What is Asset Management?
Asset management from the term itself is a part of estate planning that involves the handling of an individual’s properties when they die. This includes planning, managing, and distributing to the rightful beneficiaries. In estate planning, the tasks that aid in asset management include the creation of a will, setting up trusts for foundations or charities, and making funeral arrangements.
Many things comprise an individual’s assets and they vary from person to person. Typically, their assets include real estate property, cars, life insurance, investments, artwork, and more. The main reasons individuals create an estate plan is to ensure safety and security for their loved ones when they go or to give back to charitable causes.
Are you seeking to plot out your estate before you die? Are you wondering how to avoid probate in California or in Maine? Hire a South Portland, ME asset management attorney as legal advisers who can help you with the details of asset management. The best lawyers from the law firm can walk clients through the process and eliminate any source of confusion.
What Steps are Involved in Estate Planning?
estate planning is usually to create a will or, if you’re seeking to avoid probate, creating trust is a great way to do so. Typically, the estate planning process involves the following steps:
- Limiting estate taxes through trust account beneficiaries setups
- Appointing guardians
- Naming the estate’s executor
- Creating and updating beneficiaries on insurance plans
- Making funeral arrangements
- Establishing gifts
- Setting up a durable power of attorney
Why Should an Executor of My Estate be Appointed?
The legal personal representative or executor of an estate is appointed by the probate court in order to oversee the decedent’s estate and make sure their assets such as real estate or investment are being managed and distributed to the rightful heirs properly. All these steps should be in compliance with the decedent’s will. It is the executor’s job to estimate the estate’s value via the date of death value or the alternative valuation date based on the IRC.
The executor is also responsible for paying off debts owed by the decedent. Claims the executor has rejected can be taken to the probate court where the probate judge will have the final say. Executors also file the decedent’s personal income tax. Once the debts have been paid off and an inventory of the assets has been done, the executor will then be in charge of distributing the inheritance to the beneficiaries.
Have you been named as an executor? Are you looking into estate planning? Don’t go through it alone. Enlist the help of an experienced asset management attorney from a reputable law firm who is experienced in helping clients through the asset protection planning process from planning to litigation and ensure the best possible outcome for you.
Can I Use Life Insurance in Estate Planning?
Most of us are quite familiar with life insurance but little did we know it can also play a role in estate planning and asset management. One can use life insurance in order to pay estate taxes and other related expenses. If the insurance is sufficient, it can be used to pay off debts without resulting in selling the assets. The proceeds the beneficiaries will receive are tax-free.
Individuals must start estate planning the moment they have a stream of income since the estate planning process takes a considerable amount of time. Inadequate estate planning results in financial burdens that loved ones will have to shoulder once you pass on. Don’t leave them with this kind of burden. Get in touch with an asset management attorney right now if you’re wondering how to avoid probate in California or Maine. Having an attorney helps sort out asset protection planning and other related practices. A lawyer’s extensive experience in litigation and related practices is helpful for clients in obtaining the results most favorable for your situation.
Can Clients Avoid Probate In Wealth Management?
Many wish to avoid probate simply because it costs too much money and time, hindering family members from properly grieving for their loved one. When managing and distributing assets, it is best to assess if the decedent has owned a few assets. Lesser assets qualify a decedent for small estate administration. The decedent’s assets must not include real estate and must be worth less than what the state deems as allowable. The parties who are to receive the decedent’s assets may collect them through an affidavit. Before distribution, the creditors need to be paid off as well.
If you’re wondering how to avoid probate in California, Maine or wherever your state is, know that it is best to contact an asset management attorney in order to help you sort out any problems that may arise.
Seek Legal Advice from an Asset Management Attorney
Death is one thing that many of us do not wish to talk or even think about. Leaving our properties behind to the ones we want to benefit the most can be stressful as it is. Most of us don’t even have an idea of what will happen to our properties and who will care for them when we pass on. To steer clear of this confusing matter, enlisting help from the best law firms is the best course of action.
Luckily, asset management attorneys from Jackson Estate Planning are present to walk you through the entire process from drafting a will to representing you in probate courts. Contact Jackson Estate Planning to schedule an appointment with an asset management attorney who can guide you in wealth management, represent you in litigation, and advise you on other related estate planning tools.