Estate Planning with Your Lawyer
01 February 2023
Estate planning is a methodical and clinical way of organizing and arranging for the management and distribution of assets after one passes away. It is an important process that can help ensure that your wishes are carried out and loved ones are taken care of. Here is a general overview of the estate planning process with a lawyer:
- Determine the assets: The first step in estate planning is to determine what assets one has and how they are currently titled. This may include real estate properties, bank accounts, stocks and personal tangible and intangible property.
- Determine goals: The next step is to determine broad goals for the estate. A person may decide to leave assets for his/ her loved ones, donate to charity, or minimise/ tax planning. A lawyer can help/ determine the best way to achieve these goals and create a plan that aligns with the testator’s values and priorities.
- Choose an estate planning vehicle: There are several estate planning vehicles that may be utilised to organize and distribute assets post-demise of testator, including wills, trusts, and powers of attorney. A lawyer can help choose the right one for your needs, and explain the possible benefits and drawbacks of each option.
- Choose beneficiaries: The testator shall need to decide who inherits specific assets and in what proportion. Appointing a legal guardian for any minor children or dependents may be considered.
- Select representatives: The testator shall also need to choose/ appoint an executor who shall be entrusted with the responsibility of the management of the estate and a power of attorney to handle any ancillary affairs in the event of death or incapacitation of the testator.
- Drafting of an estate plan: Once details of an estate planning vehicle are decided, a lawyer will help the testator to draft remaining necessary documents. This may include a registered will, a trust agreement, or powers of attorney, etc.
- Review and revise your plan: It's important to review and revise any estate plans regularly, as the assets or goals may change over a period of time. A lawyer can help make any necessary updates to the plan to ensure that it continues to meet your changing needs and reflect your updated wishes.
- Communicate your plan: It's important to share estate plans with loved ones and any relevant parties, such as your executor or attorney-in-fact. A lawyer can help communicate your plan and ensure those relevant are aware of your wishes.
Estate planning may seem overwhelming, but working with a lawyer helps make the process easier and ensures that your plan is legally sound and effective. It's never too early to start planning for the future, and taking the time to create a comprehensive estate plan can provide comfort and peace of mind for you and your loved ones.
M/s Augustus Law’s real estate team handles assignments ranging from conducting of title search due diligence exercise to transaction structuring, drafting and negotiating a wide variety of contracts such as conveyance deeds, gift deeds, power of attorneys, joint development agreement, leases & licenses, construction, operations & management contracts, wills, creation of trusts, etc. Should you have any queries or require any clarifications, please feel free to contact Arindam Mrinal Pal, Partner [E-Mail: firstname.lastname@example.org], Shaun Vaz, Associate [E-Mail: email@example.com] and Mohnish Solanki, Associate [E-Mail: firstname.lastname@example.org]