, or when you are incapacitated and can’t make decisions on your own. You can include a trustee in your will, or an agent for the role of the power of attorney.
Every role you come up with is vital to an estate plan, and they require you to designate people that you trust. Additionally, these roles require someone who has different skills to handle them perfectly.
Determine Your Last Rites
This is the part of the plan that people dread the most – the funeral and burial wishes. Very few people, including lawyers themselves, will want to openly discuss about their final rites.
To make sure your wishes are considered, make sure you include funeral planning in the estate plan.Final words
The coronavirus scare is real, and since we aren’t sure of what will happen the next few days, we need to be prepared. This is the right time to visit your estate planning lawyer to get some answers and start on your estate planning process.
