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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. 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. 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.
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. You need to list down that names and addresses of parties 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. Maybe your family members might know of a good estate planning attorney. Your financial advisors, accountants, attorneys whom your know or your local bar association are some of the people who can recommend a good estate planning attorney to you. 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.
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.