Before we even get into the nitty-gritty of why you need to hire an estate planning attorney, it’s important that we differentiate estate planning from probate planning.
Probate planning involves the distribution of a deceased’s assets by a court of law. This basically means that the owner of the assets is already dead.
Meanwhile, estate planning is where a living person plans and decides how their assets will be distributed upon their death.
As you can imagine, the subject of estate planning can be very tricky. A single incorrect detail is all it takes to ruin your entire inheritance plan leaving your loved ones in a terrible position.
So, in this review, we will tell you why you ought to hire an estate planning attorney to avoid this and other complications. Let’s get started:
Reasons To Hire An Estate Planning Attorney
1. They Will Ensure Your Loved Ones Are Protected
Estate planning is a very delicate matter. A minor mistake can leave your hard-earned wealth in the wrong hands while your loved ones are struggling. And that’s why you cannot afford to create this plan with legal guidance.
An experienced attorney will ensure your estate plan is foolproof. They will tell you all the key details that must be included in the plan and the exact words to use to make it watertight. As the attorneys at https://attwoodmarshall.com.au report, the use of ambiguous words in do-it-yourself estate plans actually leaves behind more problems than it solves. But an estate plan lawyer will draft a solid document, and they’ll tell you whose signatures are required to ensure no one challenges your wishes.
Estate planning can also get a bit complicated when there is a family member with special needs. If you are not careful, your plan may make the person lose their public benefit after inheriting your assets.
An estate planning attorney will help you set up a trust that ensures the family member receives the inheritance they deserve without losing their public benefit.
2. They Will Reduce Your Tax Liabilities
Federal estate taxes can eat into your assets. This will leave your heirs spending so much money paying taxes which could have been avoided with a well-executed estate plan.
This is something that an attorney can help you with. They will take you through the different estate tax laws that you might be exposed to. They’ll then suggest various strategies for reducing your liabilities to save you money.
Speaking of saving money, leaving behind a comprehensive estate plan will ensure your loved ones do not waste money in the court proving your wishes. This is a common problem among cases involving do-it-yourself estate plans.
DIY plans usually end up getting challenged in court. The families left behind are then forced to spend thousands of dollars on appointing lawyers and arguing the case.
Save your family from this expensive headache by hiring an attorney yourself.
3. They Will Help You Avoid The Probate Process
If you don’t leave behind a solid estate plan, your loved ones may have to go through the probate process to get your assets. This process is expensive and can be pretty long.
Sometimes the cases drag on for years, as these examples show. And that’s not even the worst part.
There have been cases of the assets being released to the wrong individuals. Now, imagine your loved ones having to fight banks and other big entities to recover these assets.
The probate process is honestly too complex and unpredictable. That’s why you need the help of an estate lawyer to put your plan in place while you still can.
4. They Will Be Able To Update Your Plan Accordingly
Life changes constantly. The plans you made yesterday could be flawed today. Similarly, the lives of the people involved in your estate plan can change while you’re still around.
It’s crucial to update your plan whenever these changes happen. Maybe you’ll want to leave a certain heir more or less of your assets in light of new events.
These updates can be done with the help of an attorney. They’ll ensure that your new wishes are written down accurately without interfering with the entire will.
5. They Will Help Prevent Family Disputes
An estate plan can help you leave behind a harmonious family. All your loved ones will clearly see what exactly you intended for them.
This eliminates or, at the very least, reduces the risk of undignified family squabbles.
The laws around estate plans can be very complex. You stand a better chance of creating a solid plan with the assistance of an attorney than with the free tools available online. This is especially crucial considering what’s at stake. So, find a good estate plan lawyer in your area and get started with the paperwork right away.