Loune-Djenia Askew,Esq.
Nov 13, 2023
Estate planning is a process involving the counsel of professional advisors who are familiar with your goals and concerns, your assets and how they are owned, and your family structure. Estate Planning covers the transfer of property at death as well as a variety of other personal matters and may or may not involve tax planning.
Estate planning is a process involving the counsel of professional advisors who are familiar with your goals and concerns, your assets and how they are owned, and your family structure. Estate Planning covers the transfer of property at death as well as a variety of other personal matters and may or may not involve tax planning.
Who needs one?
Everyone! If you're young and single you may need only a few relatively simple items, such as a Will, beneficiary designation and medical and financial power of attorney. If you have children, you need a Will to name a guardian for your children. If you own real property or have substantial wealth, you may need one or two trusts to help control how your assets are taxed, managed, and distributed.
What happens to your assets when you are gone?
All assets you hold with another, like a spouse, can go directly to them, depending on how the assets are titled. Assets in accounts that are designated to beneficiaries go straight to the beneficiaries. Assets held in a trust gets distributed according to the terms you set out in the trust documents. All other assets, such as those held by tenants in common, will go through a legal process called probate. Probate is the process completed when a decedent leaves assets to distribute, such as bank accounts ,real estate, and financial investments.Â
How to get started?
Take inventory:Â Your asset inventory can help an estate planning attorney assess your situation.
Create a plan: Develop a plan to control, manage, and protect your assets.
Put your plan in action: Draft your Will to reinforce asset titling and beneficiary designation and to name a guardian if you have children that are minors. Draft medical and financial POA ( power of attorney), working with your financial institution to make sure their specific requirements are met.
Update your plan regularly: Make sure to consult with your attorney when your situation changes.Â
Consult with a Trust & Estate attorney to get started on your estate plan to be better prepared for the future. There is no better feeling than knowing your loved ones are being taken care of after you have passed away.Â
For more information, contact our office at Askew & Associates, P.A. by calling 954-546-2699.
*Disclaimer: this blog post is not intended to be legal advice. We highly recommend speaking to an attorney if you have any legal concerns.