One of the questions you might have in mind right now is whether or not you need an estate planning. Well, you do. Everyone does. Regardless of how small or big your estate is, it is important that you plan ahead of time so you can avoid potential troubles in the future.
In layman’s term, estate planning is a process that allows you to determine the most ideal time as well as the individuals to whom you want to distribute or designate your assets (properties) and other forms of ownership you have — in case you are no longer capable of managing them by yourself or when you die. The individuals might be the members of your family or close friends or even organizations (e.g. charities). Estate planning allows you to avoid potential trouble in your future life.
Working with legal professionals for your estate planning
We understand that estate planning involves some complex legal works that legal assistance becomes necessary. Having said that, it is imperative that you carefully pick a lawyer or else you will just be putting some amount of your money down the drain. In addition to that, there are other things that you need to put into consideration before hiring a lawyer from an estate planning firm. These are the following:
– Your assets and their approximate value
– Individuals or entities that you want to receive your assets
– The individual(s) you want to manage your assets – both during your lifetime and after death
– The person(s) you want to take charge of your children’s care the moment you are no longer capable of doing the same in your lifetime
– The individual(s) you want to make decisions on your behalf concerning your care and welfare in case you are no longer capable of doing it by yourself.
Some tips in finding a good estate planning law firm
There are a lot of tips you can find around but for me, the following are important considerations you should include in your criteria when you hire an estate planning lawyer:
– experience in providing estate planning legal assistance
– the reputation – does it have big names in its clients list?
– expertise — find out if your prospective lawyer is really an expert in the field (try to ask some people – previous clients, perhaps)
– recognition – does the firm consistently rank in the top 10 (or in the top 50 law firms, perhaps) in your area?
Priyam Shukla writes an array of topics about professional services, including legal subjects. For more information on estate planning and related services, you can visit SMWB – a business law firm in Los Gatos, CA, offering different legal services, which include estate planning.