Common Questions About Estate Planning
Q: What does Estate Planning mean?
A: Estate Planning is the process of designating who will receive your assets and handle your affairs after your death or incapacitation. An Estate Planning Attorney can help you determine the best legal documents to accomplish your Estate Plan. Your Estate Plan will likely include a Will, a Durable Power of Attorney, and an Advance Care Directive (also called a Living Will). It may also be to your benefit to have a Revocable or Irrevocable Trust.
Q: Why do I need an Estate Planning Attorney?
A: There are several benefits to hiring an Estate Planning Attorney, including saving yourself time and having the peace of mind that your documents comply with current law. Read more here.
Q: Isn’t Estate Planning expensive?
A: It does not have to be, we try to keep our prices affordable so everyone can have an Estate Plan. We also do most Estate Planning on a Flat Fee basis. Our pricing and billing process is designed to be as transparent and easy to understand as possible with upfront pricing and no hidden fees.
Q: Does Estate Planning help avoid Probate? Why does that matter?
A: Yes, if you have the right Estate Plan in place, your Estate may be able to avoid a probate after your death. Additionally, Estate Planning can save your heirs the burden of not knowing what you want done with your property, and avoid costly and emotionally draining legal battles amongst your heirs. Simply put, Estate Planning can save money and time, and help make things easier on your family.
Q: How often should I have an Estate Planning Attorney review my Will, Trust, and overall Estate Plan?
A: You should have your Estate Planning documents reviewed every year. Life changes every day, and your Estate Plan needs to be updated each time something significant happens. You should have your Estate Planning documents reviewed anytime you have a life change, such as a marriage, divorce, birth of a child or grandchild or a financial change. You should also have an Estate Planning Attorney review your Estate Plan when any of your beneficiaries has a life change.
- You may have wanted your house to go to your son and daughter-in-law when you wrote your Last Will and Testament, but now they are divorced, and you do not want to leave anything to your former daughter-in-law.
- You gave your sister a Durable Power of Attorney and designated that she was the person that could make decisions about your property or health in case you were incapacitated. Now she is deceased, and so your Durable Power of Attorney is now no longer effective.
A regular review of your Estate Planning documents by an Estate Planning attorney can help avoid these types of issues.
Call us today at (405) 285-6858 to schedule a consultation with an Estate Planning attorney.