Common Estate Planning Questions
August 3, 2022
Estate Planning Attorney
What is an estate plan?
An estate plan is a plan to divide your property, assets, and wealth after you die. Within the estate plan lies many important documents, and one of those important documents is the living will. However, the estate plan encompasses many other aspects of an estate, not just the beneficiary designations An estate plan contains other documents such as a letter of intent, the last will and testament, power of attorney, medical directives, a plan for children, life insurance policy, and retirement and bank account information.
What is a living will?
A living will is a part of the estate plan, and are the instructions for how your property, assets, and wealth are distributed. A living will allows family members to fully understand who is given what, and why. Without a living will, the court may have to distribute the estate to your heirs upon death. This would inevitably lead to heartbreak, and discord amongst the family members.
What are the medical directives included in an estate plan?
Medical directives are the end-of-life care instructions a person chooses for themselves. If the person is of sound mind they may make these decisions for themselves, if not their executor of the estate will act as their proxy, making these decisions in the best interest of the incapacitated person.
What happens if you do not create an estate plan or living will?
If you pass away without an estate plan, or even a living will the state law will determine the distribution of your estate. Many assume that without a plan or will that their spouse will automatically be given their estate. This may not be the case. If the family chooses to file for their benefactor rights, it will be a lengthy and most likely very expensive process, with no guarantee of their desired outcome. Although having a will does not negate probate, it does ensure that your property will be distributed to your desired beneficiaries with little to no court involvement.
Do you need to be wealthy to have an estate plan?
The assumption that wealth is needed to have an estate plan is completely false. Estate planning is not exclusively for those who possess monetary wealth and a wide array of assets. There is no requirement to develop an estate plan, meaning everyone is eligible and entitled to it.
How can an estate planning attorney help?
An estate planning attorney should be a helpful guide throughout the estate planning process. It is the attorney’s job to ensure the estate is properly assessed, the documents needed, and make sure that the executor is aware of his or her duties within the estate. Having a Bozeman estate planning attorney should give you peace of mind knowing that your estate is being looked after and your wishes cared for. Understanding the ins and outs of state law, an attorney from Silverman Law Office, PLLC will verify your estate is following state law and tax considerations.
