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Tag: Estate Planning Attorney Chevy Chase

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Why You Need an Estate Planning Attorney

Why You Need an Estate Planning Attorney

You might think that you do not need professional assistance for your estate plan because you know who you want to get what. There is more to estate planning than that.

It is actually easy to create an estate plan for yourself. You can simply write your own will, directing who should get what pieces of property.  If you execute that will properly with witnesses and signatures, your will can be probated.

If you are not certain that is the best idea and would like a little bit more help, download some prepared forms to fill out from an online service at a low cost. The ease of doing that might make you think that an estate planning attorney is not necessary.  However, there are other reasons to see an attorney, as the Huntsville Item points out in “Do you really need an estate planning attorney?”

Those other reasons include:

  • The estate planning attorney knows about property law and how different types of property are handled differently by courts. If you do not get this correct in your will, your estate can face difficulties.
  • There are different types of estate planning documents that do different things. Estate planning attorneys can help you pick the right ones for your unique circumstances.
  • Estate taxes are still a concern at the federal level for many people and in several states. A professional is needed to properly plan around them.
  • The attorney can also help craft your estate plan in a way that compliments your other financial goals, often including paying less in taxes.

Reference: The Huntsville Item (May 21, 2018) “Do you really need an estate planning attorney?”

 

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Do You Want Your Child to Be Your Executor?

MP900448494[1]Without thinking about it too much, many people designate one of their children to be the executor of their estate. They should think about it carefully, before doing so.

The executor of your estate should be someone you trust to handle your estate just as you want it handled. You want to be certain that the executor will faithfully follow the instructions laid out in your will, including distributing your assets according to your wishes.

Many people trust one of their own children above all other potential candidates for this responsibility. They name that child as their executor, having put little thought into the consequences of doing so. It is not always a good idea, as Texas Lawyer discusses in "Mamas, Don't Let Your Babies Grow Up to be Executors."

Being an executor is not an easy job. If people do not know what they are doing, it is very easy for them to make mistakes. They can often be held personally liable for those mistakes.

An executor does more than just distribute the assets of the estate. He or she must be able to communicate with the court and with any heirs about the estate. If, for example, the executor and a sibling do not get along, there can be problems. In some cases, executors will need to invest assets for a period of time, before they can be distributed. The executors need to do that investing wisely.

Before naming one of your children to be the executor of your estate, think through whether it is a role you really want that child to have. It might be better, in some cases, to name a professional.

Reference: Texas Lawyer (March 6, 2018) "Mamas, Don't Let Your Babies Grow Up to be Executors."