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Questions to ask when updating your will

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Who should fill the roles of executor, trustees for each type of trust, guardian for minor children, and who will act as an agent under both a financial and medical Power of Attorney? That can be a serious problem and can mean that your estate plan does not work as intended. Are you concerned about the effect of the inherited wealth on your heirs? While this can be very efficient in some cases, use of joint ownership can be fraught with problems at death and cause more problems than it solves. Trusts can be helpful to speed administration and save taxes if they are drafted properly and funded during life with the property intended to be transferred by the trust. Your will may be changed as often as you desire while you are sane and not under undue influence, duress, or fraud, provided it is changed in the required manner. Do you have a child or grandchild with special needs? But my experience over 27 years has taught me that clients value a clear process. The inheritance statute contains a rigid formula and makes no exception for those in unusual need. We also clarify if you prefer to receive the documents in draft by mail, or by email. You decide who bears any tax burden, rather than the law making that decision. Do you have any special needs, drug or alcohol, or spending problems with any of the heirs? Do you want to protect heirs from losing an inheritance in divorce?

Questions to ask when updating your will

The self-proving procedure is in addition to the normal execution and witnessing of the will, not in place of it. If the policy is payable to the estate of the insured, the disposition of the proceeds may be directed by the will. You might be surprised by some of the personal questions that are asked by a good estate planning lawyer. Included in this important appointment is the power to decide when to withdraw medical procedures. Who should fill the roles of executor, trustees for each type of trust, guardian for minor children, and who will act as an agent under both a financial and medical Power of Attorney? Do you want to protect heirs from losing an inheritance in divorce? No, in most situations. Without them, devastating consequences can occur. In other words, if you fail to make a will, the inheritance statute determines who gets your property. It is always best to consult an attorney about your legal rights and responsibilities regarding your particular case. If the will is not self-proving, it generally must be proved by the oath of one of the witnesses. The laws of each state set the formal requirements for a legal will. Florida Statutes now provide for a written declaration by an individual specifying directions as to use of life-prolonging procedures. A good estate planning lawyer needs to know exactly what you want from the relationship, and what your personal and specific goals include. This is not necessary and can actually cause considerable added expense to the estate. If the will is self-proving and otherwise valid, it may be admitted to probate without further proof. Life insurance can be useful in providing cash at death for payment of taxes and expenses, but like most strategies for insurance, the careful person will consult a lawyer, a life insurance counselor, and a financial advisor. To that end, most of us concentrate on what we should ask a potential adviser during the initial consultation. And, for those and other reasons, our savviest and most sophisticated clients agree that finding the right fit between you and your estate planning lawyer is the key to making the relationship worth your while. After all, a good planner covers a lot of terrain, from analyzing the assets that make up your estate to helping you figure out who should be the executor, whether or not you need living trusts, irrevocable trusts, or trusts under a will. Often, however, improperly drafted or incorrectly funded or administered trusts can add to the cost of settling estates, not lower it. Even good counsel sometimes get so used to asking these questions, that they forget to tell you the very good reasons that they ask. When it comes to updating, we would like to stay in touch. Finally, if one spouse will be taking the lead and they want all communications through that person, then we will honor that wish. Your will must be written. Again, this is a complicated process.

Questions to ask when updating your will

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