More than half of Canadian adults don’t have a signed will. It’s hard for many to even think about a will or estate planning as it compels people to consider financial issues that will arise both while they’re alive and after they’ve passed. However, it’s necessary to ensure all assets are managed properly and inheritances are distributed safely to avoid any potential problems.
Experienced wills and estate lawyers not only help with drafting basic wills but can also assist with more complex matters such as multiple heirs and numerous trusts. You will probably have several concerns when putting together trust and estate plans. So, here are five questions to ask estate lawyers to get you started.
How Much Experience Do You Have?
Naturally, you should look for a lawyer with extensive knowledge and experience. Seek a legal professional who has witnessed drafted documents going into effect once a client has passed away. Such wills and probate lawyers will have experience with several complex situations and know how to solve them.
Do You Do the Execution?
While some lawyers simply draft the estate planning papers, other lawyers can also execute any trusts that go with them. Hiring a lawyer that does both means they can make sure that all the appropriate assets are put into a trust. They are also often more efficient.
Can You Develop a Detailed Estate Plan?
You might have numerous life insurance policies, wills, and trusts. Extensive estate plans will incorporate all of these things. Therefore, your estate lawyer should be well-versed in all these areas, so they may assist you in understanding the complexities of each option and determining which ones are best for you.
How Long Will the Process Take?
Usually, there’s no need to rush when it comes to estate planning. However, you may want to consult with other specialists, including retirement counselors or accountants, about the components of an estate plan. While estate lawyers’Â knowledge may intersect with these areas, they are not necessarily tax or investment experts. Therefore, you should allow sufficient time to develop a wider perspective on the administrative details of the estate plan.
Can I Review the Estate Plan?
Dealing with a competent estate lawyer means they will make sure everything is done correctly. However, you should always double-check all legal documents to avoid misunderstandings. Make a distinction between what documents can be modified later and which ones are irreversible.
Hire Us
At Nanda & Associate Lawyers, we have a team of skilled legal professionals who have vast experience in all aspects of wills, trusts, and estate planning. Get in touch with us today to get started with the estate planning process. We are also well-versed in immigration law and can help with spouse visas, business visas, and more.
Disclaimer: This blog is only intended for educational purposes and shouldn’t be used as a substitute for legal advice.
