Do you know that only 40 percent of US adults have an estate plan?
Individuals question whether hiring an estate planning attorney to assist them to draft their estate plan is worth the effort. The truth is, having a lawyer by your side is beneficial in a number of ways.
Not only do you receive professional guidance but also avoid mistakes. Ever wondered what is a donor advised fund? The right attorney can answer all your important questions.
Read on to learn the benefits of hiring an estate planning attorney.
- 1 Update Documents Where Appropriate
- 2 Lawyers Help Evade The Lengthy And Costly Probate Process
- 3 Lawyers Understand Ways To Protect You, Your Assets, And Family
- 4 Avoid Mistakes
- 5 You Get Professional Guidance
- 6 Make Sure Your Documents Comply With The Law
- 7 Lawyers Add Objectivity
- 8 Reduce Tax Liabilities
- 9 A Resource For Your Loved Ones At A Difficult Time
- 10 Major Benefits of Hiring an Estate Planning Attorney
- 11 Author
Update Documents Where Appropriate
Wills, trust, and estate planning documents are not something you prepare and leave it at that. Circumstances and wishes do change.
This could be a result of divorce, a shift in relationships, or even the birth of a child. In the event of a change, ensure you update your estate plan so that it continues to meet your wishes.
Call in your estate planning attorney from time to time and let them review your planning documents. Based on their finding, the lawyer should determine whether updates are necessary or not.
Lawyers Help Evade The Lengthy And Costly Probate Process
Probate is the court procedure of conveying a deceased person’s belongings to a beneficiary or heir. The procedure is normally lengthy and very expensive.
The truth is, this process isn’t always necessary, and you can evade it with the help of an estate planning lawyer. The lawyer ensures all your estates are allocated to beneficiaries, therefore, eliminating the need for probate.
Probate is a nuisance and quite complicated to get through. Top estate planning attorney Los Angeles will help you avoid probate at all costs.
Lawyers Understand Ways To Protect You, Your Assets, And Family
The best estate planning attorney prepares several documents to protect your loved ones upon your death. A proper estate plan should include a will, a trust, power of attorney, guardianship nomination, and medical directive.
These documents should be precise in order to ensure that your estates are passed on to your loved ones. Some go ahead to specify who will control what once your family members receive the inheritance.
For instance, you can set up a trust for children specifying they should receive assets once they reach a certain age. Furthermore, a guardianship nomination should help tell who you wish to take care of your children once you are gone.
However, this document is only a nomination. The court normally carries out their vetting before appointing a relative to take care of your kids.
Failure to have these documents is an indication your family won’t be safe after your passing. Hiring an estate planning lawyer to protect your interest ensures all bases are covered.
Estate planning should help organize your records and wishes upon your death. It’s a way to help your family find financial records, insurance policies, and beneficiary designation once you are no more.
Additionally, the planning procedure should help identify and resolve mistakes. An estate planning attorney should help you avoid creating an inadequate plan or leaving certain people and assets out.
Estate planning attorneys also help eliminate the struggle by drafting a complete plan that will help you avoid probate and taxes.
You Get Professional Guidance
There is more to estate planning than preparing and maintaining a few documents. A lawyer should help you understand your goals and family needs better through professional guidance.
When you hire an experienced attorney, you enjoy peace of mind knowing your estate is planned according to your needs and provided guidelines.
Moreover, it ensures your beneficiaries are well taken care of, something you cannot achieve with DIY.
Make Sure Your Documents Comply With The Law
When working with a licensed estate planning attorney, you are confident the attorney will prepare all your documents per the state laws. This is vital considering trust and probate laws are state-specific, and they keep changing from time to time.
Working with an experienced attorney should offer you peace of mind as you are certain your estate plan fits the parameter of the state laws. Click here to discover more about estate planning laws and why you should comply.
Lawyers Add Objectivity
Apart from helping you prepare documents that comply with state laws, an estate attorney also adds the needed objectivity. Considering incapacitation and death are delicate subjects, estate planning can be an emotional process.
Biasness can easily slip, influencing your decision. An estate planning attorney provides unbiased opinions and a voice of reason.
Reduce Tax Liabilities
Estate taxes are difficult to figure out by yourself. Luckily, hiring an estate planning lawyer will save you all the trouble. There is no point in familiarizing with the complicated tax legislation. The attorney assesses your existing debts and estate worth and maps out taxes you should pay.
Moreover, lawyers recommend ways you can reduce tax liabilities and maximize wealth.
A Resource For Your Loved Ones At A Difficult Time
Before you decide to buy custom documents online, take a minute to think about how this might affect your family. The documents may be effective, but your loved one requires someone to turn to when grieving.
Having a professional estate planning lawyer provides your family a point of reference during trying times. Your family will have someone to turn to when they have questions regarding your wishes. Also, they are at peace knowing their inheritance is in safe hands.
Major Benefits of Hiring an Estate Planning Attorney
One of the most caring and thoughtful things you can do for your loved ones is prepare an estate plan. This will help prevent probate court processes and protect your family from heavy tax liabilities.
To effectively prepare an estate plan, ensure you find an estate planning attorney with experience in drafting required documents. A good attorney will provide legal advice and add the required objectivity to your plan.
Failure to have a solid estate plan will result in your family going through tedious days at probate court.
For more informative legal business and finance content, please see our other blogs.