Estate planning does not only pertain to the elderly and wealthy. Anyone who is interested in arranging their finances to ensure that their loved-ones are cared for when they pass should take this into consideration. But, how do you get started? The best place to start is with an experienced estate planning attorney . But choosing the right lawyer is like selecting an avocado. It takes a little pressure to tell if the avocado you bought was good.
To begin with, let's examine the 'whys.' Let's look at some of the most common reasons that you would need to hire a specialist. These professionals assist you in legal documentation--including wills, trusts, power of attorney, and healthcare directives--to prevent common pitfalls that could derail your wishes. They are the navigators who guide your assets through the turbulent legislative waters.
Before you hire someone, peel their eyes! Find out about their specific expertise. Each state's estate law is unique and varies greatly. You wouldn’t choose a guide for a New York City trip who was an expert in the Grand Canyon. If you want to successfully guide your estate-planning process, the attorney must have a thorough understanding of local laws.
Talking about nuances, an attorney who practices estate planning does more than fill out a form. They design strategies to align with both your financial and personal objectives. This could include minimizing the estate tax, or creating a trust in order to benefit an unproductive child. They can also assist in navigating family dynamics to make sure that your final desires are executed without family tension.
Here is where it gets sticky. It is difficult to talk about your own potential incapacity or end-of-life issues, but this is necessary. A seasoned estate planner is like an experienced bartender. She will not be shaken or swayed by your stories. She can create the right mix of documents, without spilling even a single drop. They are able to tailor your plan to suit your needs.
Here's an interesting story: A man came to an estate planning professional with a plan which was so tangled it looked like Christmas lights that were left untouched from last year. The attorney did not throw out all the pieces. Instead, he addressed each bulb and got it to glow along with the client’s favorite Christmas songs.
You shouldn't pick the first planning partner that you find on Google. As a child, explore reviews, and treat them like a potential date.
Your lawyer should also be able to communicate well. This means that they shouldn't just throw around legalese without making sure you understand. It's possible that they're the wrong fit for you if, after a meeting with them, you feel even more confused than when you first walked in. You need a lawyer with a good understanding of estate law and who knows how to communicate it.
You should remember, once you have selected the right attorney to handle your estate planning, that it isn't something you can set up and forget. As a result, your estate plan should be treated like a sourdough starter that requires periodic attention.