It is a common practice among many, to ignore the relevance of estate planning in their lives. As a result, most people do not consider planning an estate until it is too late. We may first have to ask ourselves what estate planning is before discussing more it. Estate planning covers a variety of fields including drafting of a will, advance medical instructions, business succession planning, appointing trustees, reducing taxes, instituting powers of an attorney, and establishing trusts among others. 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.Other inexpensive assets that are transferred to the loved ones include books, money, houses, and all personal possession that one wishes to transfer. It therefore wrong to assume that only the rich need an estate planning since everyone has possession which they would want to transfer to their loved ones.The idea that estate planning is only for the rich is just a misconception.
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 attorneys will ensure that they seal all loopholes that may complicate the process of asset transfer to the intended heirs
Before you plan for your estate, it is important to seek for services of an estate planning lawyer whom you trust. Ensure that your lawyer provides you with a comprehensive strategy that fully satisfies your needs. It is imperative that you research more information about the estate planning lawyer whom you intend to commit. Additionally, seek reviews from other people who have previously dealt with a particular lawyer to ensure that you make the best choice.
The task of deliberating a will and creating an estate plan is complex and you will need a probate lawyer to assist you with the necessary legal advice. Legal representation in estate planning is however not the same for every province. The local, provincial and federal laws that govern estate planning are different in each of these provinces and you will thus need to look for a lawyer who specializes in these local laws. Those who reside in Columbia can look one of the various attorneys that include Columbia Trust Attorneys, real estate attorneys, and probation litigation attorneys.
While acting upon a real estate plan, you begin by creating a list of all your assets then you create another containing all your liabilities and debts. 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. In addition, there is need for you to identify and communicate to your lawyer your conditions and the events you would like to avoid in the aim of preventing squabbles in the family.