Planning your estate is important if you want all your assets to be distributed and taken care of correctly after your death. Your family should know how you want everything to be handled if you become incapacitated or you pass away. It’s not that easy, though, which is why having an estate planning attorney is necessary.
However, many people do not know what purpose estate planning lawyers serve and why it’s best to have them than act without one. Knowing what an estate planning attorney does will help you understand why you should rely on him or her.
This article will answer your questions.
What Are Estate Planning Attorneys?
An estate planning attorney is a licensed attorney who deals with matters involving planning for incapacitation or end of life. This law expert will tell you what needs to be done during the estate planning process and will educate you about taxation and asset transfers.
What Will an Estate Planning Attorney Do?
Estate planning attorneys will assist you with certain tasks, including:
- Finding beneficiaries
- Making a will, as well as different documents necessary for estate planning
- Discovering different ways to avoid estate tax or reduce it
- Discovering ways to stay away from probate court processes
- Finding durable and medical durable power of attorney
- Helping determine the best trust type to suit your needs
What Does an Estate Planning Attorney Position Involve?
Working as an estate planning attorney will have one operate in different environments. For instance, one may go to hospital meetings and work in private or corporate offices. Estate planning attorneys may even attend meetings at the prison or the house of their client.
Being a bar-certified attorney in this field requires having a certain set of skills. These include interpersonal skills, research skills, good speaking and writing abilities, analytical skills, and problem-solving skills.
What Are the Benefits of Working with an Estate Planning Attorney?
You may think that hiring an estate planning attorney would only be another financial burden. However, you’ll be thankful for having one if something happens to you and you can no longer take care of your home and other assets.
Good and experienced estate planning attorneys will make sure you develop a good and complex plan that clearly states what happens to everything you own if you become incapacitated or if you die.
Some of the benefits of having an estate planning attorney are:
- Information regarding the laws that affect an estate plan
- Getting legal advice and help from a law expert who knows about your situation
- Being guided by your executor, fiduciary, and individuals that have power of attorney after your incapacitation or death
- Making sure you obtain a plan that suits your needs
- Being confident in the decisions taken regarding your state and ensuring they meet the federal and state laws
The good news is that you do not need to be rich to have access to an estate planning attorney. They help those in need of a well-established estate plan who want to ensure their assets are appropriately distributed after their death.
Tips for Meeting with an Estate Planning Attorney
Are you ready to meet an expert to help you with estate planning? Here are a few things you should keep in mind.
1. Choose the Right Attorney
Finding a good estate planning attorney can take some time. There are many law firms and attorneys to choose from, so you should do some research and comparisons to pick the right one.
Ideally, you should find an attorney with enough experience in the field, and someone with good reviews. Also, you should make sure to choose an attorney that knows the laws of your state.
For example, in Texas, if you die intestate, heirs are determined based on your close blood relationships by Texas law, and you may not want this. Hiring an estate planning lawyer in Houston can help you get rid of this burden.
2. Gather All Documentation
After finding an attorney and establishing a meeting, you must gather all the important documentation, so the expert is aware of the situation regarding the assets. The required documents may include bank statements, investment, and brokerage account statements, retirement account documentation, credit card statements, mortgages, life insurance policies, and similar paperwork.
3. Tell Your Family About It
Have a serious conversation with your family regarding your plans. It is important to let them know in advance who will take care of your children, handle your money, act as an executor, and so on.
4. Ask Questions
Ask your attorney questions, such as how he/she can make sure the will is carried out correctly, what assets should be part of your estate and others. Any good attorney will be happy to answer your questions and offer easy-to-understand answers.
Having an estate planning attorney is more important than you think. You should hire one if you want the estate planning process to go smoothly.
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