When setting up a will and other estate planning documents, many clients are concerned about making the most efficient use of their attorney’s time. While these meetings are bound to raise some questions you hadn’t thought of, there are things you can do to prepare.
The more thought you put into certain goals and wishes (including those below), the easier it is for your attorney to create documents that reflect your intentions:
Think about who would serve as your executor or personal representative charged with settling your estate.
If you become incapacitated, who do you trust to make medical decisions for you?
Similar to the healthcare proxy, this is the person who acts as your financial agent if you become incapacitated.
If you have children, or are planning for children, it’s a good idea to name a guardian and a backup in case the first is unable or unwilling to serve. Separately, who will manage any inheritance you leave for this child?
Consider whether there are certain items (e.g., heirlooms, cars, jewelry, artwork) that you would like to be given to someone specific.
Consider how beneficiaries will receive their share of your estate. If assets are passing to surviving children, do you want them to receive their share upon turning 18? Would you rather a trustee provides specified access to the funds until the child reaches a specified age?
If you provided a substantial gift to a child in your lifetime (e.g., you helped them through college or paid for a wedding) that you have not yet provided to other children, do you want to provide an equalization mechanism as part of their inheritance distributions?
Similarly, if your adult children have very different financial situations, will that impact how you want your assets distributed?
Do you have adult heirs who might benefit from having their share protected in case of divorce or creditor claims? Let your attorney know if any of your beneficiaries have special needs, have legal or credit problems, suffer from addiction, or seem likely to divorce in the future.
Do you wish to provide gifts to any nonprofits as part of your estate?
These are big questions and you may not have all the answers right away. But don’t let that be a reason to put off scheduling an appointment. Your attorney can provide suggestions and help you think through all of your available options.
The Sensible Taxation and Equity Promotion (STEP) Act would get rid of what’s known as the step-up in basis to tax the unrealized gains of certain estates at death.
Step-up in basis refers to the way the value of an asset is readjusted for tax purposes upon inheritance.
Telecommuting is the new normal for many employers who never would have considered such an arrangement in the past.
Employers with out-of-state remote workers should consult with a lawyer to discuss associated legal risks and develop policies to address them
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