Estate planning attorneys give their clients peace of mind during difficult times. These professionals have a lot of experience in this area and can help you plan for your future with an estate plan that is tailored to your unique needs.
Not only will they make sure that the distribution of your assets goes smoothly, but they also provide counsel on other issues such as guardianship, trusts, and more. They are able to guide you through complicated decisions about life and death, which means less stress on you!
Plan Your Will
Did you know that estate planning attorneys can help you set up a will? This is an essential document for your family, and it’s one of the first things to do after buying a home. A will lets you specify who gets what assets or property when you die.
It also helps protect loved ones from legal battles over inheritance disputes. Estate planning attorneys can offer some peace of mind in knowing that everything is taken care of when we are gone!
Estate planning attorneys not only create wills, but they can also help you prepare for other events such as retirement and disability. With a good set-up of plans in place, you will be at ease knowing your loved ones will be taken care of when the time comes!
Create a Living Trust
An estate attorney can help to create a living trust. A living trust is a legal document that allows you to transfer your property after you die. It also ensures that your property will go where you want it to go even if someone challenges the distribution of property in your will.
A living trust can be set up while you’re alive with all the instructions spelled out or created at death by using an already-existing will as a starting point.
Avoid Long Probates
Another positive aspect of having an estate lawyer is how they can help to avoid the long and costly probate process.
When there is probate the deceased individual’s assets are collected into one estate so that the court can decide who inherits them. If the will of an individual specifies to whom his or her property should go after death, probate is not necessary.
Probates often occur when there isn’t a will. If there is no will, the court decides who gets what
Of course, creating a will doesn’t mean that your loved ones won’t be able to challenge your will if they think it’s not fair. But it does help to avoid the lengthy court battles!
Manage Your Life Insurance, Retirement, and Succession Plans
Estate planners typically have many services available including life insurance, retirement planning, and business succession plans.
These professionals will work closely with you so everyone knows what’s going on in the event of an emergency. Estate planners can also help you with estate taxes and tell you how to deal with the government when it comes to your assets!
Estate planners can help with the process of minimizing taxes. They can also provide guidance on how to minimize taxes and save money in your business.
When it comes time for retirement or disability, they can help set up plans that will make things easier for your loved ones.
Power of Attorney
Estate planning attorneys can help you with the process of obtaining power of attorney and medical directives, which are essential for your loved ones if something were to happen to you. A power of attorney is a person who has been given the authority to act on behalf of another.
This includes making decisions about medical care, financial matters, and property management. There are two types, limited and general.
Limited POAs are for specific tasks such as managing finances or handling healthcare decisions while general POAs cover all aspects of the individual’s life. The type you choose depends on your needs and what you want to be done in case something happens to you that leaves you unable to make these decisions yourself (due to an accident, mental incapacity, etc.).
You can designate any competent adult-including a spouse-to serve as your agent under a general POA. You may also appoint an alternate power of attorney in case your initial choice is unable to serve for some reason.
Make Changes to Yor Estate Planning
One of the best reasons for you to hire an estate planning attorney is that they will be able to update and modify your estate plan on a regular basis. It is a wise move to have provisions in place before events change in life.
For example, if you have children, then it would be wise to update your will after they are born so that they are included and receive their inheritance.
Avoid Family Disputes
As mentioned before disputes can arise about a will. Your children won’t fight over their inheritance if it’s divided up equally among them beforehand.
If you divide up your assets now, should you pass on or have to go into a hospital, you won’t have to worry about your assets not being properly shared among your children.
When your children are aware in advance of what they can expect to get from your estate you will avoid bitterness, jealousy, and anger.
Ensuring that things are in order before you pass on is something that you cannot afford to neglect. The future is uncertain and you want to ensure that your loved ones are taken care of should anything happen.
Your estate planning attorney is someone that is in your corner. Their job is to ensure that your finances are in order. You will also want to ensure that your estate is not pressured with taxes before and after you have passed.
An estate planning attorney can help to ensure that probates are done in a timely manner as well. With all the benefits you can get from hiring an estate planner there really is no reason not to have one in your corner.