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. Managing and parceling out your estate for ease of distribution after you die is called 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.
Legal entities which include trusts, wills, powers of attorney, health care surrogacy and others, are the means used for estate planning. It is for the benefit of your wife and family that you need to use these legal tools; otherwise, the estate goes into probate and a judge will determine the distribution.
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. 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. You should also prepare and bring to your meeting with your estate planning attorney are your bank account information and retirement plan, insurance information, household inventory list, debt list, and others. Providing complete information to your estate planning attorney will ensure an estate plan that covers everything.
You should ask questions before starting your estate planning with an estate planning attorney. One thing you need to know is the cost of 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.. Before beginning your plan, all of these have to be answered satisfactorily.
One of best ways you can find an estate planning attorney is through references. You family might be able to help you in this matter. You can also ask your financial advisors, accountants, attorneys whom you know, or contact the local bar association. You can also check out advertisement for a good estate planning attorneys and before settling on someone, make sure that you ask all the questions that you need to ask.
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.