4 of 7

Write now Article Tools

Would you choose a GP or a specialist to carry out a heart transplant? Of course, you would choose a specialist. You would want the best doctor, after all, changing hearts is not something every GP learns about. It is much the same with the other professions. There are generalists and specialists, but unfortunately, they do not seem to be as obvious as the medical profession is with their specializations. Estate planning is a specialist field, particularly when there are complex or unusual circumstances.

You will no doubt desire, indeed insist, that the distribution of your lifetimes accumulation of wealth goes to the beneficiaries that you choose. So in order to reduce the risk of this not happening, instructions need to be prepared and written that are not ambiguous or difficult to interpret. Hence an estate planning attorney is needed along with financial advisers and accountants. They will all need to work closely with your-self to achieve the right outcome. The preparation of a comprehensive estate plan takes time, effort and sometime a lot of money. Select advisers who you can work with and who you feel comfortable asking the hard questions

First, you will need to identify where they are and then secondly you will need to select one who will do your bidding at a reasonable rate.

When looking for any professional adviser, ask the people you already deal with, like your accountant, attorney, banker, insurance broker or any other person that may have come into contact with estate planning, who they would recommend. If the same name keeps coming up, you may have stumbled on the right person very quickly. The yellow pages and Internet searches for "Estate Planners", Wills and Estates" may provide a few more names of people in your area.

The areas the estate advisers needs to have sound understanding and application are probate law, estate administration, income tax laws that relate to estates, gift tax, trust assets and many other areas that impact estate planning. It is the knowledge of the exceptions to the rules that set good estate advisers apart.

Once you have a list of potential names, try and find out their qualifications and experience in estate planning, by ringing the office and talking with either the receptionist or preferably the estate adviser. Some professional offices have information on their web-site, so it is easy to confirm their credentials. Call the Law Societies and CPA's and ask for information. They will not normally recommend anyone, but may confirm names and or qualifications. A good question to ask is, "What types of work do you usually do?" If they have a wide range of general activity, they may not be the specialist that you are looking for, even if they have estate planning as one of there ten specialties. Larger firms tend to have specialists in this area. Ask about the rates the advisers charge for their work and get a good understanding about how much the entire process may cost.

Choose your estate planning advisers who have the necessary skills and who you are most comfortable with and just get into the planning. The importance of estate planning can never be underestimated because you do not know when the plan will need to be put into operation.

Learn more about this author, Emil Ala.
Click here to send this author comments or questions.

Add your voice

Know something about Choosing the right estate planning advisors?
We want to hear your view. Write now!