Resources for Estate Planning Forms

Estate planning forms can help you preserve your business for your family after you're gone. Most estate planning attorneys begin with a form and then customize the form for the client. You can accomplish the same customization at home with effective estate planning software that helps you generate living trust forms, documents for wills, and estate planning checklists.

There are several issues to consider when using estate planning legal forms. If you know the issues you're facing in estate planning, the forms will work for you and not against you. If you do not know and understand the issues surrounding each form, an attorney's expertise can save time and money in the long run.

Here are some issues surrounding specific estate planning forms that can help preserve your business:

1. Obtain Durable Power of Attorney forms from each business with which your own business is affiliated.

2. Decide on the correct estate planning tool for the individual owners of the business.

3. Correctly word the buy-sell agreement for your business' situation.

Use institution-specific Durable Power of Attorney estate legal forms

Call your bank. Many banks and brokerage houses will only accept Durable Power of Attorney (DPOA) forms that it has created or has specified the language in the DPOA. Not all power of attorney forms are created equal and not all companies will accept your forms. Use DPOA documents which remain enforceable following mental incapacity of the principal.

Complement any business owner's will with other legal documents including forms for estate planning

A will is an instrument that transfers property after a person's death. Transferring property during a person lifetime can reduce frustration and tax consequences. Such a transfer of property during one's lifetime is done through the use of insurance policies, documents for trusts, marital property agreements, and other transactions.

Choose the right buy-sell agreement using the right estate legal documents

Keep your business going upon the death, retirement, or divorce of one of the owners by using a buy-sell agreement. Buy-sell agreements are legal documents for estates that allow for the transfer of ownership of a business. This is either done through a Redemption agreement or a Cross Purchase agreement. When a company buys back the leaving owner's shares, it uses the Redemption agreement. When other owners buy back shares in the company of the leaving partner, they use a Cross Purchase agreement.

• Consult your attorney, accountant, and other financial planning professionals along the way. Get an initial consultation with each and determine which legal instruments each recommends. Go from there on the hunt for forms. For the best results and least stress in the long run, pay for the right forms for your company from the beginning. Update those forms regularly.
• Use living will forms obtained from your doctor or hospital to deal with end of life decisions. A living will is not a legal instrument used to transfer property. Living will forms specify who will make end of life decisions for you if you are unable to. The living will form should not be confused with a will.