Owning property and managing it is very important because of the time and efforts applied. It is therefore good to take care of the future of your hard earned property to avoid any form conflicts and misunderstanding. This will occur if proper planning is not done. Your death would mean battles that may end up ruining all that you have been making over the years. To avoid that, here is a list of what to do before hiring estate planning attorney Seattle WA who will help in drafting a good will.
The first action would be to take an inventory of your assets and liabilities. Before approaching that lawyer make some serious identification of all your properties both tangible and intangible. Be able to account for all what you own and have it on paper.
Next, determine who your heirs are. You should be clear on all who you wish to inherit your property for easier distribution. When significant life changes take place to do the necessary corrections to prevent ambiguity and misunderstanding. Such occasions may be when you marry, or there is the death of your beneficiary. It is equally important to consider that all the necessary documentation of the concerned are available.
Critically identify who will manage the plan for you. You can choose a lawyer, a family member or a corporate trustee. With your preferred person let there be clear information on what you want. For instance, the trustee can manage your property till the heirs are of age as you wished with special arrangements to cater for some particular expenses such as education and regular stipends for daily support.
Develop a plan that makes sense. This is important, especially where you own valuable assets such as real estate and stocks. A revocable trust will be ideal to avoid government oversight. The trust agreement will govern how the property will be distributed and avoid legal court involvement in the plan. The trust can be flexible to cater for various expenses for the beneficiaries before they attain the age you preferred.
Importantly, involve an experienced attorney to help with the planning. This should be one who has a good knowledge of performing estate planning documentation. To access such kind you may need referrals from family, colleges or law firms. The consultations should be done ace to face to take advantage of personal contact rather than being conducted online.
Draft the plan at the appropriate time. This is in favor of avoiding someone going the court way to challenge your decision. Do not wait till you are too old or when you are approaching death. Do the planning early when you have the energy and good time to prevent the law coming into the matter in future.
Take the necessary insurance covers. Life insurance cover will guarantee some good cash to your beneficiaries when taken while still young. It is also good to take homeowner insurance to protect your properties against damage and also cover for injuries your employees succumb at your home as they work. You can take long term care insurance if you need intensive care or assisted living arrangements in your old age.
The first action would be to take an inventory of your assets and liabilities. Before approaching that lawyer make some serious identification of all your properties both tangible and intangible. Be able to account for all what you own and have it on paper.
Next, determine who your heirs are. You should be clear on all who you wish to inherit your property for easier distribution. When significant life changes take place to do the necessary corrections to prevent ambiguity and misunderstanding. Such occasions may be when you marry, or there is the death of your beneficiary. It is equally important to consider that all the necessary documentation of the concerned are available.
Critically identify who will manage the plan for you. You can choose a lawyer, a family member or a corporate trustee. With your preferred person let there be clear information on what you want. For instance, the trustee can manage your property till the heirs are of age as you wished with special arrangements to cater for some particular expenses such as education and regular stipends for daily support.
Develop a plan that makes sense. This is important, especially where you own valuable assets such as real estate and stocks. A revocable trust will be ideal to avoid government oversight. The trust agreement will govern how the property will be distributed and avoid legal court involvement in the plan. The trust can be flexible to cater for various expenses for the beneficiaries before they attain the age you preferred.
Importantly, involve an experienced attorney to help with the planning. This should be one who has a good knowledge of performing estate planning documentation. To access such kind you may need referrals from family, colleges or law firms. The consultations should be done ace to face to take advantage of personal contact rather than being conducted online.
Draft the plan at the appropriate time. This is in favor of avoiding someone going the court way to challenge your decision. Do not wait till you are too old or when you are approaching death. Do the planning early when you have the energy and good time to prevent the law coming into the matter in future.
Take the necessary insurance covers. Life insurance cover will guarantee some good cash to your beneficiaries when taken while still young. It is also good to take homeowner insurance to protect your properties against damage and also cover for injuries your employees succumb at your home as they work. You can take long term care insurance if you need intensive care or assisted living arrangements in your old age.
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Find a list of the benefits of consulting an estate planning attorney Seattle WA area and more info about a well-respected lawyer at http://www.turnerlawofc.com today.
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