• Home
  • About
    • R. Bruce McManus, MBA, JD
    • Mary McManus Taylor, JD
    • Danielle McManus Noble, JD
    • Professional Staff
  • Practice
    • Asset Protection
    • Settlements
    • Estate Planning
    • Real Estate
  • Workshop
    • Registration
  • Talking Law
    • Blog
    • Archives
    • Legal Terms
  • Contact
McManus & McManus, P.A. - Attorneys & Counselors at Law
  • Home
  • About
    • R. Bruce McManus, MBA, JD
    • Mary McManus Taylor, JD
    • Danielle McManus Noble, JD
    • Professional Staff
  • Practice
    • Asset Protection
    • Settlements
    • Estate Planning
    • Real Estate
  • Workshop
    • Registration
  • Talking Law
    • Blog
    • Archives
    • Legal Terms
  • Contact
Call: (727) 584-2128

McManus Blog

Picture
Call: (727) 584-2128

Beginning the Process of Estate Planning - 5 Vital Steps

5/10/2017

4 Comments

 
Estate Planning
Once in the process estate planning begins we tell our clients...
  1. They need a team of advisors: their lawyer, their accountant, and their financial advisor. These advisors need to know who each other are and cooperate with each other in the client’s best interest. These people need the current documents.
  2. The people the client has named as their power of attorney, healthcare surrogate, personal representative under their will, and successor trustee of their trust should receive copies of the documents in which they are named. Further these helpers need to have an explanation describing what their responsibilities are and what they are expected to do.
  3. (Review of 1st Step): They need a team of advisors
  4. (Review of 2nd Step): The named power of attorney should receive copies of the legal documents
  5. When disability or incapacity occurs, the responsible family member or appointed power of attorney needs to know what to do. If a trust is part of the estate of a disabled person, the successor trustee(s) need to know what their responsibilities are and what they must do.
  6. When death occurs, family members need to know who has responsibility to take action, what action(s) to take, how to identify what assets are owned by the decedent, the value of the assets owned at the date of death, and who will own what assets after death. Further, who is responsible to provide information to family members or other named beneficiaries, what is the correct information to provide and who is responsible to hold assets, account for them, file tax returns, and pay outstanding bills. These activities required after a client’s death are referred to as estate settlement, trust settlement and sometimes will and probate settlement. We are heavily involved in these activities and assist clients and their family members in handling the follow through with transfer or re-registration of assets, discuss what claims, expenses, and taxes must be paid, and what the most efficient, legally required, and least expensive process is to accomplish this.
  7. Estate Planning is not a transaction, it is a process in which every two to three years:
    a.    Read your power of attorney, will, trust, and living will documents carefully and verify that the people named are still able to serve and provisions providing for you are still appropriate.
    b.    If changes have occurred, address these issue through amendments or updated documents. Document that you have done this and when you have done it. Notify these reviews and changes to your follow up people, power of attorney, successor trustee, or personal representative named in your will.
4 Comments
Hailey Miller link
3/12/2022 01:19:32 am

It helped when you said that lawyers can help in identifying what assets are owned by the decedent. This is informative because my husband and I want to secure the future of our family. Since we want our two kids to avoid confusion in case of an unforeseen event, we will find a probate attorney on Friday who can help us plan ahead and minimize tax liability.

Reply
Mia Evans link
5/9/2022 11:27:28 pm

Thanks for pointing out that one must have an estate planning lawyer, accountant, and financial advisor and build them as a team who will cooperate with each other. I guess my mom would need this kind of service when she gets her properties processed this year. She has been meaning to secure the houses she has for my brother with special needs, so I hope that their expertise can make the process easier.

Reply
Orange County Divorce Lawyers link
6/23/2022 04:24:46 pm

We are heavily involved in these activities and assist clients and their family members in handling the follow through with transfer or re-registration of assets discuss what claims, expenses, Thank you for sharing your great post!

Reply
Orange County Family Law Lawyers link
6/23/2022 05:01:19 pm

We are heavily involved in these activities and assist clients and their family members in handling the follow through with transfer or re-registration of assets, I truly appreciate your great post!

Reply



Leave a Reply.

    McManus - 3 Generations

    Author

    The McManus law firm established in 1953 has been serving Tampa Bay area families. We provide comprehensive estate planning to help protect you and your family throughout every stage of life. Our team of trained professionals will provide you with the answers and services for your needs. This Blog is one tool used for that end. However, the information in no way shall be misconstrued as legal advice. Third party content is the opinion of the original author and not necessarily the point of view of our firm. We encourage discussion and invite your comments.

    POSTS

    September 2020
    May 2017

    Categories

    All
    Beneficiares
    Estate Planning
    Florida Law
    Important
    Power Of Attornet
    Power-of-Attornet
    Survivorship

    RSS Feed

    ARCHIVES
Home | About | Practice | Workshop | Talking Law | Opt-Out
The hiring of a lawyer is an important decision that should not be based solely upon advertisements. The information contained within this website in no way constitutes an attorney client relationship, nor should the content be misconstrued as legal advice.
 
Be aware that information sent over the Internet may not be secure. We welcome requests for information by email, only we ask that you do not transmit confidential information. Transmissions received are kept in the strictest confidence and not sold to third parties.



Professional Associations

American Bar Association

The Fund

Clearwater Bar Association

National Association of
Estate Planners and Councils


Pinellas County
Estate Planning Council


Wealth Counsel


Business Associations

Belleair Country Club
Networking Group


Bluffs Business Association

Central Pinellas
Chamber of Commerce

Translate
Contact Us
McManus & McManus, P.A.
79 Overbrook Blvd.
Largo, FL 33770-2899

Telephone: (727) 584-2128
Fax: (727) 586-2324

www.McManusEstatePlanning.com


eMail - McManus Estate Planning

Go to: Workshops
Location / Directions
McManus & McManus, P.A. offices are located one block east of the West Bay Drive and Indian Rocks Road intersection in Largo, Florida.

Overbrook Boulevard runs south off West Bay Drive, in between the Wells Fargo Bank and ReMax Realty.

Look for “Welcome to Largo” landmark opposite the city limits of Belleair Bluffs

View Map of Office/Conference Center Location


Monday through Friday:
9:00 a.m. to 5:00 p.m.
 by Appointment.
(Online: 24/7)

Privacy Policy

Accessibility

GoDaddy eMail:
For Admin. Use Only

©2023 McManus & McManus, P.A. - Attorneys & Counselors at Law. All Rights Reserved.
Website Design & Development by: Design For Communication | !nBusinessSEO
  • Home
  • About
    • R. Bruce McManus, MBA, JD
    • Mary McManus Taylor, JD
    • Danielle McManus Noble, JD
    • Professional Staff
  • Practice
    • Asset Protection
    • Settlements
    • Estate Planning
    • Real Estate
  • Workshop
    • Registration
  • Talking Law
    • Blog
    • Archives
    • Legal Terms
  • Contact