With the global economic outlook worsening by the day, more Americans are looking for value wherever they can find it. Finding the best deal may be more important to you than ever before. But you may not believe this concept extends to your estate plan. In fact, you definitely need an estate plan in these challenging times and it is more affordable than you may think.
Like many people, you may have put off making a will or living trust due to concerns about more pressing financial issues. While the bad economy has been in the forefront for several years, it doesnít change the reality that we all need to plan for the inevitable. The risks to your surviving family members, pets, and business if you die without an estate plan donít disappear simply because you put them out of your mind. Also, you are no less likely to need a living will, health care directives, and long term care in a down economy. In fact, the more concerned you and your loved ones are about financial security and health care, the greater the likelihood you need to make an estate plan.
Many law firms offer a free initial consultation so a prospective client can determine whether the attorney offers the types of legal services the client needs. Since many consumers are intimidated about speaking with attorneys, they often fail to take advantage of the opportunity to speak with a lawyer for free.
If you do not have a basic will, advance directives, power of attorney, and a long term care insurance policy, you should definitely have a preliminary conversation with an estate planning lawyer. If you have an existing estate plan that hasnít been reviewed or updated in the past three years, you should also talk with an attorney about whether your documents need updated.
Benefits of a Free Consultation
A free estate planning consultation is a way for you to find out:
1. The most critical documents you need to protect yourself and your family.
2. What will happen to your surviving spouse, children, and pets without an estate plan based on applicable state laws.
3. How imminent tax law changes will affect your estate and whether you need to act quickly before current tax cuts expire.
4. Whether you need to consider Medicaid planning to preserve assets for your spouse or children.
5. What is the cost to have your estate planning documents drafted or revised by an attorney.
How to Use Your Free Estate Planning Consultation Wisely
a. Complete our free estate planning worksheet before contacting an attorney so you are prepared to discuss your goals for this process.b. Interview three different attorneys before choosing one to prepare your estate plan. A free consultation is a way for you to determine if the attorney is a good fit for your needs and whether you can afford his or her services.
c. If you have difficulty hearing or taking good notes, have a friend or family member with you when you speak with the attorney. d. Keep in mind that an initial consultation is typically limited to between fifteen and thirty minutes. Concentrate on your most important questions rather than getting bogged down in details. Avoid telling long stories about your family or other issues and stay focused on the key elements of your estate plan.For a list of tips on how to choose an estate planning lawyer, see finding an attorney.Copyright 2020 Pennyborn.com. ALL RIGHTS RESERVED.
INFORMATION ON THIS SITE, INCLUDING ARTICLES, ESTATE PLANNING FORMS, AND THE ESTATE PLANNING BLOG, DOES NOT CONSTITUTE LEGAL, FINANCIAL OR TAX ADVICE. Pennyborn.com is not a law firm and is not a substitute for a lawyer. Your use of this site does not create an attorney-client relationship. Information on this site is for educational purposes only and may not be accurate, complete or up to date.
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