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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. 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. In order to prepare to meet with your estate planning attorney, there are some things you can do.
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. In order for the attorney to make a good estate plan, you should provide as much information as possible.
You should ask questions before starting your estate planning with an estate planning attorney. 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 the ways that can help you find a good estate planning lawyer is through recommendations by others. 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 check out advertisements for a good estate planning and attorney and before hiring make sure that all your questions are answered.
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.