We neglect doing many important things in life; however, creating an estate plan shouldn’t be one of those. Ignoring creating a Will or estate plan isn’t something advisable. Most people believe they are too young to think about wealth distribution after death. However, one thing the COVID-19 pandemic taught us is the uncertainty of life. We can never be sure of what happens the next moment. So, it’s important to plan for the future and stay prepared for the worst. Death is inevitable and even if estate planning seems overwhelming and scary, it is something that you and your loved ones need.
Estate planning is the process of setting up multiple legal documents like Wills, trusts, healthcare directives, and financial power of attorney. Will ensures a smooth transfer of assets among your beneficiaries after your death. Other documents can come into effect during your life if you become incapacitated. The medical directive is created to specify how you wish your healthcare decision to be made. The power of attorney governs handling financial matters in the event of your mental or physical disability. All these legal documents influence your future and those you love. Therefore, don’t make the mistake of taking a DIY route. It is important to hire a professional estate planning lawyer for creating error-free documents. Here are some benefits of seeking the assistance of an estate planning lawyer.
Legal Compliance
Probate and estate laws are quite complex. Every state has a different set of rules and regulations and estate laws even keep evolving. If you decide to create your own Will or estate plan, there’s a significant margin for error. Even if you spend several weeks learning the technicalities of law, there’s still no guarantee the documents you prepare are in compliance with state regulations. So, to avoid the risk of errors, it’s best to seek the assistance of an expert. An experienced estate planning lawyer ensures that your estate plan adheres to state law and complies with current regulations.
Update Documents
Creating a Will or estate plan isn’t a one-time process. As your life changes, these documents also need to be updated. Hiring an estate planning lawyer means your important documents are always up-to-date and reflect your current life situation. You need to update these documents in situations like divorce, the birth of children or grandchildren, remarriage, major purchases such as real estate, investment, retirement plans, and more. Your lawyer will review your estate plan and make necessary changes to ensure that it reflects your current desires and goals.
Tailored Documents
Do-it-yourself Wills and trust documents are simply fill-in-the-blank worksheets that don’t focus on your specific needs. The free templates may work for some people with a few assets and simple goals. But when a lawyer drafts your estate plan, you get complete customization that accurately reflects your wishes and suits your circumstances. Moreover, these professionals can help you reduce estate tax which is paid on assets after death.
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