Death is a life event that you cannot control. It can come when you least expect it when you are not ready for it. However, you can control the impacts of your passing by ensuring you have an estate plan.
Your estate refers to all of the assets you own when you die. In general, these assets are left to your heirs. However, sometimes, handling down these assets can get more complicated especially when heirs contest each other’s shares. You can avoid this situation in the future by planning your estate in advance with the help of an experienced McKinney estate planning attorney. The following are guidelines when picking this type of attorney:
What is an Estate Planning Attorney For?
Your estate planning attorney will help you create a distribution plan for your assets when you die. While you can do it on your own as forms are available online, estate laws can be complicated and vary by state. With their knowledge of state law, the attorney can help you prepare your will the right way.
When planning your estate, one of the complicating situations results from divorce. If you have kids from more than one partner or spouse, special provisions may be required to make sure your assets will be distributed based on your wishes. If you have a big estate, you must be concerned with estate taxes. Moreover, an estate attorney can establish a durable power of attorney and a medical power of attorney for end-of-life considerations. They can also provide strategies to avoid or reduce probate.
Things to Discuss with your Attorney
Your estate lawyer must be able to offer a rough estimate of what you will pay for their services. This estimate must be based on your estate’s size and what you would like to do with it. When consulting with your lawyer, ask about how much time it will take to complete your estate plan. Also, ask if you need a trust and what your options are.
When it comes to avoiding probate, you must determine the depth of knowledge the lawyer has about probate and assess their desire to avoid it altogether. When probate is involved, it can lead to high legal fees. Don’t forget to ask about the other work they do. Do not assume that a lawyer specializes in estate planning. If they list other specialties, they may not be as specialized as they claimed.