Estate planning is the process of making arrangements for the distribution of your assets after your death. It can also include planning for your care and well-being in the event that you become incapacitated. While it is possible to britfox.com/ create a simple estate plan without the help of a lawyer, there are many benefits to working with an experienced estate planning attorney. A good estate planning lawyer can help you:
- Understand your estate planning options. There are a variety of estate planning tools available, such as wills, trusts, and powers of attorney. An estate planning lawyer can help you understand which options are best for you and your family.
- Create a customized estate plan. Your estate plan should be tailored to your specific needs and wishes. An estate planning lawyer can help you create a plan that meets your individual goals and objectives.
- Avoid probate. Probate is the legal process of distributing a deceased person’s assets. It can be a time-consuming and expensive process. An estate planning lawyer can help you structure your estate in a way that minimizes the need for probate.
- Protect your assets. An estate planning lawyer can help you protect your assets from creditors, lawsuits, and other threats.
- Plan for your care and well-being. In addition to distributing your assets, estate planning can also include planning for your care and well-being in the event that you become incapacitated. An estate planning lawyer can help you create documents such as living wills and powers of attorney to ensure that your wishes are respected.
When to hire an estate planning lawyer
There are a few key life events that should trigger a review of your estate plan:
- Marriage or divorce. Getting married or divorced can have a significant impact on your estate plan. You should review your plan after any major life change to ensure that it still meets your needs and wishes.
- The birth or adoption of a child. The birth or adoption of a child is a major life event that should prompt a review of your estate plan. You need to make sure that your child is provided for in your plan and that you have a guardian in place to care for them in the event of your death.
- A significant change in assets or income. A significant change in assets or income can also impact your estate plan. You should review your plan to make sure that it is still tax-efficient and that your assets are distributed in the way that you want.
- Retirement. Retirement is another major life event that should trigger a review of your estate plan. You need to make sure that your plan provides for your needs in retirement and that your assets are distributed to your loved ones in the event of your death.
Even if you have a simple estate plan, it is a good idea to review it with an estate planning lawyer every few years to make sure that it is still up-to-date and meets your needs.
How to find a good estate planning lawyer
When choosing an estate planning lawyer, there are a few things to keep in mind:
- Experience. Choose a lawyer with experience in estate planning. You want to make sure that your lawyer is familiar with the latest laws and regulations and that they can help you create a plan that is tailored to your specific needs.
- Reputation. Ask your friends, family, and other professionals for recommendations. You can also check online reviews to learn more about different estate planning lawyers in your area.
- Comfort level. It is important to feel comfortable with your estate planning lawyer. You will be sharing a lot of personal information with them, so it is important to find someone you trust and who makes you feel at ease.
Once you have found a few potential estate planning lawyers, schedule a consultation with each one. This will give you a chance to ask questions and learn more about their experience and approach to estate planning.
Estate planning is an important part of financial planning. By working with an experienced estate planning lawyer, you can create a plan that protects your assets, provides for your loved ones, and minimizes the need for probate.