Can Be Challenging
You will be provided with options when you decide to create a plan for your property and assets. It will be in your best interest to consult an attorney to guide you in your planning. If you have not decided to create an estate plan, you may have a few questions.
Will I need an estate plan?
An estate plan is a security measure that people create to ensure proper distribution of their property and assets and delegation of their power of attorney. If you own even modest possessions, you should have an estate plan.
Is there an expiration date on an estate plan?
There is no expiration date on your plan, but it is not meant to be set in stone. As life changes occur, you will want to update your plan to reflect those changes.
What are the components of an estate plan?
The components of an estate plan include wills and trusts that outline delegators, executors, power of attorney and beneficiaries.
I already have a will. Is that an estate plan?
A will is an essential part of your estate plan, but not the whole plan.
Will my beneficiaries have to pay taxes?
Your beneficiaries will have to pay the taxes associated with the property or asset. In addition, they may also have to pay inheritance taxes. To plan around this, you should look into adding a trust into your estate plan.
What if I have a prenuptial, postnuptial or community property agreement in place?
Typically, a premarital agreement or a community property agreement will trump what is written in a will. There are exceptions and you will want to consult a lawyer about your specific case.