Do you know if you should hire an estate planning attorney? If you’re like most people, you don’t think it’s necessary because you don’t have assets.
You might think you’re too young to hire an estate planning lawyer.
An estate planning attorney helps you create a will, trust, and distributes your assets when you die. They do so much more, that you shouldn’t hesitate to hire one no matter what your financial situation is.
Read on to learn five essential reasons why you should hire an estate planning lawyer.
1. You Control What Happens to Your Estate
Did you know that 54% of Americans don’t have a will? If you’re one of them, you should know what happens to your estate if you die without a will.
State laws take control of your estate. In most states, your assets will go to probate court. A probate judge will decide what happens to your assets.
The judge assigns someone to distribute the personal assets. Someone else gets to decide what happens to your bank accounts, real estate, cars, and pets.
The only way to take control over what happens to your estate is to write a will. Do that with the help of an estate planning attorney.
2. Avoid DIY Mistakes
You might think that all you need is a cheap software package to write your will. The will could get challenged in court, leaving your beneficiaries in a long, expensive process.
Having a will drawn up by an estate planning lawyer ensures your last wishes hold up in the court of law.
3. Protect Your Family and Beneficiaries
Dying without a will leaves too much room for conflict. Your beneficiaries and family members will argue and guess what you want to have happen to your estate.
Estate planning is critical if you want to avoid this scenario.
4. Reduce Taxes
Most federal inheritance laws apply when an estate is valued at $11.8 million or more. This doesn’t apply to the vast majority of people.
However, state laws vary. Your estate could end up paying a high percentage in state taxes. If you want to avoid that, work with an estate planning attorney.
They can help you make planning decisions to reduce your tax liabilities.
5. Get an Objective View
Estate planning is an emotional process because you don’t want to think about what happens when you’re gone.
People make planning decisions without thinking about or knowing the consequences. Working with an estate planning lawyer takes the guesswork out of it.
Do You Need an Estate Planning Attorney? Yes!
Why should you hire an estate planning attorney? You get someone who provides an objective view so you can make smart decisions about your will and reduce your taxes.
You also have someone by your side who knows more about the law than you. You can transition knowing that your loved ones are taken care of according to your wishes.
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