Death is inevitable and if one lives long enough so is old age. While retirement has its perks, it can also bring along illness and senility. The smart thing to do is to be well prepared financially and mentally ahead of time. It is important to consider that old age could leave one incapacitated not just physically but also in terms of mental dexterity. This is where we need the skills of an estate planning attorney.
Role of an estate planning attorney
From creating a will to matters of transferring the power of attorney, an estate planning attorney would address each of the concern areas and assist in creating a definitive solution. Having an estate plan in place isn’t something that makes sense only for wealthy people. One might require assistance in matters of estate taxes and advance planning in such cases can prove to be beneficial. An estate planning attorney helps with inheritance tax, business succession planning, drawing up a last will and testament, drafting living trusts, ensuring one’s assets are not being utilised in certain specific ways after death such as to pay off the beneficiary’s creditors.
Why do we need an estate plan?
Unpaid taxes or will disputes can not only lead to a penalty and higher legal fees but also drag on and cause unnecessary strain. The fees paid for the services of an attorney safeguards against being caught in any legal crossfire and also brings in a sense of comfort, knowing that our assets are protected and so is our beneficiary’s interests.
Hiring an estate planning attorney
They might charge a higher fee than a regular lawyer but the first meeting is usually free. Meet at least two lawyers before making your choice and be sure to enquire about the flat fee for a basic estate plan. Most estate attorney’s had a fixed rate for a straightforward plan and charge an additional fee for any advanced directives.