Regardless of age, health, fitness or economic status, it is essential that you involve an estate planning lawyer in the drafting of your estate planning documents. Allow them to make what is often a very difficult emotional time, somewhat easier knowing that your loved ones will be cared for after your passing.
What is Estate Planning?
Estate planning is the process by which you decide the management and distribution of your assets should you become incapacitated or pass away. Although this may be a difficult thing to deal with, death is a reality and being prepared and keeping your family financially secure after you’re gone should be a priority. According to the American Bar Association, more than 50% of US citizens die without a will or estate plan – leaving all their estate as mandated by state statutes, which may not be in accordance with the intent of the decedent.
Why Would I Need an Estate Planning Lawyer?
-
Estate Planning Lawyers Are On Your Side
Having an expert on your side is extremely helpful and the only surefire way of ensuring all your assets go to the correct, intended beneficiaries. Having an expert means that they have knowledge about state and Federal laws and they can personally guide you through the process, explaining things along the way, ensuring your personal desires are fulfilled as far as possible.
-
Estate Planning Lawyers Know State Laws
Some state laws are very specific about who may and may not be named as a beneficiary, what can and cannot be listed or distributed in a will or trust, and even who may or may not be a witness to a will, trust or signing of power of attorney. For example, the State of Florida declares that only a blood- or legally-related relative or resident of the state may serve as a personal representative or executor. This can be a very expensive mistake as it will lead to the need for the hiring of a probate lawyer in order to go to probate court in order to have a qualified person named as the Personal Representative, adding both time and financial expenses.
-
Estate Planning Lawyers Know Financial Details
If you happen to have a large estate and anticipate having to factor in federal or state estate taxes, it is highly recommended that you hire an estate planning lawyer. Not only will they advise you in the correct and legal way to dispose of your property upon your death, but, help mitigate the total tax exposure on your estate in order to maximize the potential inheritance. Your estate planning attorney will be able to show you how to avoid probate altogether, thereby saving substantial time and money.
If you have any questions regarding estate planning, wills or trusts, contact us at Handin Law today.