Irrespective of your age, family situation or level of income and wealth, setting up an estate plan is one of the wisest things you can do for yourself and your loved ones. Having an estate plan in place helps to avoid probate, minimise your estate transfer taxes and ensure your estate is distributed according to your final wishes.
Estate planning also helps to protect your wealth in the event you're unable to make important decisions for yourself. The individual that you appointed to look after your estate will step in and make those important decisions for you.
To reap the benefits that an estate plan can bring, it is important to work with the right lawyer. Here are some useful tips to help you choose the right estate planning lawyer.
Look for Your State-Specific Estate Planning Lawyer
While the general principles of estate planning are the same across Australia, estate planning laws may be slightly different from state to state. For this reason, it is important that you choose a lawyer that is well-versed with the estate planning laws of your specific state. This way, you can rest easy knowing that they will get every legal aspect of the estate planning process right.
You definitely wouldn't want your estate plan to be rendered invalid by the court because your lawyer wasn't up to date with the laws of your state.
Look for an Experienced Estate Planning Lawyer
Besides being conversant with the estate planning laws in your state, your chosen candidate should have practised estate planning law for a long time. The more the number of clients they have helped with estate planning, the more experienced they are in the estate planning process.
Experience comes in handy when it comes to ensuring a smooth and efficient estate plan process. This is because experienced lawyers know the ins and outs of estate planning and can handle any challenges that may arise more easily than novice lawyers.
Look for an Affordable Estate Planning Lawyer
No matter how experienced an estate planning lawyer is, they can only be of help if you can afford their services. While experienced lawyers tend to charge more for their services, they aren't necessarily expensive. The cost of creating an estate plan typically varies from client to client, depending on their specific situation.
Search for an experienced lawyer that charges a reasonable price for rendering estate planning services to clients like you.
Finding the right lawyer is essential to ensure you create an estate plan that works for you. With the above guide, you should be able to compare your options and make the right choice. Reach out to estate planning lawyers near you to learn more.
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