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my (only marriage) wife passed away recently and I'm 51yrs old i have 12yr son and 9yr daughter I have $300K in cash, $300K in IRA account, $300K asset in real estate, and $500K in life insurance What best should I do to: 1)protect my 2 kids in case my sudden death of accidents or illness 2)planning for my future when I am getting old and planning my kids' future when I passed away one day. How to find a good attorney in my neighborhood? Thanks
1 ANSWER
I am sorry to hear of your wife's passing. I am guessing she was way too young.
YES, get a trust! There are many reasons why a trust is best for you but most notably it avoids probate which will save your children a lot of money when you die.
Look at lawyers.com for "AV" rated estate planning attorneys. That is the highest offered at lawyers.com. There are other similar sites that rate attorneys also and, again, look for their highest rating. Also, I would look for someone who is a certified specialist in estate planning, trust and probate law as this means they took the time to take a second bar exam. To me, it's the practitioners who focus enough on their type of work to become a certified specialist that demonstrate a deep connection to this area of law.
Good luck. -John Palley
Answered on Apr 30th, 2013 at 10:42 AM