Tips For Choosing An Estate Planning Lawyer

Estate planning is not only for wealthy individuals. It can be a valuable means of transferring assets, preparing for large taxable events, and ensuring a business operates smoothly in the event that an owner dies. The problem is that a majority of people who could gain significant benefit from hiring an estate planning lawyer choose to do everything on their own. The results can be tragic since even small errors can have devastating consequences.

Below, are provide 3 tips for Choosing an Estate Planning Attorney who can help you prepare the protection,
transfer, and distribution of your assets.

1 - Ask Your Advisor To Refer You

Accountants, financial planners, and attorney often work together in managing their clients' assets. Chances are, your accountant or financial planner can refer you to an attorney they trust. If you haven't spoken with your advisor regarding the transfer of your assets, bring the subject up. You may even want to ask them to whom they entrust their own estate planning.

2 - Identify Your Needs

If you only intend to have a will created or a power of attorney drafted, you probably won't need the specialized services of an estate planning lawyer. An attorney who offers a broad range of services will suffice. On the other hand, if you own a small business, or have a complicated portfolio of assets, you should consider hiring a lawyer who has experience in handling such cases. Depending upon your attorney's specialization, he may be able to significantly reduce tax liabilities and create a seamless transfer of your assets when you die.

3 - Consider Ongoing Support

Some attorneys provide more support than others. For example, a lot of estate planning lawyers will meet with you, examine your assets, and draft the necessary documentation (i.e. wills, powers of attorney, revocable living trusts, etc.). After that point, you may never hear from them again.

Other attorneys will maintain contact with you over the years in order to keep you informed. Laws change as do life
circumstances. Occasionally, new legislation is enacted which allows for different asset strategies. An attorney who keeps clients updated on these changes while inquiring about circumstances reflected in their current estate plans provides immense value.

Handling Your Assets With Confidence

Laws which dictate how your assets are handled after you pass away or become incapacitated are complicated. While it is possible to navigate these legal waters without the experienced advice of an attorney, doing so can create problems. For example, there are many websites which offer "do it yourself" legal forms for asset protection. Unfortunately, some of these forms will not be legally valid, exposing you and your family to a number of potentially costly mistakes.

Consult with a qualified
estate planning attorney who can examine your asset portfolio in the context of your current circumstances. The peace of mind makes the​​ investment worthwhile.