- Special needs children. If you have a child who has special needs, you should work with an estate planning attorney who can help you create a plan that ensures the ...
- High net worth. ...
- Marital considerations. ...
- Special government benefits. ...
Full Answer
What are the qualities of a good estate planning attorney?
Jul 30, 2021 · Reasons To Hire An Estate Planning Attorney 1. They Will Ensure Your Loved Ones Are Protected. Estate planning is a very delicate matter. A minor mistake can leave your hard-earned wealth in the wrong hands while your loved ones are struggling. And that’s why you cannot afford to create this plan with legal guidance.
Should I hire an estate planning attorney?
May 14, 2020 · An estate planning attorney will explain to you how state laws, such as community property laws, intersect with your ownership of assets. Customize your plan. Estate Planning is not a forms practice. Each family dynamic is different. Each family owns different assets. Each family has different goals and desires.
What should you look for in an estate planning attorney?
Jan 19, 2022 · You might think you’re too young to hire an estate planning lawyer. An estate planning attorney helps you create a will, trust, and distributes your assets when you die. They do so much more, that you shouldn’t hesitate to hire one no matter what your financial situation is. Read on to learn five essential reasons why you should hire an estate planning lawyer. 1. You …
Do you really need an estate planning attorney?
Dec 03, 2021 · Here are some reasons why you should hire an estate planning attorney: Avoid probate proceedings. Each state has its laws regarding probate, but the fundamental principle is the same, wherein it is a lengthy process for transferring the …
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Hiring an Estate Planning Attorney
The following is provided for informational purposes only and is not, nor should it be construed as legal advice.
What is an Estate Planning Attorney?
An Estate Planning Attorney is a licensed attorney with particular knowledge in the areas of Wills and Trusts. An estate planning attorney knows the specific laws related to drafting and probating Wills and understands the benefits and consequences of trusts, powers of attorney, and healthcare directives.
Why you Need an Estate Planning Attorney
Ensure your documents comply with current state law. Each state is governed by its own set of estate laws. Online Will programs may claim to conform to your state’s law, but this may not always be the case.
What you Should Know About Hiring an Estate Planning Attorney
When hiring an estate planning attorney, you should look for someone who is experienced in estate planning, and communicates thoroughly with you regarding your life details and goals. Being prepared for the initial consult is sometimes the biggest hurdle.
Is estate planning for elderly?
Estate planning is not just for the elderly. Many young families neglect this important process not realizing that they must put guardianship decisions into writing to ensure proper care is taken of their children. While these documents can be drafted by parents, there are more complicated issues than simply naming a guardian that may need to be considered including a trust for the care of the children. Additionally, it may be necessary to name one guardian for the care of the children and another for future assets that will be given to the children. These more complicated issues should always be handled by an attorney to ensure that in the event that something does happen, any concerns regarding minor children are met.
Can you probate a home if you have already given away all your assets?
So, if the family member has already given away all of their assets, especially cars and homes, or has been living in an assisted living home for some time, it is unlikely that their total assets will be sufficient for probate.
What is an estate lawyer?
An estate lawyer is trained in matters related to passing on your assets after you die, and planning for situations where you can no longer care for yourself. They are experts in wills, trusts, and your local probate process. Some estate lawyers may also have specialties, like planning the succession of a business.
Who is Derek from Policygenius?
Derek is a personal finance editor at Policygenius in New York City, and an expert in taxes. He has been writing about estate planning, investing, and other personal finance topics since 2017. He especially loves using data to tell a story. His work has been covered by Yahoo Finance, MSN, Business Insider, and CNBC.
What is Russell Boring's award?
Over 27 years experience and award winning legal services. Russell Boring was bestowed the Client Distinction Award, the Martindale-Hubbell® honor of distinction for: Communications Ability, Responsiveness, Quality of Service, and Value for Money.
Is estate planning a will?
While Estate Planning is often as simple as having a valid Last Will and Testament, it can also accomplish many other goals. Through various, informed Estate Planning techniques, you can provide for your family’s future while also protecting its assets. Contact Russ. Contact Attorney Russell Boring Today.
Do you have all your ducks in a row?
Do you and your loved ones have “all their ducks in a row?” It can be devastating to discover that the good intentions and promises of gifts of a dearly departed family member are ignored and unenforceable by the Probate court unless in a properly drafted document. While Estate Planning is often as simple as having a valid Last Will and Testament, it can also accomplish many other goals. Through various, informed Estate Planning techniques, you can provide for your family’s future while also protecting its assets.
Amount of Assets
- While every state is different, all states have a minimum asset requirement for probate. So, if the family member has already given away all of their assets, especially cars and homes, or has been living in an assisted living home for some time, it is unlikely that their total assets will be sufficient for probate. What this means is the only likely items that require attention are personal items tha…
Business and Portfolio
- Owning or participating in a joint business is a complex process. Even more complex is distributing business assets or transferring ownership once the original owner is deceased. While some businessmen will specify in their business filings what course of action should be taken should the owner die, many businesses lack that guidance. In order to accurately dispose of a b…
Other Matters
- It’s a common misconception that wills attorneys only draft legal documents for asset distribution. In fact, estate planning lawyers also help clients determine burial wishes and, if necessary, draft powers of attorney and medical care wishes. One decision that many families have difficulty with once someone passes away is determining their wishes regarding their rema…
Children
- Estate planning is not just for the elderly. Many young families neglect this important process not realizing that they must put guardianship decisions into writing to ensure proper care is taken of their children. While these documents can be drafted by parents, there are more complicated issues than simply naming a guardian that may need to be considered including a trust for the c…
When A Diy Will Works
- Not everyone needs to hire an estate planning attorney, just like not everyone needs to hire a divorce attorney. If someone wants to draft their own will and they are educated and capable of conducting research, they can write their own will. Additionally, if someone rents their home and car and only has a small bank account, there is no reason to have an attorney draft their will as t…
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