Avoid These Costly Mistakes By Hiring An Estate Planning Attorney
In order to pass your estate along to your deserving heirs it is important that you choose a family law attorney to help you draw up an estate plan to avoid extra taxes and probate when you do pass. An experienced and trusted estate planning lawyer will help to ensure that your assets are distributed properly upon your passing. They will also be an important part of putting in place a medical power or attorney, POW, just in case you become unable to make decisions regarding your care before your passing.
The process of finding an attorney that is qualified to help you can bequite daunting. It is however impertitive to the success of transferring your assets upon your passing. The right attorney will not let you make the mistakes that many people commonly make when creating an estate plan. There are serious blunders that can be made that should be avoided to create an easy transition of estate upon your passing or if you should become incapacitated and are unable to make decisions for yourself.
Avert Common Misconceptions
Many people think that hiring the services of an estate planning lawyer is only for the rich and affluent. This however is so far from reality. Proper preparations for distribution of properties is essential. Everyone has assets of one kind or another be it real estate, investments, personal belongings,and more. You do not have to be rich in order to own assets that you will want distributed to your family without the hassle and expense that can come from probate.
Regardless of your financial assets, it is beneficial to have an estate plan in place to distribute your assets. Asset distribution can be more efficient using a professional lawyer. An attorney can help reduce the taxes to ensure a smooth transition of these assets to your beneficiaries. The idea is to make sure that your properties are transferred according to your wishes and not determined by a court.
When seeking an estate planning attorney, there are certain things you would want to ask first. Know what the service charges are and what are the best proceedings in place to be applied to reduce tax requirements. Also, check to see if there are any apparent problems with your wishes among the beneficiaries and how best to make these arrangements.
A will or trust may be needed to be updated after the initial draft of your estate plan. So, make sure that you understand about the process. Your lawyer should be provided as much information as possible, which will make it easier to prepare your estate plan. Discuss your bank account information, insurance, pension and retirement plans, debt list, etc. with the attorney during the process.
Seek Attorney References
The best way to look for an estate planning lawyer is to ask for references. Use the help of attorneys, financial advisors, or even the local bar association to find out about professionals near you. Look for advertisements that offer relevant information. A good resort can be to look up online and visit the websites of local attorneys in your area. Professional attorneys will have a proper website with adequate information regarding their service. You may even find testimonials of satisfied customers that have sought real estate planning of their properties.
The power of a good estate planning attorney will help plan your assets well for the time when it comes to distributing your properties among the beneficiaries. A specialist in the field will be the best choice for the job.
Benefits of Gifting Assets
One of the most prominent benefits of segregating your properties is to reduce estate taxes. Once these assets are distributed, they cease to hold against the value of the estate. Hence, taxes levied are comparatively much less. Another advantage is that a capable attorney will remove the hassles that your beneficiaries may have to bear related to paying taxes, litigation, and other additional expenses.
The biggest benefit however is the peace of mind that the asset owner gets by appointing an estate planning lawyer to handle the task of distribution. Knowing that your beneficiaries will not have to face tedious legal issues to claim their rights will be quite a relief.
By incorporating a proper will in place with the legal documents to specify the rightful heir to your property, you will be able to receive the opportunity to determine who acquires which of your assets. An estate planning attorney will help you greatly in the process so you can be rest assured that your belongings get distributed in the proper way as per your desire.
Learn more about attorney Sean J. Nichols and the legal services he provides for clients including: estate planning, elder law issues, Medicaid planning, elder care, probate law, guardianships, and power of attorney (POA) at www.seanjnichols.com. To contact the offices of Sean J Nichols, call 734.386.0224 today.