When you create an estate plan, you're taking into consideration all your wishes for your end of life, how you want to distribute assets and how others will have access to your property to pay off debts and other necessities. You may think that you have it all handled on your own, but it's really better if you can hire an estate planning attorney for the job.
Hiring an attorney for major legal documents like your will, financial power of attorney and others is essential, because state laws limit what you can do with these documents. The states are specific about what you can include in these documents and what information must be present.
Why work with an estate planning attorney?
Working with an estate planning attorney takes a lot of stress off your shoulders. You'll know right away that the documents you create are within the requirements of the state and will support what you want to see happen in the future.
It's also a good idea because the attorney has training in dealing with difficult situations, like if you're on your second or later marriage, own businesses, have minor children or have substantial assets. Attorneys are familiar with ways to help you protect your assets and reduce the amount of taxes you own on the estate.
Another key factor in choosing an estate-planning attorney is that your attorney can help your loved ones avoid probate court. Probate court is used when there are no documents to explain the distribution of assets. If your loved one has an asset he or she wants, then they have to go through probate to seek out the asset. This takes time and money, and it's often required to take steps to do this immediately following a death.
Getting off on the right foot when you're creating estate plans is always a good idea. You should collect as much information as you can about your property and financial assets, so you can inform your attorney.
Your attorney will take the time to inform you about your rights and what can be done to help protect your assets and make sure you pay as little in taxes as possible while also providing assets to your beneficiaries in a safe way so that they don't face taxes either. A good plan can help reduce liability all around and prevent anyone from having to go to probate.