If you are the owner of a vast estate, hiring good lawyers to establish an effective plan for you can give you peace of mind.
It can also provide a certain degree of relief because you know that you have arrested a problem that will surface at a time when you can do nothing to resolve it.
Here are some of the best things that you need to consider when dealing with your estate plan: 1.
Work with a capable estate planning lawyers.
Estate planning involves legal matters and the best people who can do it effectively are the ones who have the necessary qualifications to make it happen.
Don't ever attempt to do it yourself, as it will only mean trouble and thousands of dollars in court litigation expenses if it does not become a legal document.
You should remember that invalid documents are not honored anywhere.
2.
Appoint a guardian for You should designate a guardian for your young sons and daughters.
If you won't do it, a judge will.
He has the authority to appoint somebody who will take care of your children in case you die unexpectedly.
Designating a guardian for your children can help to prevent your qualified relatives from fighting over the right to become your children's lawful guardian.
You also need to assign a backup guardian as a precautionary measure just in case your first choice can't serve for any reason.
3.
Plan early.
It is always good to do estate planning while your wits are still intact.
A mentally incapable person can no longer execute a will or estate plan.
This makes life harder for you and your loved ones, most especially if they are still minors.
4.
Supply your estate planning lawyer with the necessary documents.
You should furnish your attorney with the necessary documents and information to make your estate plan serve its purpose.
These documents include deeds to your properties, divorce documents, shareholders agreements, and prenuptial agreements.
Your failure to supply these documents can result in the failure of your estate plan.
5.
Deal with your lawyer with honesty.
You need to be open and honest to your lawyer about your plan.
This will make things easier for him to construct, and make your plan work towards your intended goal.
Do not withhold important information from him, such as a previous estate plan or plans that you intend to override with a new one.
This will help to set things in their proper order, and avoid legal battles between your heirs.
6.
Let your fiduciaries know of their appointment and tell them to contact your lawyer.
Letting fiduciaries know of their appointment can help to ensure that the estate plan is in place.
Assigning a fiduciary who doesn't know about his appointment is disadvantageous to the estate plan.
It can also create more problems if the designated person is not willing to serve or can't be found.
7.
Provide your Revocable Living Trust with complete funding.
You may not know it, but a Revocable Living Trust needs complete funding to prevent your assets from ending up in probate.
8.
Conduct an annual review of your estate plan to make sure it is applicable.
If you fail to review your plan year after year, chances are some conditions may not be applicable anymore.
You should see to it that your plan makes sense when it is needed.
This will ensure that things are in their proper place at the proper time to avoid legal issues.
9.
Choose the best fiduciaries for your beneficiaries.
Choosing the fiduciaries that can get along well with your beneficiaries is one of your best moves you can do to prevent the parties from future legal confrontations.
They are supposed to be in good terms with one another.
It is but logical to choose a fiduciary that your beneficiaries honor, respect and get along well with for your own peace of mind.
You may need the expert advice of your lawyer to help you find the best trustee for your beneficiaries.
Just be honest with him and things will work out fine.
These are some of the most important steps you can take to make an effective estate plan.
They can work for you.