Most of us tend to ignore the significance of estate planning. This has resulted to many people failing to consider planning of their estate till it becomes too late to do so. We may first have to ask ourselves what estate planning is before discussing more it. Estate planning covers a variety of fields including drafting of a will, advance medical instructions, business succession planning, appointing trustees, reducing taxes, instituting powers of an attorney, and establishing trusts among others. It is a plan that incorporates transfer of your asset to the beneficiaries that you desire.
The assets that are to be transferred include car, homes, jewelry, real estate, and all other inexpensive property.Other inexpensive assets that are transferred to the loved ones include books, money, houses, and all personal possession that one wishes to transfer. It is therefore inappropriate to ignore the need for estate planning based on the notion that only the rich are entitled to it.The idea that estate planning is only for the rich is just a misconception.
You will need an estate planning lawyer mainly for the reduction of legal problems and taxes, and avoidance of expensive litigation. An estate planning attorney will guide you on all legal aspects of asset transfer. The attorneys will ensure that they seal all loopholes that may complicate the process of asset transfer to the intended heirs
The estate planning lawyer that you intend to hire should be trustworthy to ensure that your assets are smoothly transferred to your loved ones. The lawyer whom you seek services from will help you create a solid strategy that incorporates all your requirements. Don’t hesitate to consult the offers offered by the lawyer before committing to one. Moreover, clients who have previously interacted with a certain lawyer will recommend to you the best lawyer whom you can engage.
The task of deliberating a will and creating an estate plan is complex and you will need a probate lawyer to assist you with the necessary legal advice. Legal representation in estate planning is however not the same for every province. The local, provincial and federal laws that govern estate planning are different in each of these provinces and you will thus need to look for a lawyer who specializes in these local laws. For those in Columbia, there are a variety of real estate attorneys, Columbia trust attorneys and probation litigation attorneys you can search from.
The first thing to do in estate planning is to list all your assets followed by listing your debts and liabilities. You will also need to establish a main objective of the plan, for instance, decide whether you wish to for your assets to go to charity or to specific beneficiaries. In addition, there is need for you to identify and communicate to your lawyer your conditions and the events you would like to avoid in the aim of preventing squabbles in the family.