![]() ![]() When titling assets, be aware the surviving owner is not required by law to dispose of those assets according to instructions left in a will or trust. If you title assets jointly with rights of survivorship (JTWROS), these assets will pass outside of probate to the joint owner. It’s important to know that asset titling and beneficiary designations typically override established wills and trusts. By tilting assets properly and naming beneficiaries, heirs get faster access to your assets while minimizing the probate process. These are two of the easiest ways to outline who gets what. Review Asset Titling and Beneficiary Designations Below, we have outlined five items that should be on everyone’s estate planning checklist. If you find yourself without an estate plan, or want to ensure your current plan is sufficient, look no further. Maybe you’re wondering, “ What if I already have an estate plan? ” Awesome! You are ahead of the pack! Moving forward, review your plan regularly for revisions as your life evolves so it reflects your current wishes. Perhaps you find yourself with substantial wealth trusts may play a critical role in your estate plan to dictate how your assets are ultimately taxed, managed, and distributed. If you have minor children, you’ll need to establish a will in order to name a guardian. If you are young and single, your estate plan may only require a few documents, such as a will, beneficiary designations, and medical and financial powers of attorney. Aid in the planning and management of probate.Īnother question you may ask is, “ Who needs an estate plan? ”.Alleviate estate taxes and other transfer taxes.Specify who will care for your minor children if you are unable to do so.Identify a trusted individual to make decisions should you become incapacitated.These documents make it more manageable for loved ones to navigate your affairs during a time of immense grief. You may ask, “ What exactly is an estate plan? ” For starters, an estate plan is a collection of formal documents that outline how your money and other assets are to be distributed. This is why developing an estate plan is an essential element of your financial portrait that should not wait. Even so, one thing remains true: If we leave unanswered questions about how to settle our affairs, life for our loved ones could get more complicated when we are gone. Set up a free initial consultation today at our Beaumont office by calling 40 or completing our online contact form.No one can predict the future. We have the experience to accomplish your estate planning goals. You deserve the peace of mind that comes with a sound estate plan. We will efficiently update your estate plan so that it keeps up with your life. ![]() Changes in children or grandchildren, marital status, retirement plans and even your charitable giving intentions will require updates. We understand that significant life events will impact your estate plan. There may be similar strategies to avoid putting your business at risk. To avoid early withdrawal penalties, we might suggest a creative solution, such as a promissory note. We stay current on the most recent asset preservation strategies. Protecting Your PropertyĪnother common question involves shielding retirement plan assets. Even if you want to ensure that pets are cared for after your passing, we have the tools to accomplish your goals. If you are concerned about the probate and administration of your estate, we will offer strategies to streamline the process. If you own a business, we will customize our your plan for your business needs. If you are interested in probate and tax avoidance strategies, we will analyze how to best immunize your estate. If you have concerns about caring for loved ones, we may recommend naming a guardian and setting up one or more trusts. Those goals may be financial or personal. If you come to us with questions about your retirement liquidity, we will analyze your options in the context of your estate planning goals. Our clients benefit from our comprehensive approach to estate planning. We Have The Experience To Address All Of Your Estate Planning Needs In addition, most clients want to minimize the administrative costs and hassle for their surviving loved ones by utilizing probate and tax avoidance strategies. While a will is a good starting point, a comprehensive estate plan will address multiple contingencies, including your preferences regarding life-sustaining medical care, asset transfers, naming one or more guardians for you and your estate in the event of your incompetency, and retirement needs. Estate planning is about more than just drafting a last will and testament. ![]()
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