The COVID-19 pandemic has changed people’s perspectives and most have gravitated their attention towards their futures, security, and safety.
Aside from the fear of COVID-19 transmissions, most medicare lawyers near me share a common consensus that people are more conscious about their state of health, finances, and the welfare of their families in the event of an untimely death.
Many compelling factors have made people review their financial status and consider finding help for estate and probate planning that was brought to the limelight by the Coronavirus crisis such as lower valuation, lower interest rates, and high estate and gift exemptions.
If you are going the route of initiating your estate planning goals, you could start searching for legal support from wills and estate lawyers near me.
To get you started, here are the four basic steps to get you going on your estate planning strategy.
Conduct an estate plan review
Having a simple estate review plan will help you understand and assess your options in the event of an untimely death.
Your review and assessment could include determining where your assets would go or who are your heirs to it, estimated estate tax owed to the government upon your passing, and your liquidity analysis of how your estate taxes would be paid.
Re-assess your current estate plan and check if it could achieve your goals
If you have an existing estate plan, you can weigh your options based on the current conditions and see if it would help you achieve your goals such as if it is still compatible with what is important to you, will it help you have peace of mind, or if it will give you the confidence that you are leaving a good legacy.
Discuss your current plans with your wills or estate lawyer
If you need to make adjustments or modifications to your estate plans, then this is the stage where you discuss it with your estate attorney.
Your attorney would be the best person to help give you a thorough evaluation of your plan and see if your revised preferences would be compatible with your plan or if there are better options to work with that may not have entered your mind.
Finalize your estate plan
Once you have accomplished all the steps, then it’s time to finalize your estate plans such as drafting or revising the provisions of your document, obtain the valuations, and initiate the filing of your appropriate tax returns.