YOUR ESTATE PLANNING ATTORNEY MUST BE APPRISED OF RELEVANT DETAILS
Jan. 29, 2015
When you sit down to discuss your estate with an estate planning lawyer you should be prepared to share all of the relevant details. If you leave out anything important your estate can wind up being quite tangled after you pass away, and the primary purpose behind making preparations is to enable smooth asset transfers when the appropriate time arrives.
Your attorney may ask certain sensitive questions, and he or she is doing this to make sure that your interests are properly advocated.
One relevant thing to share would be any serious medical conditions that may be life-threatening. Some estate planning vehicles are very useful under the right circumstances, but in some cases you have to live for a certain period of time to take advantage of these possibilities.
Gifts that you have given throughout your life are taxable if they wind up exceeding the combined unified gift/estate tax exclusion amount. Therefore, you must let your attorney know about the extent of your gift giving.
Another thing to take into consideration is the existence of previously executed legal documents such as premarital agreements or a last will that you may have drawn up in the past.
If you are thorough when you consult with your attorney you should be able to execute an estate plan that stands up to any challenges that may arise while providing for an efficient distribution of assets to your heirs in accordance with your wishes after you pass away. On the other hand, if you leave anything out your family members may be forced to deal with a problematic situation.