Estate planning can make the difference between the government taking your assets and you being able to pass your wealth on to your family smoothly. People of all income levels can benefit from speaking with an attorney for advice on wills and trusts. Before you meet with a trust and estates attorney, spend some time gathering information about your assets, debts and considering how you’d like your money and property distributed.
Where can I find an asset checklist for estate planning?
Several websites provide simple checklists that’ll get you started. Bring that information to your initial meeting with your attorney. Your trust and estate lawyer can use that to determine what other information is needed.
Can a financial planner prepare a will?
In most jurisdictions, anyone can prepare a will. Just remember that financial planners have different training, educational and licensing requirements than attorneys. Good trusts and estates attorneys often take a holistic approach and work with financial planners to ensure a solid plan for while you are alive and after your death.
Can I do my own estate planning?
Absolutely, if you feel comfortable doing so — there’s no law requiring an attorney to plan your estate. The benefit of working with an attorney lies in their experience. There are often tax and other consequences that result from estate planning choices that you might not be aware of. Because trust and estate attorneys specialize in these matters, they can quickly and efficiently create plans that maximally protect your assets.
The cost of estate planning attorneys should not deter you from taking the necessary action to ensure that your estate is properly taken care of after you pass on. Estate planning law firms generally try to keep the cost of estate planning attorneys that work for them at a reasonable level so that most people can afford to have a will properly made. Leaving no will behind can result in huge expenses and complications for your family, but having a properly drafted will can eliminate many of the costs and struggles that can be left behind after someone has passed on. The cost of estate planning attorneys should get you a comprehensive will that embodies your wishes and meets all of the required legal formalities for a will to be recognized by a court. The cost of estate planning attorneys can seem high, but if you try to draft a will on your own, it is very likely that it will not meet all of the required legal formalities and so will not be recognized by a court, rendering its contents moot. Consult estate planning lawyers to make sure that this does not happen.
One divorce happens every thirteen seconds, adding up to over 6,500 divorces every day. If you are considering or going through divorce, it may be wise to retain an attorney to make sure that your interests are properly represented. For instance, about 75% of children whose parents are divorced live with their mother. This can be especially important if you are the father. However, parents with children are about 40% less likely to become divorced than couples without them.
If you rent a property, real estate lawyers often draft leases to help landlords and tenants to avoid disagreements and to close legal loopholes that can effect either party. Real estate law can be much more complicated that it seems initially, so it is often worth consulting an attorney to make sure that you do not put yourself in a compromised legal position. See this reference for more: www.hogansonglaw.com