A lot of people do not think that they need to hire an estate planning attorney because they have no estate. The truth is everyone has an estate. Your estate is essentially everything that you own such as house, car, life insurance, banking accounts, and so forth.
Another common misconception is that you do not need to plan your estate because it is small. However, no estate is too small. You need to ensure that you have properly set up your estate no matter how big or small it is. It is important that if something were to happen to you that your wishes are carried out as you desired. If you have not gone through the estate planning process then who knows what will happen.
Estate planning is simple. You work with an estate planning attorney to come up with instructions stating:
• Whom you want to receive something of yours
• What you want them to receive
• When they will receive it
The Law Office of Nicholas D. Ward provides estate planning services in Washington, D.C. and surrounding areas. Call today to schedule an appointment, 202-289-6440!
• Assist you in thinking through the various ways you might want to aid those whom you wish to benefit from your estate and avoiding those which are likely to cause disharmony or disappointment from changed circumstances not previously properly anticipated.
• Match the better dispositive clause for particular property. For example, should you bequeath bank accounts by bank name, or legacies by dollar amounts or bequests by a percentage of the remainder of your estate? How do you make these determinations? Simple matters may be made complicated by inappropriate attention to detail.
• How do you protect a potentially spendthrift beneficiary from dissipating an inheritance?
• How can you assure that your married children will be assured of keeping their inheritance upon their divorce? Whose lifestyle are you going to maintain?
• How to treat your off spring fairly when one has assisted you and the other has not, or one has made millions and the other is a pauper.
• Can you provide for your spouse and your kids without ending up supporting your spouse’s next partner to the detriment of your kids?