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Thinking about the end of your own life can be difficult and stressful, but it's also important to take that responsibility seriously. If you've built up assets or you have heirs who need to be taken care of, writing a will and guaranteeing the easiest possible transfer of your property is absolutely essential.
The best way to start that process is to sit down and have an honest and open conversation with your probate attorney. Below, you'll find a guide to some questions that you should be sure to have answered by your lawyer, as those answers can settle some of your stress and give you the peace of mind of knowing your affairs will be properly handled.
Ask About Tax Burdens
One of the most important steps you can take in setting up your estate is making sure that you minimize the tax burden that your heirs will face. Though it can be difficult to predict legislation far down the road, your lawyer will be able to set up shelters and considerations that should help.
You should also be aware that there may be tax penalties enforced on you directly if your estate is improperly established. Having your lawyer walk you through this difficult minefield is essential in making sure that you don't feel the taxation burden more than is necessary.
Ask About Challenges
When most people plan their estate, they do so because they have defined wishes for the disposition of their assets. Unfortunately, those wishes may be susceptible to legal challenges, and your rightful heirs may struggle to execute your best laid plans after you're gone and unable to help.
Going over a full and honest accounting of your potential liabilities can allow you to anticipate challenges to your estate and take corrective actions to head those challenges off. Whether you're concerned about interference from the government, from private business, or even from uncouth individuals, your lawyer can help guarantee your assets are protected.
Ask About Execution
Choosing the right executor is a key part of making sure your wishes are followed as closely as possible. In some cases, it may be preferable to have your probate attorney act as the executor of your estate, as they can be trusted to neutrally arbitrate any disagreements. Some people instead feel more comfortable with a loved one taking on that role. Whatever your choice, a lawyer like DOUG NEWBORN LAW FIRM, PLLC will help your executor be prepared and guide them through the process when the time comes.Share
11 May 2017