You are fed up with intimating or outdated estate planning but want to go for it. You have to secure your assets; you want them to be distributed as per your wish. The hectic traditional method leads to procrastination. The process is time-taking, lengthy, and also needs handsome money. No need to worry. Estate Planning Law Firm, PLLC has simplified the process; you can now do it in hours and with less cost as compared to the traditional estate planning attorney. It is serving American families by saving their time through the perfect Online Estate Planning service. Three packages, namely the essential package, the legacy package, and the ultimate package, are created as per general needs.
You might not feel comfortable going online. If you have complex questions, a traditional attorney suits you well. Also, in that case, it’s better to organize your documents online. This saves your time and cost. If you have simple planning needs, go for an online service. Your planning will just take a few hours and less cost.
The cost of online estate planning varies with the complexity of your plan, the resident state, asset types, and other related factors. An attorney will select a suitable plan for you in your particular scenario. Three important steps, which are listed below, will help you get started.
Organize
To make an estate plan first important step is to organize two important factors of estate planning. These are one amount of assets and liabilities, and the second one is the people who will be responsible for those assets and liabilities.
- Organization of People
Organization of people starts with making a list of the people you want to include in your estate plan. A detailed family tree listing the individual and your relation with it will guide you well. Then, nominate a trustful family member to act as your executor. In case of a complex and blended family tree, a focus should be given in identifying all the members and the relationship of yours with everyone; it will greatly help to create an order or sequence of importance level of each person and also will help in identifying and listing the trusted one and rank them accordingly.
- Organization of Assets
And the second important step is to write down your assets and liabilities. This will throw light on the complexity in your scenario and will enable you to go for a suitable estate plan. Organizing makes the process simpler, whether to prefer online or consult an attorney. In this organizational process, one needs to create a clear image of the current financial situation of ones’. This process has to be clear enough that it will show the amount of liabilities and Assets one is having. Obligation such as unpaid amounts of loans and premiums of all parties like all bank and non-bank financial institutions should be apparently mentioned in assets and liability documents; this will help to determine actual asset-liability ratios and claims of people after death.
An organization should be clear enough to provide an answer to the following questions:
- What is the reason of using legal authority for distributing one’s assets?
The government of every country provides laws regarding the distribution of assets of one’s after his death; in that case, why anyone would need an extra measure to distribute it with estate planning. And the reason can be the complexity of the family tree, personal will to distribute among specific people, etc.
- Should the assets left for a spouse, be in trust?
The assets left for the spouse can require management and protection; in case of death, the assets need management and protection if the spouses are minor. Until the spouse is mature and practices enjoy rights. In that case, a trust can look after those assets if one wants them.
- Should the assets be equally distributed?
All the assets can be distributed in different ratios; they can also be equal as well. So one must determine all will be the ratio of the distribution of one’s assets.
- Who will be the guardian of minor children?
Just like assets, minors also need care and protection. And the requirements of minors’ education and living expenses need to be managed and taken care of by someone. If one has minor children, who will be the one to look after them?
- Is there any instruction on the final resting place?
Many people decide their final resting place near their loved ones, and if one has this kind of will, it should also be written in the organization part.
- Does one have any wish to leave money to any charities?
Many people having a great amount of wealth and patronizing charities also want to leave money for charities even after death, and in case of such wishes, one has to clearly mention it in the organizing step.
These are some basic questions that the organizing process should give a clear image of.
Create the Plan
Knowing after what one wants to accomplish, next is to answer some important questions to complete the documents of estate planning. In the case of attorney or online estate planning, these documents is a mandatory part, being ready to create estate planning documents either online or with the attorney. The complexity of your scenario in the last step will set the future path for you. The plan enlists both your wealth and health; therefore, ensure that you cover the basics as well, especially the “last will and testament.” You can also mention a plan for your organ donation, especially to your family member to carry on your body part as a legacy for generations coming afterward. Cover as many details as possible. If you are working with an online service provider, a determination of the situation is required, and the situation has to be straightforward enough to deal with it online. It will help to determine the amount of cost you are paying is reasonable enough to carry on or not; besides, it will also help to find out if you can ask any attorney question directly or not.
Complex situations can require one to select another form of estate planning over online base estate planning, and those complex situations include the following
Situation to consider:
- In the case of having a blended family
A blended family can make estate planning complex because a blended family includes the understanding the relation of all the family members with the plan holder and importance of each relation is also needed to be ranked as well,
- Special Needs Loved one
- Business owner
If you are a business owner, it can be complex to determine the allocation and distribution of assets to the children after death because owning a business means having an ever-changing amount of assets and liability. And what will be the distribution of assets and liability in case it changes later on? This evolving situation makes it complex to determine estate planning online.
- Family Inheritance
- Unique Tax Situation
Some tax situations are unique because those situations are applicable only when certain conditions are filled; based on those tax situations amount of liability to the government can also change. The basic three categories are.
- Regressive
- Proportional
- Progressive
And this situation can change based on a certain amount of earnings and relation with involved parties. And the change in these tax situations can make it complex to determine estate planning online.
- Change of residence
Change of residence means the valuation of a new residence is not the same as of old ones, and these can require to determine again what will be the distribution proportion and who will hold on control and management of it when the plan holders die?
In these case of kinds of situations, it is important to determine whether it will be reasonable to go for online estate planning or not?
Execute The Plan
Once you are done with the planning, the last step is to execute a “to do” list to complete your estate plan. This includes changing assets titles, altering beneficiaries, and opening new accounts. The plan will become official after you sign up in front of a notary or as per state instructions. The step completes by giving paper and electronic copies in secure custody. This is usually kept confidential, but it’s good if you inform your loved ones, family, and related roles.
Here is what can be done by you
- Talk with family about goal and wish
- Writing information about trusted financial experts
- Send electronics printed copies of trusted financial professionals.
Conclusion
The estate plan is revisited every after 3 to 5 months. The updated plan reflects the changes in your assets after evaluating your current financial situation. Choose the package that suits you well. Start thinking about your family and loved ones from today. It’s never too late to plan.
Hey Guys! My name is Richard Andrew. I am a contributor to the Strategy Watch. I have finished my graduation with a major in Economics. My interest areas are Economics, Financial Analysis, Stock Analysis, and Business Strategy.