wills + powers of attorney LAWyers

ESTATE PLANNING:

Two simple words which stand for arranging your affairs to ensure that whatever remains of your retirement savings after you die passes to your heirs according to your wishes without delay and unnecessary tax payments.

People tend to avoid contemplating their own mortality and, not surprisingly, often neglect to plan for the distribution of their financial assets and other property when they die.

It’s natural to avoid thinking about the need for estate planning and a will or to forget about the issue after your will is first written. However, the only way to ensure that your wishes will be followed and your assets passed on in a timely, fair, and tax-effective manner is to have a well-thought-out estate plan that includes a valid, up-to-date will.

ESTATE PLANNING CONSIDRATIONS:

• Does your will + estate plan effectively provide for an orderly disposition of your estate to all your intended beneficiaries?

• Have you confirmed your intentions regarding the jointly-owned property such as real estate, bank accounts and investments?

• Are your life insurance benefits payable directly to your beneficiaries or to your estate to pay off liabilities or provide income?

• Can gifts made during your lifetime minimize probate fees?

• Do you have a plan to reduce or defer taxes that become payable at death?

• Do you have a complete record of your personal and financial affairs?

• Do you have a plan to meet your immediate financial needs?

• Do you have a power of attorney?

POWER OF ATTORNEY:

A power of attorney is a document whereby you appoint another person to act on your behalf. The appointed person is called the “attorney” which in this sense means something similar to an agent; it has nothing to do with lawyers.