4 Factors to Consider Before Hiring an Estate Planning Attorney
Creating a viable estate plan probably seems like a considerable task, especially if you have multiple heirs and you are not sure which assets to add. Hiring an estate planning attorney can help you design a plan that can help your family avoid probate after your passing; however, before you choose this type of legal assistance, there are a few factors you may want to consider first.
- The Attorney’s Background
Some attorneys may practice in more than one area of law, which could be useful when it comes to estate planning. For example, a lawyer who can help you create such a plan may also practice asset protection planning and have a background in debtor, credit, and bankruptcy law. Before you choose an attorney who practices both, you may want to ask about his or her background and how this additional knowledge could be useful in planning the arrangement of your estate.
- The Size of Your Estate
Even if you have a small estate, the services of an estate planning attorney could be of value to you. One advantage of arranging these matters is learning about federal estate tax exclusions, which could help your heirs when it comes to inheriting property and other assets without having to pay taxes on it. You may be able to meet the threshold of some state tax exemption laws by ensuring you add all your qualifying assets.
- The Number of Heirs
An estate plan involves naming heirs and could include minors whose inheritance will likely need to be held in trust until they come of age. If you have multiple heirs and few of them are not ready to inherit property, enlisting the assistance of an estate planning attorney can help you set up the trusts. This may help your heirs and the trustees avoid probate court in the future.
- Your Planned Power of Attorney
Estate plans can help you plan for a variety of circumstances, such as if you should become medically incapacitated by injury or illness. Your estate planning attorney could help you decide how to choose a power of attorney — the person who would make decisions on your behalf and handle your estate’s finances. If you are concerned about any currency debt that may affect this decision, hiring an attorney who also practices asset protection planning may be of help to you.
Proper estate planning can protect the future of your assets and the heirs who receive them. For more information and assistance, contact a lawyer, like an estate planning lawyer from Yee Law Group, today.