There is a misconception that one should only consider estate planning when they are old or worth millions of dollars in property. It might explain why about 34% of Australian adults are walking around without a will. However, anyone can start planning their estate regardless of wealth or age. If you are thinking about writing your will and planning your estate, you need to hire an estate planning lawyer. They will discuss and assist you in drawing up a will, saving your family from stress and feuds. However, the quality of estate planning is only as good as the lawyer you choose. This article highlights essential attributes to look for in an estate planning lawyer.
Draws and Executes a Plan
When hiring an estate planning lawyer, find one who will formulate the necessary documents and execute the associated trusts. First, it is a cost-effective approach because legal services cost money. Thus, hiring one lawyer to prepare documents and another to execute the plan will cost you more. Besides, allowing the same lawyer who conceptualised estate plans to oversee the execution ensures a smooth implementation process. It is particularly the case for people with high-value estates since the properties are more complex to plan. In such cases, you want a lawyer who understands everything to do with your estate.
Observes Periodic Reviews
Estate planning is not cast in stone, and changes can be made to documents at any time as long as an estate owner is still alive. It is essential because you can experience unexpected financial changes that affect the outlook of your estate. Thus, a professional estate planning lawyer will conduct periodic reviews of the documents. Notably, some lawyers will review your affairs for a small fee, while others will do it for free. Whichever is the case, a qualified lawyer will ensure that your estate plan is up-to-date regarding your financial position.
Can Create Comprehensive Estate Plan
Estate plans differ in content. Some plans are straightforward and contain a simple will, while others are comprehensive and include a will, trusts and insurance plans. Although a lawyer will charge you more for drawing a comprehensive estate plan, it is worth every cost. A lawyer knowledgeable and experienced in drawing comprehensive estate plans can save you lots of money in the end. In most cases, such lawyers have a close working relationship with other professionals, such as tax accountants, retirement planners and money managers. Besides, the lawyer will help you understand different insurance options for each estate-planning aspect.
Contact an estate planning lawyer for more information.