Getting the help of a lawyer can be an easy way to do estate planning in a very professional way .however there are many drawbacks in hiring a lawyer for such purpose. Along with extra money and the emergence of difficulty while dealing with various kinds of lawyers, there are other complications that can occur when doing business with the lawyers. The legal advisors charge you per hour for their service. Therefore a certain level of preparation is necessary even from your side that the paper work should be presented beforehand saving unnecessary time, energy and money.
Such series of information that can be prepared first hand can include the following:
• The names, addresses as well as birth dates of the people who you want to be mentioned in your will whether they are related to you or not
• The names, addresses as well as birth dates of the guardian that you choose for your children specially if hey are minor should also be presented.
• The source of your main income as well as other income like subsidies and so on should be mentioned.
• Debts, mortgage, loans should also be clearly presented in the copy of detail for other purposes
• A list of valuable property along with that owned jointly as well as the names of the co-workers. These valuable properties may range from simple jewelries to other luxury items.
• A list of beneficiaries as well as other sources like pensions, government benefits as well as other plans regarding profits, and other sources can be included as well.
• Various documents like marriage certificates, existing will, property deals, divorce papers and so on (source: Wolfe and Stec). These documents may help to accelerate the process of your will formulating as well as estate planning.
• Any safe deposit boxes as well as the information and inventory about the contents of the box also can be mentioned while presenting the documents to the lawyer.
The above list of information can be prepared by you even before you hire a lawyer in order to save valuable time as well as your money. The cost that is needed to be invested for the service of the lawyer can be minimized a bit so that not only more time can be used by the lawyer to focus more on the case that he is in the process of preparing regarding your estate plans.
Taking help from an expert is indeed logical as well as saves you from any further trouble especially regarding any legal issues that need to be dealt with very carefully. Often times, the people themselves try to be the experts and work according to the little knowledge they possess to tackle their own estate planning. However, such step can be very dangerous for their financial well being. They end up doing things that they should not have done and that can lead to serious legal consequences. Hiring lawyers and legal advisors for the purpose is very reasonable but at the same time you don’t have to go through any problem as such. Formulating good estate plan by an expert is very applicable while at the same time doing so without putting any pressure on your own financial well being is just the icing on the cake.