Issues with Estate Planning in Palm City

When creating an estate plan, it is crucial to fully understand the process. This includes understanding the issues with estate planning in Palm City. An experienced estate planning attorney can help review your options and explain the advantages and disadvantages of those options. A professional can also raise issues you had not previously considered to make sure you are creating an estate plan that meets your needs.

Understanding What is Involved

Estate planning attorneys in Martin County understand the different tools they use to create a comprehensive plan for an individual’s future. Anyone who does not understand their estate plan should not be afraid to ask for clarification. It is a good idea to take notes about why certain plans are put in place, in case questions arise later. Issues with estate planning in Palm City can stem from a basic misunderstanding of terms or vehicles used to accomplish particular goals.

This is especially true as estate planning should consist of far more than just creating a will. For example, an estate plan may include revocable and irrevocable trusts, powers of attorney, healthcare directives, and many other features.

Accounting for All Assets and Liabilities in Palm City

For a plan to be successful, it is best to take all assets and debts into consideration. This includes assets such as retirement benefits, life insurance, annuities, and other assets that are distributed according to a beneficiary designation form. Many bank and brokerage accounts can also now be distributed via designation form, which could leave an estate under-funded. It is important to look at which assets are subject to beneficiary designation. In some cases, it may make sense to change the beneficiary from an individual to a trust as part of an estate plan.

Sometimes issues with estate planning involve outdated beneficiary designations that conflict with the objectives of an estate plan. For instance, a former spouse or deceased individual may unintentionally remain a beneficiary, or a newer family member may not be included as a beneficiary. Reviewing the status of all assets with an estate planning lawyer can help avoid many potential problems.

Administration Issues with Estate Planning

After creating an estate plan, it should be reviewed periodically. Eventually, once the person who created the plan dies, the plan will require administration according to the will and/or trust.

Issues with estate planning in Palm City often concern various administrative tasks. It is wise to choose fiduciaries who can be trusted to take their administrative responsibilities seriously. When naming a family member or friend, it is prudent to insist that they consult an experienced attorney for assistance and advice once they assume their role.

Resolving Issues with Estate Planning in Palm City

Depending on the unique needs of your situation, many other issues could arise with estate planning. For instance, if you are considering naming a non-U.S. citizen as a beneficiary or trustee, that could have tax ramifications. Working with a knowledgeable estate planning advisor can provide the means to anticipate and prevent issues with estate planning in Palm City and resolve any concerns that materialize later. To discuss your estate plan, call today to speak with an attorney.