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Working with an estate planning attorney is rarely just about creating or amending a will. Plenty of other issues can arise from an estate, and some of them are downright difficult to deal with. Look at 5 difficult topics every client should talk about with an estate planning attorney.
Preserving Assets After the Estate Is Concluded
Transferring assets directly to beneficiaries is often the simplest way to get the job done. It has the unfortunate side effect, though, of exposing the assets to things like divorce, bankruptcy, and civil judgments. In many instances, the best protection comes from setting up a trust. Your estate planning attorney can help you understand which options are appropriate based on your stated goals.
Contingencies
Beneficiaries of estates aren't always in a position to take assets. This occurs for a variety of reasons, including death, financial considerations, and being unlocatable. You should build contingencies into your will to ensure everything is still passed along. For example, you might have untransferred assets sold and the proceeds divided up between the remaining beneficiaries.
Another solution is to name contingent beneficiaries. If your son passes, for example, a contingency could allow the son's children and grandchildren to receive the assets or proceeds.
Successorship
A similar problem can occur with trustees and executors. It's important to have a back-up plan in place in case something happens to either of those parties or they're unable to discharge their duties. Naming at least one successor will improve the chances that your estate will be stably transferred in the event of something unexpected. Otherwise, there could be long court battles. A judge may even appoint an administrator.
Family Problems
When people talk about estates, they often use the term loved ones. Even among the ones you love, though, there may be some discord. It's important to think about who might be upset by certain terms within your will and how they might be placated. Although this isn't a strictly legal issue, an estate planning attorney will tell you that heading off family discord can have numerous benefits. You do want the beneficiaries of your estate to be happy, after all.
Debts and Taxes
One of the main reasons for estates ending up in probate is unpaid taxes and debts. Creditors and governments have the right to insist that your finances be settled before assets and money are distributed from your estate. It's best to include funding with the estate to deal with things like paying off your remaining debts.
To learn more, contact an estate planning attorney at a law firm like Abom & Kutulakis LLP.
Share26 June 2020
