Most of us would agree that hiring an estate planning attorney is probably not the first thing on our minds. Often, we feel that we are in perfect health, so we do not need estate or legacy planning. However, little do we realize that estate planning is a crucial step that ensures that we leave behind a legacy for our loved ones in case of an unforeseen event.
Effective estate, or legacy, planning begins with choosing the right the legacy planning attorney. Here are some tips you should follow when hiring a legacy planning attorney in Hawaii or San Mateo:
Know the significance of estate planning
One of the first things you should do is to know the significance of estate planning. As mentioned before, an estate plan is not something you do when you are on your deathbed. Instead, you take your time to plan what legacy and/or assets to give to your loved ones. Not only does this help you make a systematic plan but also ensures that your loved ones do not engage in some form of conflict regarding your estate when you are no longer there for them.
Assess your situation
Next, you need to assess your situation — both financial and physical before you make a decision. You need to consult your financial planner or accountant while planning your estate. Based on your situation and needs, you can convey your requirements to the estate planning attorney. This will help them draft a plan that works for you.
Make a list of the documents needed
Once you are through with the initial aspects of estate planning, you need to make a list of the documents required for estate planning. Even though it might vary in individual cases, you need to have a last will, testament, will substitutes (wherever applicable), advance health care directive, durable power of attorney, and HIPAA. When you have all these documents with you, you can move towards estate planning and developing an effective plan.
Focus on the benefits of legacy planning
Finally, you need to know the benefits of legacy planning before you move ahead. In addition to making succession as smooth as possible, it also ensures that your assets, such as family heirlooms or properties, go to the people you love or choose as beneficiaries. Besides, it also helps minimize gift and estate taxes that can otherwise cost up to 40% of the total value. Thus, to ensure that you make an informed choice, you do not have to worry about anything else.
Takeaway
Choosing the right estate planning attorney to guide you through the process can be a very personal choice. Choose one that helps you feel comfortable about the process and is willing to spend time to explain the law, and the rules regarding probate and trust administration. Whether Legacy or Business Planning, Contact CASHMAN LAW today for a free consultation to get the Plan You Deserve.™ You can reach us at 808-460-0436 or 650-319-6801, or schedule an appointment directly at this Link.
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