Estate Planning: What to Think About Before Meeting Your Lawyer

Most people recognize that their estate plan should provide for the distribution of their assets upon their death. That, of course, is an essential element of an estate plan, but there is more to consider in a well-designed plan. Prior to meeting with your attorney for the first time you should also be thinking about such things as who you want to handle your affairs should you become incapacitated, who you want to have the authority to sign important legal papers for you if you are unavailable and who you would want to raise your children if you suddenly die.

A trust may be the right choice for you if it is unlikely that you will acquire more assets in the years ahead. What can often happen, however, is that people will have a trust established and thereafter acquire new assets that they neglect to place in the trust. You can also browse http://speedwelllaw.com/alexandria-estate-planning-attorney/ to get more knowledge about estate planning.

Then when they die the assets outside of the trust have to go through probate which defeats the intent of establishing a trust in the first place. So, before deciding upon a trust as the main element of your own estate plan, take some time to consider your future investment plans and major acquisitions.

Every estate plan should include an advance directive, which used to be called a living will. This document allows you to appoint a health care representative to make health care decisions for you, including the end of life decisions, when you are unable to do so.

Everyone Can Benefit From Estate Planning

Estate planning is an essential part of anyone's financial life, as we are likely to accumulate money and property over time. Although it might not seem to be a lot to all of us, our family will benefit from our estate planning even if we have a modest amount in our investment portfolio and properties.

Even a modest amount of estate planning, enough to put our assets into a trust or will, can make a big difference to how much is passed on to our family when we are gone.  For trust related issues you may consult best natick dynasty trust attorney via rubinhay.com/natick-estate-planning-attorney_pa23282.htm.

Nowadays, financial planning is big business, and some people are reluctant to consult a financial planner. It can be hard to know where to start. You'll certainly want someone you can trust, so asking friends or even your banker can be a good place to start if you do not have any financial connections. But talk to someone.

The cost of not having a will or trust can be substantial. And estate planning will involve lawyers at some point because the law is rather complex, and the planning needs to be done properly.

And estate planning attorney will be the most knowledge person to consult about your estate planning. They will know the planning business inside and out, and be able to write wills and trusts that get your family through probate as fast as possible.