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KNOW ESTATE PLANNING
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We are born, we get educated, we land that dream job, we work hard all the way to lead a comfortable life by possessing all the necessary assets. Some toil harder and save to buy themselves their perfect home, the suave automobile. Then there are those that build schools, corporations etc. Have you ever given it a thought that what would happen to all your property and the assets, if the unfortunate happens, who will be your legal heir ?

As much as we can avoid talking about it, death is an inevitable truth. Let's be practical and accept the truth. We are mortals. To think that we are too young to talk about what will happen to our property if we die, is plain foolishness.

You must do an effective estate planning to ensure control over you assess while you are living and after your death. Estate planning involves formulating a will, trusts, power of attorney and the necessary asset management. It is done to ensure financial security during your life and to your family, after your demise.

To be sure that your property land in the hands of people whom you trust to operate it well, after your demise, you need to get a legal binding document i.e the will. A will is a part of estate planning , which covers in a details, as to who gets what share of your possession, according to your wish. A will ensure adequate division of all your assets.To take care of the property till it’s properly distributed after death, the testator has to name an executor who will manage the property. It can also be mentioned in the will, whether or not do you want a trust to be formed.

Then comes the trust. It is a legal arrangement involving a settlor and a trustee. The trustee could be an individual or an organization. They shall be responsible for taking care of the asset and it’s disposition on behalf of the beneficiary. The settlor legally gives the managing power of their property in a document to the trustee. Trust are generally made by parents and grandparents to address three concerns: guarding a living dependent, making sure that the money is enough for the grandchildren's survival, in event of death of one of the spouse; the estate must reach out to heir as well support the spouse. Depending upon the owner’s intention, a trust can either made and be effective during their lifetime i.e Living Trust or after their death i.e Testamentary trust.

THINGS TO KEEP IN MIND BEFORE HIRING A WILL AND ESTATE PLANNING LAWYER :

Check whether or not he is registered in the legal listing system of the respective nation. He should be a licensed attorney.

Since there is no such specialized legal study in will and estate planning, you should check how much experience the prospective attorney has specifically in estate planning. THe attorney must be well versed with the updated laws.
An efficient will andestate planning lawyershould hold expertise in drafting living trust and must be able to help you with avoiding estate taxes. A proficient attorney must be able to take care of any guardianship issues that might happen when you want someone to be the legal guardian of your property after your death. He should not be apprehensive in showing his record of number of cases won and lost.

Ask for referrals from other attorneys.

The fee range should be made abundantly clear in the beginning.

Life is unpredictable, and to ensure the investment from your hard earned money are not left to rot or abuse after your demise, make sure to have an estate planning done by a proficient estate planning lawyer.

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