What is Estate Planning Package Drafting?
An estate planning package is the gathering of important legal documents for how you want to distribute your assets when you pass away, as well as who will receive them, such as your family members and friends.
This package can also include healthcare directives so that your wishes are honored should you pass away or become incapacitated.
Read the rest of this article to explore the most common documents in an estate planning package, how to draft them, and how a qualified lawyer can help you with the drafting process.
What Documents are In an Estate Planning Package?
An estate planning package can include a range of legal documents. Some of the most common usually include a:
- Last will and testament. This legal document explains how you want to distribute your assets upon your death and who will receive them.
- Power of attorney. This involves assigning a person to manage your legal and financial affairs if you can’t do it yourself.
- Medical power of attorney. This grants a specific person to have authority to make medical decisions on your behalf if you are unable to do so.
- Living will. This legal document explains your wishes regarding life-sustaining medications or medical interventions.
- Trust. A trust can hold and manage your assets so that you can control the wealth distribution to your heirs.
What are Tips for Drafting an Estate Planning Package?
While the drafting process for different documents in your estate planning package will vary, there are some general tips to consider so that your affairs are in order and legally sound.
Think About Future Considerations
While you might focus on your present assets and who you’d like to receive them, you should spare a thought for potential future considerations, such as what might happen if your appointed agent passes away before you. This will ensure you can include provisions to cover various possibilities.
List Your Assets and Liabilities
Before drafting your estate planning documents, you should make a thorough list of all your assets and liabilities to provide the groundwork for the drafting process. Don’t forget overlooked assets, such as your life insurance policy or inheritances you might receive. Explain if any debts are secured by certain assets to create clarity.
Consider Your Goals
Think about who you want to inherit your assets and how you wish to distribute your wealth. Ask yourself questions, such as if you want to leave property to your children with certain conditions included.
Think About Hidden Costs
There can be many costs involved when someone dies, such as for burials or cremation and estate administration. By considering these when you’re drafting your estate planning documents, you can minimize the burden for your loved ones.
Review Your Documents
It’s important to conduct a regular review of all your estate planning documents so that you can check they’re still aligned with your objectives. Reviewing them gives you a chance to make any changes, such as if you wish to change your beneficiaries. A lawyer can assist you with reviewing your estate planning package whenever required.
Provide Copies
To ensure that your wishes are fulfilled, you should keep copies of your estate planning documents and give them to your medical providers (such as in the case of a living will), executor, attorney, and trusted family members.
How Does a Lawyer Assist You with Estate Planning Package Drafting?
A lawyer can help you in various ways when drafting estate planning packages. They have the experience of helping clients with these documents and can provide invaluable legal guidance. Here’s how a lawyer will assist you through the process:
- A lawyer will evaluate your specific circumstances and goals so that they can draft a customized document that caters to your wishes.
- They’ll explain any complex legal issues surrounding your estate, such as tax implications, so that there’s no confusion or future surprises.
- They’ll keep estate planning documents legally compliant with your specific jurisdiction’s requirements.
- They’ll guide you through the entire estate planning process, such as witnessing and notarizing documents to execute them properly.
- They’ll review your estate planning documents periodically, such as if there are significant tax law changes or your wishes have changed.
Where to Find a Lawyer for Estate Planning Package Drafting
When drafting your estate planning package, you want to work with a lawyer you trust. Finding one doesn’t have to be challenging. Online legal platforms make it easy for you to connect with reputable lawyers who have the experience to help you.
ContractsCounsel is one of the largest online legal marketplaces that gives clients access to a curated network of vetted lawyers. Instead of having to search for the most suitable lawyer, you’ll post your request on the platform from the comfort of your home and lawyers will reach out to you.
Here are the steps to follow online when requesting that a lawyer on ContractsCounsel drafts your estate planning package:
- Go to the ContractsCounsel marketplace.
- Post your project for free. Include a few details to help you find the most suitable lawyer, such as why you require the specific documents or a brief description of your estate planning goals.
- Wait for multiple bids. You’ll receive multiple bids from lawyers directly on the platform who have experience in drafting estate planning documents.
- Review the lawyers’ profiles. Although lawyers will send you bids, you get to choose who to work with. Review the platform’s extensive lawyer data, such as their location, client ratings for previous projects, expertise, and credentials. This will help you select the most suitable lawyer.
- Connect with a lawyer and hire them to draft your estate planning documents for a flat fee.
