You must have a postmortem action plan if you want to make comprehensive preparations for the inevitable. While it is important to position your assets optimally and execute the appropriate estate planning documents, you must also consider the hands-on tasks that must be completed to make your final wishes a reality.
When you explain your situation to your attorney, he or she will gain an understanding of your financial position and make recommendations with regard to possible tax efficiency strategies.
Your lawyer will also listen attentively as you communicate your long-term objectives. Ultimately a comprehensive plan will be executed that is tailor-made to suit the unique needs of your family.
A question arises: What steps should your family members take immediately after your passing with regard to your estate? Answering this question is what postmortem planning is all about.
Arranging for the future administration of your estate should be part of the plan. If you are executing a living trust to facilitate the future distribution of your assets, trust administration tasks will present themselves when you pass away.
You can arrange for the attorney that draws up your trust to be involved in its future administration. In such a situation, your family makes a simple phone call and an experienced legal professional will guide them through the process.
If you use a last will rather than a trust, you can arrange for your attorney to act as the probate lawyer after you pass away. Your executor contacts your attorney, and your attorney will assist your executor while the estate is being probated.
- It’s Important to Have a Coordinated Estate Plan - August 11, 2021
- Trust Administration Frequently Asked Questions (FAQs) - July 29, 2021
- Attorneys Justin M. Kennedy and Maggie A. LaBranch-Gonzales Selected as 2021 California Rising Stars - July 22, 2021