The Importance of Hiring 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. You need estate planning so that your assets will go to the proper beneficiaries after you die and will not have to be decided by a court.
Planning your estate is done through legal entities including trust, wills, powers of attorney, health care surrogacy, and others. You spouse and you family will not have a difficult time after you die if you use legal tools so that your estate does not have to go into probate and have a judge settle it.
Hiring an estate planning attorney is important because he will be able to check if all the requirements by state laws are In order which will ensure that your final wishes will be carried our accordingly. There are some important things that you need to prepare before you start your estate planning meetings with your hired estate planning attorney.
The important documents should be prepared and put in order. Name the names and addresses of all parties associated with your assets. The things you will want to bring to a meeting with your estate planning attorney are your bank account information and retirement plan, insurance information, household inventory lists, debt lists, and others. 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. Other information that you will want to know are the following – how to reduce tax requirements after death, the problems that your wishes might cause, arrangements for children, and how often you need to update your will.. You should have been answered all these issues before starting your planning.
Find people who can recommend a good estate planning attorney to you. You could ask your family whom they want to recommend. Other people you can ask are your financial advisors, accountants, attorneys whom you know or 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.
Online research and visiting websites of estate attorneys in our area are other means of finding a good one. What you can find in the website of a good estate planning attorney is an explanation of the process of estate planning and you can also read here some of the testimonials of his former clients.