7 Questions About Estate Planning

Thousands use the services of a Saint George estate planning attorney because they want their affairs in order. Living wills, trust deeds, and everything else, might not appeal to everyone, yet they’re important aspects of life. Anything can happen without warning and if you’re injured or unable to make crucial decisions about your finances, estate plans could help. Estate plans can help both when you’re alive and after you pass away. So, what questions should you be asking?

Top Questions to Ask about Estate Planning

  1. What is Estate Planning?
  2. Why is it Necessary?
  3. What Benefits does Estate Planning Offer?
  4. How to Create an Estate Plan?
  5. Why is a Plan Important?
  6. Should a Plan be Updated?
  7. What is Necessary to Create a Plan?

You could – and should – ask your Saint George estate planner the above questions. Often, they will be able to answer them for you. However, even if you don’t want to ask a planner, you’ll easily find the answers online. Estate plans are widely used, unfortunately, still far too many don’t have them. These are important aspects of anyone’s life, especially if you have personal property. Estate plans aren’t just for millionaires or those with real estate; they’re for everyone.

Updating an Estate Plan is Essential When Circumstances Change

Once you ask the necessary questions, it’s time to think about the things you don’t consider. One of the more important aspects of an estate plan is knowing when it needs to be updated. Now, for most, this only is necessary when there is a major change to your circumstances. For instance, you get divorced or remarry, if a spouse passes away or you wish to remove a beneficiary. Updating a plan is essential and a lot easier than you think. You can speak to your Saint George estate planning attorney and they’ll help you update the plan as and when necessary. Check here!

A Saint George Estate Planner Help Craft an Estate Plan

It really doesn’t matter if you have a lot of property (personal possessions) or money, it’s essential to have a professional help create an estate plan. Remember, there are a lot of complicated matters to take care of and if things aren’t done properly, it could result in the documents being thrown out of court. If someone were to challenge the legality of the estate plan – and you made mistakes – it could result in your wishes not being carried out. Instead, a Saint George estate planning attorney can help ensure everything is done correctly. This is essential and something you must consider when it comes to an estate plan.

Prepare for The Future

No-one likes the prospect of death. No-one wants to talk about death or being seriously hurt; unfortunately, anything can happen in life. It has become hugely important to be prepared so that if you pass away or are badly hurt, your wishes are carried out. Of course, you don’t plan to be seriously hurt, but it may happen. Having a plan in place can be crucial and a lot easier than you think to do. A Saint George estate planner can help prepare your finances and wishes. Click here for more information: https://www.omsarch.com/how-to-make-a-will-in-utah/

5 Ridiculous Myths About Estate Planning

5 Ridiculous Myths About Estate Planning

There are a lot of myths and misconceptions surrounding the topic of the Estate Planning Process. Most of these myths and misconceptions are the product of careless communication between clients and the media.Others are from the mistake of some of our most basic laws. Estate planning is a commanding tool that people with properties large and small should know to make sure that their inheritance is awarded to their chosen recipients when they die.

The following are five of the most common myths about estate planning:

Estate Planning Is Just for the Rich People

This is usually an expensive assumption for those who most in need of protection. The misconception comes from the effort on estate taxes by financial advisors and attorneys, but most people won’t have to worry about difficult estate tax issues by means of they affect million-dollar properties. Planning itself is important to every body as it involves allocating your health care as well as assets to the people of your option in the event you become disabled or die. visit https://www.omsarch.com for more details.

5 Ridiculous Myths About Estate Planning

I Don’t Have Enough Money to Collect Inheritance Tax

Though this may be true these days, properties over $5.5million dollars are expected to be charged a 35% federal tax in 2016. Even though this appears like an outrageous figure, consider the value of your home, your life insurance, as well as your retirement accounts. At the present for a growing number of Americans, inheritance tax is a real option.

I Am Too Young to Plan

You are not too young if you are of legal age. We can never expect when we will die or become physically unable to make our own decisions. Saint George Estate planning is still really important if you have possessions or assets at all, regardless of your age.

If I Don’t Have a Will, the State Can Take My Assets

When a person dies without a will, the state will give in to its intestacy laws. These are state laws that govern who gets what. Laws can vary from state to state, country to country, so find out what the laws are in your state of residence. You should write a will to make sure that the right people receive your assets,even if you are comfortable with the laws.

Estate Planning Protects My Assets

A family trust will not protect your properties from commercial risks or law suits. Most states organize family trusts or living trusts as Transparent, so your properties are exposed to lawsuits as well as other losses as if you never planned your estate. Car insurance and Homeowner’s liability insurance are some simple examples of true asset protection. Hire a Saint George estate planning attorney to protect specific assets.

There are many harmful myths about estate planning. Whether you want to ensure that your loved ones are cared for after you are gone, or that you will be cared for in the event of helplessness, speak with a qualified Saint George Estate Planning Attorney.

7 Reasons to Update Your Estate Plan

7 Reasons to Update Your Estate Plan

You and your Saint George Estate Planner have come up with an outstanding plan for you. Congratulations! You are already ahead of the mainstream of the population. Remember, even though the hard part is over, there is maintenance that you and your estate planning attorney will want to do now and again. Your life and circumstances are expected to vary over the years, as well as you will want your estate plan to be adjusted consequently.

1#You Got Married

While a spouse often inherits by default, there are many other considerations to take into account. As a bonus, your Saint George estate planner will possibly have excellent suggestions on how to adjust your plan to save your spouse taxes as well as other time and money concerns after dealing with your estate.

7 Reasons to Update Your Estate Plan

2# You Got Divorced

Whether you do not want your ex-spouse to get your properties after your death, be sure the ex’s name is removed as a beneficiary of accounts and policies, removed from trusts, removed from the will, and so on. Contact your estate planning attorney to ensure you don’t forget anything and to make the process easier for you.

3# You Have Been Widowed

If one spouse dies, the other spouse will require to update their estate plan to imitate that variation. Not only will your beneficiaries variation, but also you may have an inheritance from your spouse that must now be incorporated into your Saint George estate plan.

4# You Had a Child or a Grandchild

The birth or adoption of a new member of your family means that aspects of your estate plan might need to be altered to accommodate new requirements. For instance, you may want to establish a trust or create a college fund. Additionally, it is critical that your estate planning attorney prepare the legal guardianship documents to govern who will care for your child in the event that you are unable to do so yourself.

5# Your Financial Situation Has Changed

When you have received some type of windfall, gained a significant increase in your salary, or lost your job, it is important to review your succession plan to determine whether you are contemplating these changes. Otherwise, you will need your estate planning attorney to adjust it properly.

6# You Have Bought Real Estate

A house usually represents a person’s most important life investment, as well as you want to make sure you cover it in your estate plan. From how to pay whom you want to quit and a lot in between, a Saint George Estate Planning Attorney will help you incorporate this big variation into your existing estate plan. for more about Estate Planning visit at: https://www.estateplanningutah.com

7# You Started or Ended a Business

Starting or ending a business justifies a trip to the estate planning attorney’s office for many reasons, among which it will undoubtedly have some kind of effect on your fiscal situation. Succession planning is one more important aspect of running a business because you will want to openly describe what will happen to the business if you pass away or become incapacitated for some other reason. Now a little legal stuff will save you a lot of headaches later. click here to learn more about wills

Of course, there are other events that should probably prompt a call or visit with your Saint George Estate Planner, but these are some of the most important. Luckily, once the important estate planning is completed, these types of updates will generally be easy, while benefiting you and your heirs greatly at the same time.