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There are advantages to paying off your mortgage as quickly as possible and there are disadvantages as well. It just depends on your needs and your aims for the future, which route you should take. Say, for example, that you had just come into a lump sum of money – from a stock market windfall, inheritance from Uncle Joe, or some other pile of cash that gave you the option to pay off your mortgage and be done with it, or not.

Be prepared to have a candid conversation with your attorney regarding what the rules are, and what you would like to see happen. It is good to remember that your estate planning attorney has seen much trust and understand how they work. Sometimes restrictions that seem good today might be the very restrictions that cripple your trust in a vastly different economic environment. In some cases, a trust may span several decades and the trustee may change along with the climate the trust was created in. When radical economic changes have occurred, a trust with greater flexibility will be beneficial. Therefore, you have a lot to think about as you enter the exciting world of forming a trust. Don’t let rules be off-putting; they are there as guides and when you understand them you will have a greater understanding of what you need. Ask your estate planner to give you information about the current rules and some general advice about how to choose a trustee.

Many states assume that if the testator (the will maker) had a chance or had not forgotten to do so, that they would have included the omitted relative. This is important because the suggestion is that naming the individual would have been the testator’s intent had they recognized the omission. Other states make no mention of what the testator’s intentions would have been, because they want a testator who intends to disinherit someone to do it using positive language rather than just not mentioning that person. Both approaches can fly in the face of the facts regarding what the testator wanted or intended. But, one thing is clear, if you intend to leave someone out of your will, who is a close relative you must do so expressly. That can be done by saying something like, “And, to my wife Sheila, I leave nothing,” or “To my son Thomas, I leave the kick in the rear end I should have given him years ago.”

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The problem, from an estate-planning point of view, is that the property was given in equal shares to prevent any of the children from having their feelings hurt or feeling less loved and important than the other children. If, an estate planner does not help their clients see this possibility, for it is a very likely situation in the real world, it is felt that they (the attorney) have failed. Unless the family is extraordinarily wealthy the possibility that they will have been differing from financial needs is very common. Anyone who is a middle class American is usually at some point in need of money, particularly if they have children.

The creation of offshore trusts and other financial plans are a way of shielding your assets from the laws of the nation in which you reside. It can sometimes be used to remove one of the two certainties of life; taxes. Americans are far less likely than the citizens of other countries to put assets abroad because, although when you receive the benefits of being free of your country’s laws regarding assets (namely taxation) you also lose the aspect of those laws that are designed to protect your assets.

Few things are more important to the success of your estate plan than the attorney you choose to design and draft it. Almost as important is the relationship that is formed between that attorney and other professional advisors who serve you in the areas of financial advice and accounting. All successful estate planning is the result of several professions working together for the good of the client. However, professionals of one group sometimes have misconceptions of professionals belonging to other groups. For example, the financial advisor may see the estate planning attorney as little more than a document scrivener. However, this is far from the truth.

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The answers to these questions can help you determine whether you want to use the extra money you have been available for paying of your mortgage or put it to other uses.

Capacity can be broken down into two elements — first, the will maker must not be mentally deficient. For the most part, this means that the will maker must understand what they own, who will get it and the basic arrangements used to get that person whatever it is they are to receive. These elements combine such that the will maker must understand how these elements relate. It seems that video taped sessions where the deceased explains the whole process are changing the applications of this law. There is the deceased on-screen explaining who gets what, why and how and in what way that affects the rest of his/her property. Note that the requirement of mental deficiency is not about what the person understands generally, but what they understand about what they own. It is tempting to wonder if this requirement stems from the fact that the rich are allowed to be eccentric’ to a certain extent, in our society.

Sometimes family and estate planning begin before the family is complete, particularly in an age where people (generally) are waiting until later to have children. In that situation there could be grandchildren named in a will and others not, who are all in the same family. The reason may simply be that the children who were left out were not born when the will was made, and it is too late to remake it. Fortunately, most states now have laws that are designed to remedy this situation.

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However, there may be better ways to leave your assets to those you choose rather than that traditional will. For many reasons the living trust is the superior instrument for most people’s needs. It is important to consult your attorney to find out the best way to protect your assets and whether a will with a no contest clause is a viable option in your state. A will, in many ways, is too encumbered with restrictions that make a trust a much better option if you would like to leave your assets to those that you choose and reduce the chances of your desires being challenged. Again, as always, ask your local attorney for advice about your wishes and find out whether no contest clauses are becoming a thing of the past in your jurisdiction.

More commonly, grandparents use estate planning tools to provide for all or parts of their grandchildren’s’ college education or choose to bypass their family and leave their money to their favorite charity. Alternatively, a business owner could pass his business to his partners or employees in order to keep the business running. A common use of estate planning is to name subsequent beneficiaries. For example, your spouse would inherit your art collection on your death and on her death it would go to a museum. Another reason for estate planning through a will is to appoint guardians for minor children or disabled relatives you are now caring for. If you are leaving a bequest in your will or the proceeds of an insurance policy (which is generally not part of your estate) to a minor or person unable to look after his own affairs, you also need to appoint someone to manage, conserve, invest and dole out this money for the care of the minor or incapacitated person.

Apart from these merits, another wonderful thing to pre-planning estate is the saving of tax. In order to do this you require gathering complete information about the types of will, the adequate time and manner of allocation of estate. Your attorney can be the best person to seek advice from. Once you make your intentions clear to him, he can direct you the correct way to follow to achieve your goals.

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Some things to consider in contemplating this matter include: Are you still working and intend to be working for 20 more years, or are you nearing retirement age within the next few years? Do you intend to retire in the home, or move to another retirement location altogether? Do you have children who would want to inherit the family home? Are you in a stage where you are actively trying to build a retirement nest egg? Is the interest rate on your mortgage high or relatively low? Do you need extra tax deductions or is that immaterial?

One of the paramount problems of forming a trust is deciding what powers the trustee has and what powers they do not have been relative to the assets you have placed in trust. Remember that a trustee is already assumed to have a duty to benefit the trust and that many states have laws regarding what a trustee can and cannot do, if the settler (the creator of the trust) does not specify otherwise. But, again, you don’t want to leave the financial destiny of your trust up to the state any more than you want the state to decide who gets your assets. Your wills and trusts attorney will be able to give you a list of the traditional powers of a trustee in your state and tell you what they mean.

Why shouldn’t the testator be able to disinherit those they don’t like with ease? Why should the government decide who your assets will go to? Remember that most people die intestate so the state is used to making these decisions, but why should they be able to do so if you make a will? Perhaps it is another legal road paved with good intentions, or perhaps it is another instance of big brother deciding for you.

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In order to keep the home and avoid going to court, the two children who wish to keep the home will have to pay the other children what their shares of the property are worth. This can create definite hard feelings even if the children who wish to keep the property have the ability to pay the others for their interest in it. When family Christmas (or any other important holiday) comes around, the children who sold their share of the property will feel bad about using it for the celebration of Christmas around their siblings who had to pay to keep it. By the same token, the children who had to pay to keep it may feel awkwardly about having to share it with their siblings whom they had to pay. This kind of thing can create long standing rifts in a family, difficulty between relatives who formerly got along well together.

If you would like to have more control over the estate after you die, then it is important that you set up a Trust for your beneficiaries. By establishing a Trust, you can allocate a certain portion of your estate towards a child’s education, first home, or other purpose of your choosing. Consult with a qualified attorney for more information about how to set up your estate for your beneficiaries. Choose your Agent Central to estate planning is choosing people to take decisions for you both during incapacity and after your death. These people include trustees, guardians, agents, and beneficiaries. Make sure that you select an agent who knows you and your wishes well. He or she will speak for you when you cannot, so it is vitally important that he or she knows you well. Make sure you and the agent have a clear understanding of his or her role in your estate, and that you have clearly communicated your desires.

Few things are more important to the success of your estate plan than the attorney you choose to design and draft it. Almost as important is the relationship that is formed between that attorney and other professional advisors who serve you in the areas of financial advice and accounting. All successful estate planning is the result of several professions working together for the good of the client. However, professionals of one group sometimes have misconceptions of professionals belonging to other groups. For example, the financial advisor may see the estate planning attorney as little more than a document scrivener. However, this is far from the truth.

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Few groups have more need of estate planning than parents. Without a plan, parents will have no say to which their children go in the event the unthinkable happens. Furthermore, parents will have no say in who manages their children’s inheritance. Finally, any assets or money left for the children will become freely available to them at the age of eighteen. These and other issues can be addressed through simple estate planning.

Wills and trusts to have an interesting history in a culture as heavily influenced by British common law as our own. The bequests of wills have been the pole star around which a great deal of mystery fiction has been written where furtive and anxious relatives wait around a long imposing table to hear what is to become of the family fortune and thus; what is to become of them? As usual, fiction and the media give one side of what something has been or are, while the other side of the tale exists behind the scenes or on an obscure back page of a newspaper.

Next, line up the details of your beneficiaries – names, addresses, and ages. In addition, you should determine who should be the trustees/guardians in case the beneficiaries are minors at the time of planning the estate. Also, you must identify an executor of the estate. It would be easy if you line up pre and post nuptial agreements, divorce decrees, previous wills, deeds of real estate property, and latest tax returns before you consult a professional estate planner. Though small estates might be easy to plan, it is advisable to take the help of professional estate planners, including attorneys and CPAs, to explore all the possibilities to reduce tax incidence. Remember, estate planning is not an one-time affair. Any change in your marital status, death of beneficiaries, a birth of a child, or changes in the law will require a review of the plan.

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Questions as to whether a client is mentally capable of understanding his/her bequests, the implications of those bequests, and the relation of those bequests to the rest of his/her estate as well as questions regarding to what extent, if any, their own personality was waning and susceptible to undue influence can be answered in different way. The more the judge and jury are able to see the testator, how they behaved, and how lucid and in control of their faculties they appeared to be, the more the trial regarding wills shall depend on a more direct perception of the testator rather than one provided by second hand accounts. The wise estate planner will use videotape in conjunction with psychiatry and standardized psychiatric tests to show that the testator knew exactly what he/she was doing and will not be hamstrung, as in days past, by the perception of others.

If your own attorney has discouraged you from taking assets abroad in the past, it is a good sign that he/she genuinely cares about serving your needs as a client and is doing his/her level best to look out for you and your family. On the other hand, it is often true that asset protection in another country requires an attorney from that country, so it may be that it is simply a matter of greed and a desire not to lose your business to someone else that motivates some members of the profession to discourage offshore asset protection.

Typically, those who really need to have an estate plan are parents who have minor children, people who have valuable properties and have sentimental values for them, and also people who are concerned about their medications and health care. However, people can still acquire an estate plan, whether they have these categories or not. As long as they have all the things that are covered by an estate plan, then they can avail of it. While a person is alive, it is important to prepare an estate plan and at the same time implement it. This is the perfect time for a person to perform and have a legal capacity to come up with a contract. There may be challenges that could occur if an estate plan is implemented when a person is already disabled. Others may judge the lack of capacity and the person may be prone to fraud, abuse and coercion.

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The answers to these questions can help you determine whether you want to use the extra money you have been available for paying of your mortgage or put it to other uses.

If you are wisely attempting to put some assets into a trust (inter vivo) in your lifetime, then you have been paying attention to the important differences between wills and trusts. A trust created during your life will be far more secure with respect to its ability to withstand challenges to how your assets are to be distributed during estate planning than a will. Making a trust is a brave thing to do, because it telegraphs, to a certain extent, what you are going to do with your assets while you are still alive. This is what insulates it from attacks on your capacity, because it is unlikely, for example, that, one of your relations are going to say you are insane or feeble and unduly influenced by another of your relatives to your face and this makes the trust a far surer bet than a will, in some cases.

Consult with an attorney who can help you set up an agreement waiving certain marital rights that may be tailored toward married couples who start out together, rather than those who meet later in life’s journey. Be prepared to be honest and up front about what you want and ask your attorney what kinds of problems they commonly see with respect to estate planning and autumn romances and how they think such problems are best avoided. Your attorney will have plenty of good ideas that will ultimately help you safe-guard the important people in your life.

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Suppose, for example, that well-meaning parents leave the family home to four children who are well intentioned adult human beings who generally wish to treat each other fairly, as family members often endeavor to. The problem is that four children will usually have some important differences in age, lifestyle and financial needs. When four such people own property, they must all pay a fourth of the tax and of the general maintenance and upkeep of the property. Suppose one of the children is unsentimental about the family home and wants to sell the property to finance a business or vacation, and two of the other children want to keep the family home to gather for Christmas (or any other important holiday). The fourth child has a hard time deciding, but is also having financial difficulty paying their share of the taxes, maintenance and upkeep.

The creation of offshore trusts and other financial plans are a way of shielding your assets from the laws of the nation in which you reside. It can sometimes be used to remove one of the two certainties of life; taxes. Americans are far less likely than the citizens of other countries to put assets abroad because, although when you receive the benefits of being free of your country’s laws regarding assets (namely taxation) you also lose the aspect of those laws that are designed to protect your assets.

Estate Plans may include wills power of attorney for health care, living wills, living trusts and limited partnerships. When entering into a contract, it is very important to make use of the services of a lawyer. Lawyers are the only certified people who practice these fields. They are also the only ones who can supply a person with all the legal requirements and advice needed in the estate plan. An attorney will be able to answer legal questions regarding the estate, and they will also be able prepare the person on the cost of the estate plan and other finances the come with it.

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Where does your home mortgage fit into your financial planning and particularly into your estate planning? In the world of yesteryear, the chief goal was to pay off the mortgage and hold the property free and clear. Higher land prices, higher building costs, and fluctuating interest rates have changed the landscape of the housing market, with instruments available from flexible interest schedules to interest-only mortgages, in which the buyer never actually purchases the property.

One of the paramount problems of forming a trust is deciding what powers the trustee has and what powers they do not have been relative to the assets you have placed in trust. Remember that a trustee is already assumed to have a duty to benefit the trust and that many states have laws regarding what a trustee can and cannot do, if the settler (the creator of the trust) does not specify otherwise. But, again, you don’t want to leave the financial destiny of your trust up to the state any more than you want the state to decide who gets your assets. Your wills and trusts attorney will be able to give you a list of the traditional powers of a trustee in your state and tell you what they mean.

Consult with an attorney who can help you set up an agreement waiving certain marital rights that may be tailored toward married couples who start out together, rather than those who meet later in life’s journey. Be prepared to be honest and up front about what you want and ask your attorney what kinds of problems they commonly see with respect to estate planning and autumn romances and how they think such problems are best avoided. Your attorney will have plenty of good ideas that will ultimately help you safe-guard the important people in your life.

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In the not overly distant past, the writings of the testator were the only evidence of his or her intentions and mental capacity. Undue influence was harder to defend against when the only evidence was the testator’s writings and the recollection of those around them. Imagine the scene, the packed court room (perhaps I have a flair for the dramatic), the testimony as to the deceased’s mental health and the influence exercised over them by their final caretakers and close family members made the testator’s mental health and the influence of others over them a matter of the testimony of the living and those often involved in contesting or defending the will.

We have compiled a list of some of the most common mistakes individuals make in estate planning. Please review the list, but also plan to meet with a qualified attorney to review your unique estate. Failure to Prepare One of the most common mistakes people make when it comes to their estate is that they simply fail to prepare a plan. Many people, especially the young and healthy, never even set up a Living Will. Living Wills are important to have at any age because they serve as a directive in the event that you become incapacitated. Even though far fewer young people plan their estates, more than twice as many 20-some things die in car accidents than 60-some things. Therefore, it is crucial that you plan your estate regardless of your age, health, or income level.

An estate plan may be described as good if it financially coordinates with the future of the home, business, investments, insurance and other benefits if ever the person becomes sick or will pass away. A good estate plan also sets directions to bring about personal wishes regarding health care in preparation for the when the person becomes disabled. It is very important to identify the real definition of the term “estate” before someone can really perform estate planning. Estate means all the properties a person owns or has control of. This is regardless whether if the property is solely named after him or is in managed in a partnership. This may include real properties, accounts, bonds and stocks, cash, buildings and establishments, jewelry, collections, all types of businesses and even retirement benefits.

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Before approaching an attorney it’s prudent to do some investigative work on the credentials of the one you have chosen. Ensure that s/he is a certified specialist and is well experienced in estate planning. You can even ask the attorney to give references from the people who earlier availed his/her services. Also, check whether the professional fees fit within your budget. If you are satisfied with all these details and decide to hire his/her services, you’ll be offered a contract known as legal services agreement/retainer agreement. Understand the agreement before signing it so that you won’t end up paying more than you bargained for or forego certain services you took for granted.

Wills and trusts to have an interesting history in a culture as heavily influenced by British common law as our own. The bequests of wills have been the pole star around which a great deal of mystery fiction has been written where furtive and anxious relatives wait around a long imposing table to hear what is to become of the family fortune and thus; what is to become of them? As usual, fiction and the media give one side of what something has been or are, while the other side of the tale exists behind the scenes or on an obscure back page of a newspaper.

Consult with an attorney who can help you set up an agreement waiving certain marital rights that may be tailored toward married couples who start out together, rather than those who meet later in life’s journey. Be prepared to be honest and up front about what you want and ask your attorney what kinds of problems they commonly see with respect to estate planning and autumn romances and how they think such problems are best avoided. Your attorney will have plenty of good ideas that will ultimately help you safe-guard the important people in your life.

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In addition, protecting your client by having them explain it in their own handwriting and, on a couple of different occasions, on videotape alters the essential landscape of the court room proceedings by making the deceased a witness. In addition, it is often useful to send a client to a psychiatrist to verify their mental health and acuity on an ongoing basis. This is evidence that those contesting the testamentary instrument will not easily be able to counter, because they will not have their own psychiatrist who has had access to the testator. This is another excellent card to have in your arsenal as an attorney in order to protect your client’s interests which again alter the landscape of the proceeding if the will is contested.

The proceeds of most life insurance policies and jointly held property with rights of survivorship are not generally part of the probate estate. Many people believe that they can use these devices instead of a will. However, only the specific property held jointly is transferred to the surviving owner. For example, your house would be transferred, but not any of your separately held investments. Furthermore, problems arise if there is concurrent death, e.g. an auto accident that kills the husband and wife. There can also be adverse tax consequences to passing your property this way.

Often people question the pre planning of funeral arrangement. They think it is comical and worthless to do so. However, they forget that by pre planning their funeral, they are making things least complicated for their loved would be survivors. It is generally seen that when somebody dies. His family members are gripped with the tension of funeral arrangements. They do not get any time to express their feelings and feel the loss that they have met. However, if the one who has died has pre planned his funeral; everything goes smoothly without any hustle bustle and in accordance to the will of the deceased.

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Some things to consider in contemplating this matter include: Are you still working and intend to be working for 20 more years, or are you nearing retirement age within the next few years? Do you intend to retire in the home, or move to another retirement location altogether? Do you have children who would want to inherit the family home? Are you in a stage where you are actively trying to build a retirement nest egg? Is the interest rate on your mortgage high or relatively low? Do you need extra tax deductions or is that immaterial?

One means of opposing a will is to suggest that the person making the will was crazy when they made it. That is why even most lay people begin their will with the phrase, “I (so and so) being of sound mind and body.” This legal doctrine is not unique to wills, but affects the right to enter contracts and agreements of all sorts. In the context of wills, this is called capacity.

One can also gift stocks, a percentage of ownership in real estate, or business as long as it is below $12,000. Any transfer of assets to spouse during life time is free from estate and gift tax irrespective of the amount. However, the surviving spouse must remarry and transfer the entire estate to the new spouse to enjoy fresh unlimited marital deduction. Furthermore, it is customary to create bypass trusts, wherein property is held in trust for children while still providing for the surviving spouse, life insurance trusts, irrevocable trusts handling the property outside the estate, and donations to qualified charities.

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It is important for both the client and the attorney to face tough questions and to look toward non-idealized versions of the future when crafting estate planning strategies. The problem of the four children is easy enough to fix, but it illustrates a more important principle. When you are ready to start your estate planning it is important that you answer hard questions for yourself. Clients should be asked questions about how they have seen other families handle wills after their loved ones have passed on.

But, in an increasingly global marketplace it will become more and more common for estate planners to be well versed in the finer points of offshore asset management and the rewards that it can bring. Offshore asset management can be a powerful tool in the world of estate planning, and it will become the norm for professionals in the field of estate planning to understand this complex field of law or begin to lose business to those who do understand how to take care of their clients needs using every available strategy in a global market.

Estate Plans may include wills power of attorney for health care, living wills, living trusts and limited partnerships. When entering into a contract, it is very important to make use of the services of a lawyer. Lawyers are the only certified people who practice these fields. They are also the only ones who can supply a person with all the legal requirements and advice needed in the estate plan. An attorney will be able to answer legal questions regarding the estate, and they will also be able prepare the person on the cost of the estate plan and other finances the come with it.

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There are advantages to paying off your mortgage as quickly as possible and there are disadvantages as well. It just depends on your needs and your aims for the future, which route you should take. Say, for example, that you had just come into a lump sum of money – from a stock market windfall, inheritance from Uncle Joe, or some other pile of cash that gave you the option to pay off your mortgage and be done with it, or not.

If you are wisely attempting to put some assets into a trust (inter vivo) in your lifetime, then you have been paying attention to the important differences between wills and trusts. A trust created during your life will be far more secure with respect to its ability to withstand challenges to how your assets are to be distributed during estate planning than a will. Making a trust is a brave thing to do, because it telegraphs, to a certain extent, what you are going to do with your assets while you are still alive. This is what insulates it from attacks on your capacity, because it is unlikely, for example, that, one of your relations are going to say you are insane or feeble and unduly influenced by another of your relatives to your face and this makes the trust a far surer bet than a will, in some cases.

Why shouldn’t the testator be able to disinherit those they don’t like with ease? Why should the government decide who your assets will go to? Remember that most people die intestate so the state is used to making these decisions, but why should they be able to do so if you make a will? Perhaps it is another legal road paved with good intentions, or perhaps it is another instance of big brother deciding for you.

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Suppose, for example, that well-meaning parents leave the family home to four children who are well intentioned adult human beings who generally wish to treat each other fairly, as family members often endeavor to. The problem is that four children will usually have some important differences in age, lifestyle and financial needs. When four such people own property, they must all pay a fourth of the tax and of the general maintenance and upkeep of the property. Suppose one of the children is unsentimental about the family home and wants to sell the property to finance a business or vacation, and two of the other children want to keep the family home to gather for Christmas (or any other important holiday). The fourth child has a hard time deciding, but is also having financial difficulty paying their share of the taxes, maintenance and upkeep.

They are so many different situations and methods of estate planning; it is best left in the hands of a professional, in this case an estate lawyer working alone or in conjunction with your financial planner. Simple wills are not expensive and can be drawn with the help of advice books or computer software programs. However, if you have to go beyond simple, hire the right professionals. Estate planning is a complex field. If you have more than a house, car and banking account that you want your wife to get on your death; you should consult a qualified estate planning attorney.

Apart from these merits, another wonderful thing to pre-planning estate is the saving of tax. In order to do this you require gathering complete information about the types of will, the adequate time and manner of allocation of estate. Your attorney can be the best person to seek advice from. Once you make your intentions clear to him, he can direct you the correct way to follow to achieve your goals.

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Family Estate Planning Free Related Guide

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There are many do-it-yourself’ books and websites which purport to help with estate planning. While some of them are very informative, some are highly confusing and misleading. It’s Ok to read through them for a fair understanding of the concept, but remember that estate planning is a complex matter, involving a lot of valuations and intricate tax matters, and is subject to ever-changing laws, which many of us lesser mortals may not comprehend completely. Moreover, laws differ from a state to state. Therefore, though there’s no compulsion to hire an attorney, make sure to take professional help to save yourself and your beneficiaries from complications.

Be prepared to have a candid conversation with your attorney regarding what the rules are, and what you would like to see happen. It is good to remember that your estate planning attorney has seen much trust and understand how they work. Sometimes restrictions that seem good today might be the very restrictions that cripple your trust in a vastly different economic environment. In some cases, a trust may span several decades and the trustee may change along with the climate the trust was created in. When radical economic changes have occurred, a trust with greater flexibility will be beneficial. Therefore, you have a lot to think about as you enter the exciting world of forming a trust. Don’t let rules be off-putting; they are there as guides and when you understand them you will have a greater understanding of what you need. Ask your estate planner to give you information about the current rules and some general advice about how to choose a trustee.

State planning involves distributing your assets after death to such people or causes according to your wish with minimum legal complications and the least tax incidence. Furthermore, estate planning is not just for the wealthy; nor is it something to be contemplated when you reach the ripe old age of eighty. Anybody, irrespective of age, with considerable assets and the desire to provide for dear ones even after death would be doing a great service by planning one’s estate. Furthermore, the best time to plan your estate is now when you are still alive and have the requisite mental health to make rational decisions. An estate plan made during an illness affecting contracting capacity can be challenged, complicating matters for beneficiaries. Remember, death or a debilitating illness affecting your legal capacity to contract might strike you any day; therefore, you should prepare for that eventuality beforehand.

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There is value in the story of an older client who had seen a very interesting clause employed in a will. There was a great deal of money at stake and the many family members had a little reason to love each other, because they had never met and never knew of each other’s existence. It was expected that the will would be heavily contested on several different fronts in every conceivable way. The testator realized that a truly lengthy contest would result with the bulk of his estate in the hands of people he really didn’t care for in the least: Lawyers.

Choose your Beneficiaries your beneficiaries are those individuals who will inherit your estate when you die. It is important that you carefully consider and name your beneficiaries. Choose the appropriate individuals for the estate you will be leaving behind. Many times, beneficiaries are children and spouses. However, if you have young children, you may not feel comfortable setting up your estate so that they inherit a large sum of money directly. How will they spend it? Are you sure that they would make wise choices?

Many attorneys who limit their practice to estate planning are values-based, relationship-driven, client-centered and counseling-oriented. Furthermore, the good ones are willing to work together with other professionals on your behalf. They understand that thorough estate planning involves more than just legal advice. The key is to find those attorneys who meet this description.

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