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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. This 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. In order to prepare to meet with your estate planning attorney, there are some things you can do.
It is important that you get your documents 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.
There are many things that you should ask your estate 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 should have been answered all these issues before starting your planning.
One of the ways that can help you find a good estate planning lawyer is through recommendations by others. Maybe your family members might know of a good estate planning attorney. 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.
Another good way of finding the best estate planning attorney is by going online and visiting websites of estate planning attorneys in your area. 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.
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