Guide to Estate Planning and the Role of an Estate Planning Attorney
Planning your estate is important for people who own a lot of assets and this is for the purpose of reduction of taxes and the proper transfer of assets of beneficiaries after they die. This is known as estate planning. The reason why you need estate planning is so that after you die, it is not the court that decides how to divide up your estate, but it will be according to your wishes.
The means of planning your estate is through legal entities and these include trusts, wills, powers of attorney, health care surrogacy, and more. Using these legal tools will help your spouse and your family to have an easy time after you die and your estate will not go into probate with a judge ruling the settlement.
You should hire an attorney when you begin to make a plan to make sure that all the requirements are in order for your final wishes to be carried out appropriately according to the laws in your particular state. In order to prepare to meet with your estate planning attorney, there are some things you can do.
YOU will be needed your documents so make sure that you get them in order. Then write down all the names and addresses of people who are associated with your assets. Your bank account information and retirement plan, insurance information, household inventory lists, debt lists, and other important documents are to be brought to the meeting with your estate planning attorney. Provide as much information as possible so that they can prepare an estate plan in the best way.
When you first meet up with an estate planning attorney, there are several questions that you need to ask. It might be good to know how much your estate planning attorney charges for his services. How to reduce your tax requirements after death, the possible problems that you wishes might cause, arrangements for children, and the frequency of updating your will are some of the things that you need to ask your estate planning lawyer. You can start planning with your attorney when all these concerns are answered satisfactorily.
One of best ways you can find an estate planning attorney is through references. You could ask your family whom they want to recommend. You can also ask your financial advisors, accountants, attorneys whom you know, or contact the local bar association. You can check out advertisements for a good estate planning and attorney and before hiring make sure that all your questions are answered.
Another good way of finding the best estate planning attorney is by going online and visiting websites of estate planning attorneys in your area. Good estate planning attorneys will have their own website where they explain the process of estate planning and where you can find testimonials from satisfied clients.