Advantages of Using Paralegals for Document Preparation
Legal document preparation can be a costly affair if you have to hire a fully-fledged attorney to do the work for you. A paralegal will help with document preparation and guide you on the best channel to follow to ensure your papers are properly documented. A good example where a paralegal comes in handy is in the preparation of documents related to living trusts. This is a legally recognized document that is meant to ensure your property is dispersed as per your will upon your demise. A living trust allows you to transfer ownership of all your assets to a trust of your choice, and then choose a trustee to manage and administrate the trust. A paralegal will advise you on how to go about choosing the right administrator, who could be a friend, a family member, an attorney, or even an establishment such as a law firm.
What this means is that in the event of probate, only the items listed under your legal names will be subject to probate. The first role therefore that a paralegal officer plays is to advice on ensuring the living trust is well funded, which means ensuring all assets are transferred to the rightful trustee. If the right channels are not followed during document preparation, it means the assets ought to be surrendered to the state to decide on how to distribute the assets. Needless to mention, you can never compromise on the role that a competent and qualified paralegal plays when it comes to document preparation. If not for anything else, a good paralegal officer should take the time to explain in clear terms the legal implications of not doing right documentation.
As is with most cases that deal with money today, it is imperative to ensure you deal with professionals who are certified to offer document preparation services. In an effort to protect its citizens, most States will only allow paralegals and attorneys to do document preparation for living trusts; so be sure you are working with the right man, or woman, thereof for the job. Living trusts are certainly advantageous when properly implemented, but can be quite costly in the long run if poorly executed. It is thus imperative to do a thorough homework to hire the right paralegal to guide in the right document preparation and to help ensure the assets are correctly transferred. Preparing a living trust is part and parcel of estate planning, which most people do not like to think about or to participate in. However, just the peace of mind that comes with knowing your loved ones will be taken care of in the event of your demise makes the process well worth it.