It’s easy enough to find estate planning templates online, and using them is certainly cheaper (at least in the short run) than working with an attorney. The questions on templates can even be a helpful way to get organized for estate planning. Nonetheless, investing in expert and personalized assistance is far more likely to result in a plan that addresses specific needs and goals. Consider these examples.
Unique Considerations…
Just about every family has at least one consideration that requires some special thought during estate planning. Accordingly, the answers items on standard templates might very well be “it depends,” or, “hmmm..not sure.” An estate planning attorney might use similar questions as a starter, but has the ability to “interpret and analyze your answers, ask for clarification as needed, and provide experienced counsel and recommendations.” Guidance from an experienced attorney can be especially essential when an estate plan involves:
- Special Needs Planning: A special needs trust can provide ongoing supplemental needs support for an individual with special needs while ensuring they maintain eligibility for governmental benefits.
- Multi-State Planning: Many individuals need to plan for property owned in different states, such as a vacation home.
- International Planning: Planning for beneficiaries in different countries or for assets held in different countries.
- Blended Family Planning: Ensuring children from a prior marriage will inherit assets.
- Estate Tax Planning: There are many tools utilizing gifting and various trusts to minimize tax liability.
- Asset Protection Planning: Protecting assets from creditors and legal claims.
- Business Succession Planning: Planning for business owners to transfer to the next generation or liquidate.
- Charitable Planning: Utilizing various estate planning vehicles to meet philanthropic goals, in addition to tax benefits.
When using online templates for estate planning, it’s also important to keep in mind that states have specific laws and protocols, and forms can become outdated as procedures are updated. In addition to careful attention to the language used on documents, diligence must be applied to even the protocols for signing and witnessing them to ensure they ultimately meet legal standards.
What Is Included In A Complete Estate Plan?
Many of us continue to associate estate planning with designating assets for beneficiaries upon our death. The reality however, especially in the face of longer life spans, is that complete estate planning also involves making plans for our own care as we age and potentially decline. Who for example will make financial and healthcare decisions on our behalf if necessary? How might we best designate and protect assets for our use? A complete estate plan attends to all these important questions:
Some people believe that estate plans are just wills or trusts, but the reality is that an estate plan should have beneficiary designations, a letter of intent, guardianship designations, health care power of attorney documents, a durable power of attorney appointment and other legal documents included as well.An estate plan is about more than just passing on your assets, because it has the potential to protect you during life or when you’re incapacitated. It lets you discuss your wishes and make sure that they’ll always be carried out when possible. Estate plans may also help you distribute life insurance, to provide for a pet through a pet trust or to make sure assets pass on without having to go through costly, time-intensive probate.
Another aspect of estate planning that requires careful consideration is the designation of a loved one, friend or professional who is prepared to serve in a fiduciary capacity in carrying out our goals. Depending on circumstances and region, a fiduciary may be specifically referred to as an executor, personal representative or trustee. Regardless of the details of an estate plan, the fiduciaries appointed have a legal responsibility to carry out our affairs, in accordance with our intentions and the law. When representatives are designated, fiduciary bonds, alternatively referred to as estate bonds, may be required.
Learn more about estate bonds right here. At Colonial Surety Company, a leading national provider of all types of fiduciary bonds, the steps to obtaining estate bonds are easy: get a quote online, fill out the information, and enter a payment method. Print or e-file the bond from anywhere—even the law office.
Estate Law Practice?
Colonial Surety is here to help speed things up whenever and wherever a bond is needed. With a few clicks, you’ll arm your clients with exactly the bond specified.
Just log in to The Partnership Account® for Attorneys, choose a bond, send it to your client for payment, then download, e-file or print the bond. Specific obligee requirements? Trust us: Colonial’s a direct bond writer, so our experts are here to ensure the requirements of obligees across the country are properly met.
Our fiduciary bond portfolio includes: administrator, estate, executor, guardian, personal representative, probate, surrogate, trustee, conservator and the list goes on. Our court bond portfolio includes appeal, supersedeas, injunction, replevin, receiver and more.
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