Many people tend to ignore the importance of estate planning. This ignorance has lead to fewer considerations for estate planning among many until it becomes too late to do so. Maybe before saying much about estate planning, we should first ask ourselves what it is. Basically estate planning is broad and it including such things like instituting the powers of an attorney, establishing trusts, reduction of taxes, appointment of trustees, planning for business, and writing of a will. It is a plan that incorporates transfer of your asset to the beneficiaries that you desire.
Asset transfer involves an array of properties, which are not limited to the expensive ones like cars, jewelry, and real estate property.They include other all owned money, books, houses, and others that one would wish to transfer to their intended beneficiaries. It is therefore inappropriate to ignore the need for estate planning based on the notion that only the rich are entitled to it.No one should convince you that only the wealthy are entitled to assets planning.
You will need an estate planning lawyer mainly for the reduction of legal problems and taxes, and avoidance of expensive litigation. The smooth transfer of assets to the intended heir will require the assistance of an estate planning lawyer to guide you on all aspects of the legal process. The services offered by the lawyers are complex and aimed at reducing the inconveniences that may limit the intended heirs from receiving the transferred assets.
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. Do not be afraid of interviewing prospective estate planning lawyers. Also, seek additional information from current clients so that at the end you will secure the best legal representation.
Creating a will and estate plan that suits you is a tax that bears complexity and commands you to seek the services of a probate lawyer. Legal representation in estate planning is however not the same for every province. The discrepancies in the local, provincial and federal laws in each of these provinces require that you find a law who specializes in the laws of your area. If you are in Colombia, for instance, there are several Real Estate Attorneys, Columbia Trust Attorneys, and Probation Litigation attorneys among others.
Estate Planning often starts by listing of all your assets and are followed by a list of debts and liabilities. You will then need to identify the main purpose of the plan, for example, you will need to decide whether your assets will go to charity or to specific persons. You will need to also make a list of those conditions that you reserve plus the events you would wish to avoid to avoid creating disharmony in your family.