What questions should I ask an estate planner?

Posted on by Muna Meyer

What questions should I ask an estate planner?

10 Common Questions in Estate Planning

  • Question 1: How is my property transferred at death?
  • Question 2: What happens if I die without a will?
  • Question 3: I was listed in the will as a beneficiary of certain assets.
  • Question 4: What is estate planning?
  • Question 5: I heard that the estate tax will be repealed.

What is an estate questionnaire?

The attached Estate Planning Questionnaire* is designed to help you organize your personal and financial information, to help us effectively assess your goals and circumstances, and to enable us to recommend an estate plan that will work for you and your family.

What is personal estate planning?

Estate planning is the process of designating who will receive your assets and handle your responsibilities after your death or incapacitation. Estate planning can help establish a platform you can fine-tune as your personal and financial situations change.

What does a trustee do in a trust?

A trustee takes legal ownership of the assets held by a trust and assumes fiduciary responsibility for managing those assets and carrying out the purposes of the trust.

What questions should I ask about a trust?

10 Questions to Ask an Attorney About Living Trusts

  • What Property Can Go in a Living Trust?
  • Who Should Be My Trustee?
  • Does a Living Trust Avoid Estate and Probate Taxes?
  • What Are the Benefits of a Living Trust?
  • What Are the Drawbacks of a Living Trust?
  • Do I Still Need a Power of Attorney?

Does Medi cal take your home after death?

Can the State Take My Home If I Go on Medi-Cal? The State of California does not take away anyone’s home per se. Your home can, however, be subject to an estate claim after your death. For example, your home may be an exempt asset while you are alive, and not counted for Medi-Cal eligibility purposes.

How do I start an estate plan?

How to create a bulletproof estate plan

  1. Step 1: Sign a will. Photo: Mark Wragg.
  2. Step 2: Name beneficiaries.
  3. Step 3: Dodge estate taxes.
  4. Step 4: Leave a letter.
  5. Step 5: Draw up a durable power of attorney.
  6. Step 6: Create an advance health care directive.
  7. Step 7: Organize your digital and paper files.

What is the difference between a trustee and an executor?

A trustee is responsible for administering a trust to the beneficiaries according to a legal agreement. Whereas an executor distributes a deceased person’s assets according to a will. Executors must obtain a court order to act on a will.

What questions should I ask a potential trustee?

Investment Management & Decisions

  • How would you decide on appropriate investments for the trust?
  • Can the beneficiary or a trust committee assist in making the investment decisions?
  • What are the qualifications of the financial person who has been hired?
  • How often are the investment decisions reviewed?