Estate Planning for the Savvy Client: What You Need to Know Before You Meet With Your Lawyer

by Mary L Barrow

Overview

Do you want to make sure that the money you spend on estate planning is money well spent?

Do you have questions about estate planning, probate, wills and trusts but don't know where to start?

Or do you have an estate plan but still have unanswered questions?

Would you like to be well-informed and confident before you consult a prospective attorney, or before you meet with your current attorney?

With this book you'll discover:

what you need to know to eliminate confusion about estate planning and give you a clear path to achieving your goals

how to decide if you really need a will, revocable living trust, power of attorney, or any of the other options available

how to choose the right attorney to help you plan your estate

how to make the most of the time spent with your attorney by having the knowledge and confidence to ask the right questions

Sit down with this guide from an experienced, ivy-league-educated estate planning attorney as she answers these and other questions for you in a practical, easy-to-understand way, just as she has done for her clients and students. This book will tell you what you need to know before you meet with your attorney or prospective attorney.

The Savvy Client is you!

Product Details

ISBN-13:	9780692853061
Publisher:	Savvy Client Press
Publication date:	03/30/2017
Series:	Savvy Client , #1
Pages:	110
Product dimensions:	5.98(w) x 9.02(h) x 0.23(d)

About the Author

Mary L. Barrow has been an attorney for more than 30 years. She has a BA from Brown University and a JD from the University of Pennsylvania law school. For many years she practiced estate planning, probate & trust law, in three different states, both as a partner in a large law firm and as the principal of a boutique trusts & estates firm. She has helped numerous clients to define their goals and objectives, and then implement those wishes as simply and efficiently as possible through their estate plans. In 2009 Attorney Barrow was approached by the Osher Lifelong Learning Institute (OLLI) at the University of South Carolina Beaufort to create a course for its members on the topic of trusts. She was delighted to teach the resulting course for a number of years. Attorney Barrow enjoys speaking to groups of non-lawyers on estate planning topics.

Table of Contents

About the Author

Introduction

Why I Wrote This Book

What This Book Is

What This Book Is Not

Chapter 1 – Basics You’ll Want to Know

What Is Estate Planning?

What Does “Property” Really Mean?

Other Terms You Should Know

What Does a Typical Estate Plan Include?

What Happens if You Don’t Have an Estate Plan?

What Is Probate?

What to Expect When You Meet With Your Attorney

Chapter 2 – The Number One Misconception About Wills

What a Will Does

Some Property Does Not Pass by Will

Property That Passes by Beneficiary Designation

Property That Passes by Law

Property That Passes by Will

Spousal and Contractual Rights and the Like

Let’s Illustrate These Concepts

Probate Property & Non-Probate Property

An Estate Plan Is Like a Puzzle

Chapter 3 – More About Wills You’ll Want to Know

What Happens to Your Property if You Don’t Have a Will?

What Your Will Should Include

Your Tangible Personal Property

Your Residuary Estate

What Does an Executor Do?

Who Should You Choose as Your Executor?

Naming a Guardian for Your Child

Providing Financially for a Child

Other Will Provisions

Where Should You Keep Your Will?

You Need a Will Even if You Think You Don’t

Chapter 4 – What Happens if You Become Incapacitated?

What Happens Without Prior Planning?

“Putting Someone’s Name” on Your Accounts

Using a Power of Attorney for Finances

What Your Agent Can and Can’t Do

When the Power Begins

When the Power Ends

If the Power Is Refused

Making Your Healthcare Wishes Known

Chapter 5 – Do You Need a Trust?

What Exactly Is a Trust?

Why You May Want a Trust

Two Types of Trusts

How a Trust Is Created

How a Trust Is Funded

What Does a Trustee Do?

Who Should You Name as Your Trustee?

Chapter 6 – Revocable Living Trusts

What Is a Revocable Living Trust?

Do You Need a Revocable Living Trust?

Why Avoid Probate?

Probate May Be Slow and Burdensome

Probate May Be Expensive

Probate May Require Court Involvement in Trusts

Probate May Be Delayed by Hard-to-Find Heirs

Probate May Encourage Will Contests

Probate May Compromise Your Privacy

Using a Revocable Living Trust to Avoid Probate

Do You Lose Control of Your Assets?

You Still Need a Pourover Will

Using a Revocable Living Trust in Case of Incapacity

Chapter 7 – Working With an Attorney

Why You Need an Attorney

How to Choose an Attorney

Choose an Attorney Licensed in Your Domicile

Choose an Estate Planning Attorney

Choose an Attorney With Experience in Your State

Evaluating Your Comfort Level

Evaluating Written Communications

About Legal Fees

Keeping Your Estate Plan Up to Date

If You Move to a Different State

When Should You Review Your Estate Plan?

How Should You Make Changes to Your Estate Plan?

Conclusion

Index of Important Terms