Is Estate Planning for Everyone or Just the Wealthy?

estate planningEstate planning can be defined as the act of managing and arranging for the re-assignment and disposal of one’s assets in the event of their passing or incapacitation. This is often mistakenly thought of as a service only needed by the wealthy or those with a lot of assets; the truth of the matter is everyone needs to plan. The act of planning includes covering legal documents such as wills and trusts.

Avoid DIY Kits!

One of the biggest issues I have ran across recently is people using DIY estate planning services. While these can range from somewhat helpful services to completely inaccurate data, I would like to caution you about purchasing and using these types of kits, which often include nothing more than an E-book download and a few template forms. Although it may seem to be the economical choice, only a licensed and qualified attorney will truly know the ins and outs of state laws and estate planning procedures.

Once you have passed away and the probate court is assigning your assets, each document could come under scrutiny. If you hired a licensed attorney, you can rest assured that your documents will hold up. Is the few dollars you could save on a DIY kit really worth all the arguments that could be caused in settling your last wishes? Most likely the answer is no!

Selecting an Estate Planning Attorney to Assist You

When you are looking for an attorney to help with your estate planning, here are a few questions to ask.

  • Do you have experience in Estate Planning?
  • How often do you work with wills and trusts?
  • How many years have you been practicing as an Attorney?

After asking those simple questions, you should have a pretty good idea of how experienced your potential attorney is in the field. There are of course several other factors that must be considered, and ultimately you should go with your gut feeling.

Estate Planning is not something that anyone looks forward too, the consequences of not planning are far worse though. Hire a qualified attorney and make sure your estate is planned properly.

 

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