While there are many potential issues with estate planning in Wheaton, most are easily addressed if you know to watch out for them. One of the biggest issues with estate planning is procrastination. Estate planning involves thinking about a future where you are not in charge of managing your assets and liabilities, and many people do not want to contemplate that eventuality.
By considering estate planning issues and taking steps to develop a healthy estate plan, you could avoid a great deal of uncertainty and heartache for loved ones in the future. Working with an experienced estate planning professional could make the process less burdensome and provide peace of mind.
Some people in Wheaton think they do not have to be concerned about estate planning because they executed a will. However, they may not know where to find a copy, remember what the terms include, or know whether it takes advantage of the opportunities available under current laws. It is a good idea to review a will with an estate planning attorney to see if changes are needed. One of the most significant issues with estate planning in Wheaton is that plans are often insufficient or out-of-date.
There are many other components to a strong estate plan besides a will. Depending on the situation, it may make sense to establish a revocable living trust to avoid probate. Creating powers of attorney enable someone to make medical or financial decisions if the creator becomes incapacitated. Trusts could be established to provide for the care of minors or others who may not be capable of managing property on their own. There are numerous factors to consider and a plethora of tools to achieve objectives.
Many types of accounts provide for the designation of a beneficiary who inherits the assets after the death of the original holder. People often forget about these designations, which may have been made years before, and these outdated designations cause some of the most troublesome issues with estate planning in Wheaton. Assets may be slated to go to a deceased relative or ex-spouse rather than to the person who should receive them. It is important to check all beneficiary designations as well as the title of assets to ensure that they meet current goals.
In many cases, it makes sense to designate a trust as the beneficiary. Then the trustee could ensure that the assets are used to further the goal of the estate plan as a whole. If all assets pass directly to individuals, there may not be enough left in an estate to pay bills or meet other needs and goals.
There are numerous strategies for reducing estate and gift tax liability. Common issues with estate planning in Wheaton stem from a failure to take advantage of opportunities for decreasing tax exposure.
An estate planning lawyer could review various options such as different types of irrevocable trusts, exclusion gifts, and direct transfers. Additionally, there are other asset protection strategies that people often fail to consider and an attorney could help people in Wheaton avoid these oversights.
In order to deal most effectively with an issue, it is important to understand the issue and extent of the problems involved. Therefore, a review of an estate planning situation is the first step to addressing issues with estate planning in Wheaton.
Guidance from an experienced professional could reveal potential problems and help resolve issues in a cost-effective manner. Estate planning involves a lot of decisions, and a knowledgeable estate planning attorney could help you evaluate your options and create a plan designed to achieve your goals.