Whether you are wealthy or not, everyone has an estate. It consists of everything you own—your home, other real estate, checking and savings accounts, investments, life insurance policies, furniture and personal belongings. Everyone needs to develop a comprehensive plan that will ensure their property, assets and possessions are distributed according to their wishes when they die or become incapacitated. An estate planning attorney will help you create a plan that is customized for your family’s unique situation.
Many people put off hiring an estate planning attorney because they think the process is complicated and time consuming. In many cases, this is true. However, if you choose an experienced attorney who makes the process as simple as possible, it can save you and your family a lot of time and money in the long run.
A good estate planning attorney can also help you avoid costly mistakes that may occur during the planning process. For example, many people make the mistake of leaving their bank account with joint ownership or naming an incorrect beneficiary on tax-deferred accounts like IRAs and 401(k)s. These errors can cost your family thousands of dollars in unnecessary taxes and attorney’s fees. An estate planning attorney will help you avoid these problems by ensuring that your documents are properly prepared.
An experienced attorney will also guide you through the probate process. Probate is a court-supervised process that determines how your property is to be distributed after you die. Without a proper estate plan, your family will have to go through probate, which can be expensive and time-consuming. An estate planning attorney can help you avoid this problem by drafting a will that clearly specifies how you want your assets to be distributed.
In addition, an estate planning attorney will help you set up a trust to protect your assets from creditor claims and the costs of long-term care. A trust is an excellent way to protect your hard-earned assets and pass them on to the people you love.
The first step in finding an estate planning attorney is to ask for referrals from friends and family members. They will probably be more than happy to share their experiences and recommend an attorney who worked well for them. You should also check out the websites of different attorneys to see their rates and the types of services they provide.
You can also contact local or state bar associations or a county or probate court for a list of attorneys who specialize in estate planning. Some attorneys will even advertise their specialties in the newspaper or on television. Just be sure that the person you hire is actually a licensed attorney and has experience in estate planning before signing any documents. You should also read reviews of the attorneys you are considering and look for certifications or titles that indicate their specialization. Finally, you should interview several attorneys to find the best fit for your situation. Be sure to discuss your goals and expectations with each of the potential attorneys before making a decision.
