PREPARING AN ESTATE PLAN
MAKING YOUR ESTATE PLAN WORK
As you develop your estate plan, you want to be assured it will work not only during your lifetime, but at the incapacitation or death of you or your spouse.
You can start with discussions that will lead to the development of a plan that will work for you. That plan must have well-written and personally drafted documents that fit your needs. The plan must consider not only the possibility of death administration and distributions, but also must be part of your income-tax plan and provide for continuity in the case of an incapacitation. At an incapacitation or a death, you need guidance to properly administer the documents you've prepared. Of course, continual communication with your attorney through the years ensures that your planning is current and timely.
What is estate planning?
In estate planning your financial plan combines your personal plan with your personal desires. You name people to assist you in time of need and name those you wish to receive your assets. Title to your assets is adjusted so that income taxes, federal estate taxes and probate expenses are minimized.
What are probate and trust administration?
Both probate and trust administration involve the transfer of your assets at death to those whom you wish to receive the assets. Probate is required when property does not pass in some automatic fashion, such as joint tenancy or a living trust. Alternatives that bypass probate are also available for a husband and wife.
Even if there is no probate, though, assets must be managed and transferred at a death. In small estates this is done through alternative procedures. In larger estates it is normally done through the administration of a living trust estate plan.
What is the cost of an estate plan?
The cost of an estate plan varies with the size and complexity of the estate. At the initial consultation Mr. Hastings will quote to you a fixed fee that will be the final fee. The fixed fee is an inclusive fee for legal services, discussion, documents, and funding of any trust.
What if there is a death or incapacity in my family?
Again, telephone for an initial consultation that will be
conducted at no charge to you. At the end of the consultation, Mr. Hastings will
inform you as to what services he can provide and the cost of those services. If the
services include a probate, the fees are set by state law. If a probate is
not involved,
Mr. Hastings will either give an estimate of the final bill based
on an hourly fee or quote a fixed fee.
What should you bring to the appointment?
Bring to the appointment any papers you think that might be relevant. For the estate plan, these normally include a copy of any real estate deeds, copies of statements of investments and policies of life insurance. It is also useful if you have a short summary of your assets written out ahead of time.
How long will it take?
Most clients sign their estate plan within three weeks of the initial consultation. If the estate plan is developed at the initial consultation, documents are forwarded for review in approximately two weeks. Usually, nearly all the documents essential to the estate plan can be signed at the second appointment, but if they are not, an additional appointment for further consultation is scheduled at no additional charge. Finally, several weeks after the documents are signed, the client may schedule an additional appointment for review, at no charge.
Conducting a probate or trust administration, however, takes significant time. Assets must be inventoried and appraised. Income and estate tax returns need to be prepared. Finally, assets are reallocated and distributed according to the plan. Mr. Hastings and his legal assistants promptly proceed in this regard.
What should you do to start?
Telephone for an initial consultation. There will be no charge for this consultation.