When you walk into a law office or even pick up a law book, the legal jargon can be quite daunting and put you off interacting with a lawyer. But when it comes to estate planning, the earlier, the better.
Today we will walk you through the fundamental question that an Estate Planning attorney will for sure ask you while drafting your will.
The reason you need to be prepared beforehand is that you don’t want to be caught off guard when the time comes. Knowing the answers will make the process a lot smoother for everyone involved.
Planning a will is not really a momentous occasion as you trying to split your assets evenly amongst your loved ones, which, of course, is not the best position. Hiring an attorney helps you make the process a lot more streamlined and not as daunting for you.
Without further ado, here are five things every estate lawyer will for sure ask you while drafting your will.
What Is Your End Goal With A Will?
This is an important question as multiple intricacies come along with planning out an estate.
You could be someone who does not want to have to face high taxes, and the lawyer needs to know that to structure your will accordingly. Or on the contrary, you could be a person to whom they matter a lot; then, even that needs to be conveyed.
There is also a chance that you might have kids with special needs, and you would then want to secure their future. Further, if you want a portion of your estate to be kept aside for your grandchildren, all of these things need to be conveyed to your lawyer before time to ensure they add the necessary provisions.
Who Do You Consider Family?
This an essential question merely because they are the ones for whom you are doing all this. Your lawyer needs to know every beneficiary that you want to take care of once you have passed on.
Your attorney will need to know if you have a partner, children, grandchildren, parents, or anyone else you consider important enough to be a part of your familial circle.
This will help the lawyer divide assets and identify the important people who need to be kept in the loop.
At this point, the attorney might even inquire about your health, as that would determine how fast you need to get the will drafted.
What Are Your Assets?
Once you have sorted your family situation, you need to move towards listing out your assets and your financial position.
You need to list out assets as not everything you own will go in the will, and it should not either. Things like a life insurance policy or joint properties should be settled outside the will.
Otherwise, you risk running into something called probate, which is a costly and lengthy process if such assets are listed in a will.
Listing the assets will also help you figure out your owed taxes and the best way to avoid paying higher taxes than required.
How Do You Want Your Assets To Be Divided?
The list of assets will lead you to one of the most important decisions of your estate. Your heir, the person who will inherit your estate in the light of your passing. If your heir is a minor then, your lawyer will have to look into options for the minor estate.
If you do decide to leave your estate to a minor, the first thing you will be asked to do is appoint a trustee until the minor is of age.
Who Do You Entrust With Your Estate?
This is another important question as this will determine who your fiduciaries will be. A fiduciary is a person who acts on your behalf in case you are incapacitated to make decisions.
This role can be in the executor capacity where it is someone who has some magnitude of control over your will. It can also be a trustee who is responsible for every individual trust.
It should be someone you trust in-explicitly as they will also have a power of attorney, which implies they have the ability to make medical decisions on your behalf.
Your attorney will then help you decide if your assets need to be further given to a person, trust companies, or a charity.
If its multiple people ensure you clearly write down exactly who is going to inherit what, otherwise, you might get into a will war, which no one wants.
Planning an estate seems very simple from the outside, but when it comes to anything law-related, anything seldom is. Contact a good attorney for your estate so that you can have a flawlessly executed estate. If you have a house as an asset, it never hurts to get a conveyancing lawyers gold coast either.