1. Yes, you should have an attorney.
We might be biased on this one, but families agree that having an experienced Bucks County Estate planning attorney by their side makes the process easier and much more thorough. If you or a loved one is considering hiring an estate planning attorney, interviewing and reviewing the credentials of several local attorneys will help begin a working relationship. Maintaining a relationship with your estate planning lawyer is important for not just the creation of the estate, but the maintenance and administration phase with heirs or beneficiaries. Ensuring the experience and rapport are there make the process much more productive.
2. Documents – there are lot of useful ones that you may be missing.
Again, we may be biased here but families agree – having a will is extremely important and should be the cornerstone of your estate planning. Even if you do not pursue other types of documentation to complete your estate planning, the will is crucial to your family. Dying intestate creates so many headaches and questions for the surviving family members to sort and reconcile. This document is extremely affordable and dictates how your estate will be paid for and/or distributed in the event of your death.
3. Beneficiaries are important people.
Do you know who your beneficiaries are? Have you considered who would be the beneficiary of your estate? If you have children, this is often the go-to choice for families planning their wills and estates. However, if you do not have any children, start thinking about the individual who will best receive the proceeds of your estate.
4. Some beneficiaries may need to be updated.
When it comes to beneficiaries, the ongoing changes in life may require this information to be updated. If you have become divorced, divorce and remarried, had children or lost children, this could require updates to an existing estate plan. While we often want to avoid thinking about estate plans once it’s set out, failing to update could lead to major disputes over your estate. Litigation could (and often does) take place if there is a dispute among heirs.
5. Advance directives and power of attorney – we know, you don’t want to think about this.
Another subject no one wants to think about is the importance of an advance directive (or healthcare directive) and power of attorney. If you were to become incapacitated in an accident or other life altering event and could no longer make decisions on your own behalf, this type of document sets forth what you would want to happen and who would make it possible. Your financial decisions and healthcare treatment plans can still remain under your control if you lose the ability to communicate.
6. Don’t make any assumptions!
You may think your kids, family or partners understand your finances, on death, burial, healthcare wishes, etc. But often times, these are not subjects we discuss at the holidays. That’s why it’s important not to assume that your family will know what to do with your estate. Many families are left to unilaterally make major decisions and pay costly expenses, or end up in court debating those problems. Rather than assume these people know what you want, it’s best for all parties to have a guiding document or comprehensive plan to guide the process.
These are just a few of the considerations to start with when considering an estate plan. Of course, an experienced Bucks County estate planning lawyer can best equip you and your family with the information and tools that suit the situation. Building a relationship with the right attorney can make all of these decisions easier and much more informed. Call our office today to schedule an appointment with a Bucks County estate planning lawyer at the Law Offices of Michael Kuldiner, P.C.; (215) 486-8171.