8 Rewarding Benefits of Hiring an Estate Planning Lawyer
Do you know that only 46% of Americans have a will to define how they wish their estates to be handled upon death?
Have you started planning for the inevitable? Or are you wondering whether hiring an estate planning lawyer smart move or not?
If so, you are lucky to discover this article.
Creating and updating estate planning documents like trusts and wills is important in many ways. First, you can rest with certainty that your children will be well cared for. Also, a solid estate plan protects beneficiaries from legal troubles and unnecessary battles.
It’s natural to be tempted to prepare an estate plan by yourself or through cheap online service providers. However, by doing so, you might make mistakes that will result in legal troubles in the future.
Be smart, hire an estate planning attorney today to enjoy these eight rewarding benefits.
1. Prepare a Legally Binding Estate Plan
Relying on online documents isn’t the way to go, as you will likely end up with an estate plan used in all circumstances. While this may work for some individuals, it might not favor you if you have complicated estates.
Online estate plans rarely offer the flexibility needed to accomplish goals for your estates. At times these plans are disputable in court. It also helps to have a localized planner as laws can vary from state to state. So if you live in Colorado, it would be best to seek out an estate planning attorney in Denver as they will know how to navigate Colorado’s legal system better than someone online.
Luckily, hiring the best estate planning lawyer guarantees you’ll get a personalized and legally binding plan. Estate lawyers have valid documents and follow necessary procedures to ensure the plan is precise and legally binding.
2. Update Documents When Necessary
A living trust, wills, and other estate planning documents require revisiting after major life events. In case of financial changes, it’s wise to update the documents accordingly.
A good real estate attorney should assess the documents and make necessary changes. Depending on the situation, simple addition to your will or a codicil to a trust does the trick.
In other situations, the lawyer might recommend that you carry out a re-evaluation of the whole plan. No matter the situation, request the attorney to make amendments to reduce estate taxes and avoid probate.
3. Avoid Mistakes
Creating an estate plan by yourself always seems like the best option as you get to save money. However, mistakes you make may cost your beneficiaries thousands of dollars as they try to rectify.
It’s even worse if they end up in court because their documents were not properly prepared. If you want to be certain your will or trust is solid, have a qualified estate lawyer by your side.
The lawyer will help you in preparing formal documents. Some will even take you through the different types of wills and notarize public signing where necessary.
Avoid costly mistakes in your estate plan by hiring an attorney.
4. Avoid the Costly Probate Process
The probate process normally asses the deceased person’s will and estate before transferring assets to the rightful heir. But the process is expensive and can take years.
In between, your loved ones will have to cater to administration expenses, legal fees, and executor costs. Again, it’s done in public, meaning other parties can content your will.
Fortunately, hiring a real estate attorney ensures that all documents are designed for a quick probate process. Also, if you want to evade the probate process completely, the lawyer can help set up a trust.
This goes without saying. When you hire a qualified estate planning lawyer near you, you get to access professional help.
5. Reduce Tax Liabilities
Estate taxes are expensive and complex to figure out by yourself. If you hire an estate planning lawyer, you don’t have to spend hours flipping through the complex tax structures and laws.
Moreover, the best lawyers can help structure your plan. So, it will be beneficial to your heirs. Be honest with the lawyer about your net worth and debts for accurate planning.
The attorney will later assess your estate’s worth, existing debts, and liable deductions to map out estate taxes that apply. The lawyer also helps to find ways to maximize your wealth and reduce liabilities.
6. Legal Advice to Beneficiary Designation and Asset Retitling
Do you know that wills and trusts don’t cover all assets? Certain assets and beneficiary designation like life insurance and retirement accounts pass independently.
However, with the help of an attorney, you can take steps to add these assets to your will. The attorney will review these assets and offer recommendations and assistance with retitling.
The lawyers also provide a helping hand when changing beneficiary designations. This is an essential step to help avoid unnecessary and time-consuming probate procedures upon death.
7. Provide Objectivity
Apart from providing legal advice to a beneficiary designation, estate planning attorneys also add objectivity to your estate plan. The estate planning process is emotional and confusing, and biases can affect your decision.
Luckily, lawyers provide an extra voice of reason and unbiased opinions.
Through the attorney’s objectivity, one can be certain they will come up with a solid estate plan—a plan to keep your family’s future safe.
8. A Resource For Your Family in Time of Need
Finally, one enjoys peace of mind after establishing a relationship with a reliable estate planning attorney. At least, you get the assurance the lawyer will be with your loved ones down the road after your death or incapacitation.
A good lawyer should guide your family and ensure the smooth settlement of your estate. Moreover, the attorney is a point of reference to your loved ones if they have questions about your wishes.
Be Proactive by Hiring an Estate Planning Lawyer
There is no doubt an estate planning attorney offers value in various ways beyond preparing a legally binding plan. Good lawyers provide valuable advice regarding your estate plan and act as a reference point once you are gone.
Additionally, they protect your family’s future by reducing tax liabilities and evading probate. Again, they periodically review your estate plan and adjust depending on your life events.
Reach out to an estate planning lawyer near you today for guaranteed future planning.
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