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May 22, 2009

Are online or video wills right for you?

  • Here's what you need to know about hiring an attorney or drafting your own will.
    • By CANDICE CHOI
    AP Personal Finance Writer

    NEW YORK — Nothing's guaranteed. It's the jolt that comes with any high-profile death that leaves you pondering your own mortality and how your family would get by without you.

    If you use an estate attorney
    When drawing up a will, hiring a qualified lawyer can help you navigate the maze of laws regarding inheritance taxes and property rights.

    Here are some tips from the American Bar Association on working with a lawyer.

    • To save time and money, organize information regarding your assets, liabilities and property.

    • Bring copies of important documents such as previous wills, life insurance policies, employee benefit accounts and prenuptial agreements.

    • Not every state has a program for attorneys to designate a specialty area of practice, so ask about his or her level of experience and qualifications in estate planning.

    • Membership in certain bar associations or estate planning organizations might indicate broader or up-to-date experience in the field.

    • Consider asking for recommendations from friends or other professional advisers.

    • Ask about legal fees upfront and see that they are addressed to your satisfaction in writing.

    Source: American Bar Association, By The Associated Press


     
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