Guide to Estate Planning and the Role of an Estate Planning Attorney
If you own an estate, it is important that your estate is managed and parceled out so that taxes will be reduced and assets are transferred to beneficiaries after you die. This process 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.
Legal entities which include trusts, wills, powers of attorney, health care surrogacy and others, are the means used for estate planning. 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. 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.
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.
One of best ways you can find an estate planning attorney is through references. Maybe your family members might know of a good estate planning attorney. Other people you can ask are your financial advisors, accountants, attorneys whom you know or the local bar association. You can sometimes rely on advertisements for good estate planning attorneys but you need to ask all the questions you need to before settling on someone to hire.
You can also find a good estate planning attorney by doing an online search or by visiting websites of 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.