An estate planning lawyer would prove to be your best friend when it comes to planning your estate, financial deals and intricate tax laws along with handling wills and trusts. If you are in this profession, you would be well aware of the fact that one needs to be equipped with new ideas and plans on a daily basis, to offer the best advice to your clients.
We can not underestimate the importance of estate planning. Apart from experiencing bitter situations and legal complications, it is generally seen that the expense incurred in retaining an estate planning lawyer to prepare and help you put an estate plan into place is worth hundreds of times what you and your family would pay with no planning or poor planning.
In addition to that a careful estate planning would also avoid the financial and emotional nightmares that can occur with a poorly drafted plan. So you can not afford to ignore the importance of estate planning and the role played by a qualified and knowledgeable estate planning lawyer.
People have become educated and well aware of different laws. So, experienced and qualified lawyers are in a great demand. They all wish to seek adept, accurate and most recent information under the category of estate planning.
In the last couple of years, people have started thinking seriously about their future. They wish to protect themselves as well as their spouse and children in case of any emergency. They know future is unpredictable and uncertain, so they are more inclined towards protecting their rights and securing the future of their family. Hence, they look out for plans that would support their family members and loved ones when they come across any unpleasant situation or simply pass away from this world.
Laws are not same everywhere, they differ from state to state. For example, according to the law in New Jersey, when a person dies without a will and without children his/her spouse would inherit all assets even in the event of separation from the spouse. Additionally, if the person has children from a previous marriage but dies without a will, his separated spouse would get half of his estate. Similarly, you can find other laws that may differ from state to state.
Hence most estate planning lawyers suggest their clients to pass on their assets to their loved ones or favorite charity.
In case, you are an attorney and want to offer top class ideas to your client while preparing a plan for estate planning or simply preparing a will, here are some important things, you may suggest your clients:
a) You must ask your client to prepare a will to distribute his/her assets to the people he or she care the most, in your presence. b) Ask your client to prepare a power of attorney in order to select someone to handle his or her finances in case he or she gets disabled. Let your client have his or her old power of attorney revoked. c) Your client must prepare a living will. d) It would be wise for your client to change his or her beneficiary on assets, he or she may own, such as stocks, bank accounts, IRA and other financial assets. It would be better if your client changes his or her beneficiary on life insurance. e) The client must contact his or her employer’s Human Resources department and change the beneficiary on life insurance, employee benefits, pension or stock options. f) The client must keep personal papers at a location where his or her family can easily find them. g) Your client must decide what medical treatment he or she will receive if they ever become incapacitated to the point that they are unable to communicate their wishes. Also ask them to plan on what medical facility will provide the care and naming the person who will communicate their wishes to physicians and other medical staff. h) Prepare a prenuptial agreement in case your client decides to get married. i) Suggest your client to nominate someone to serve as guardian to minor children under a will. j) Last but not the least, ask them to develop a plan to minimize estate tax liability and avoid probate as much as possible, as well as preserve and increase the value of your estate so you can pass as much of your wealth as possible to your intended heirs.
Needless to say, planning for your estate and preparing and assigning wills is a major decision in anybody’s life. By planning properly and well on time, you will save yourself and your loved ones a lot of grief and worry. Never be late when it comes to planning your estate. At one hand, this helps simplifying your life and ensuring a better future for yourself; while at other it will make easier for your loved ones (when you are no longer) to make medical care and financial decisions on your behalf, in case of an emergency or disability.