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An estate plan is critical for anyone who wants to designate their assets to particular people or organizations after they pass away. If you’ve started to think about to whom you want to give your assets — such as real estate, a home, cash, possessions or anything else you own — it may be time to work with an estate planning lawyer.
A lawyer who specializes in estate planning can walk you through the often complex ins and outs of making a plan that fits your needs, and you’ll have an experienced advocate on your side. Here are four reasons why you should consider hiring an estate planning lawyer.
Whoever you designate as a beneficiary — your children, spouse or any other person you choose — will receive any items or investments that you’d like. Your lawyer will use the right language and define specific beneficiaries within your estate plan. The plan will clearly state which person will receive which assets and help avoid any disputes between family members, an unfortunate but frequent occurrence when there isn’t an estate plan.
If you have younger children, or even teenagers, you’ll want to designate guardians for them in the event that you and your spouse should both pass away at the same time. With this point clearly defined in the estate plan, the court will follow your wishes. If you don’t have guardianship defined, the courts will designate a guardian based on the facts it can collect. For parents with young children, the peace of mind an estate plan provides is priceless.
When you use an estate plan to leave property, investments, and possessions to your heirs, you can ensure that your beneficiaries won’t owe additional taxes. Typically, when beneficiaries inherit assets, the government will require them to pay significant taxes. However, a savvy estate planning lawyer can help you find legal ways to reduce taxes your heirs will owe.
Without a proper estate plan, your family and friends may run into all kinds of challenges after you pass away, such as:
Don’t leave your estate planning to chance. Work with an estate planning lawyer for absolute peace of mind.« Back to Blog