Estate planning is a set of legal documents that guide your family through the process of settling your estate. These documents include a will, which states who gets your property after you die, and other legal documents to ensure your wishes are carried out as you intended.
Estate planning is something everyone should consider. Wills help protects you, your family and your assets. They also help avoid probate court in the event of death, saving time and money for everyone involved.
You need to look for a skilled estate planning lawyer for a flawless estate planning process.
Reasons for Hiring an Estate Planning Lawyer
Prevents mistakes
In addition to avoiding probate proceedings, getting advice from an attorney can help you avoid making mistakes with your estate planning documents that could cost you down the road. For example, if you have children from a previous marriage who receive nothing in your will or trust but get some of your property under intestacy-the default law, they may have legal rights to contest its validity based on unjust enrichment or fraud.
Reduce and avoid estate tax
An experienced estate planning lawyer will help you reduce or eliminate the federal estate tax on your property through the proper use of trusts, including bypass trusts and marital deduction trusts. They will also help you avoid probate by transferring property into living trusts.
Protect your family from creditors
An experienced estate planning lawyer can help ensure that loved ones are protected from creditors if someone dies unexpectedly or becomes incapacitated due to an accident or illness. This may include setting up guardianship accounts for minor children with no parents to care for them if they are orphaned before adulthood.
Make sure that all family members are included in the plan
An experienced estate planning attorney will help you create a plan that includes all family members, including minor children and dependent adults, who could be left out if not included in the plan. A good estate planning attorney can make sure that everyone’s needs are addressed in the event of your death or incapacity.
Create trust for your children and grandchildren
An estate planning lawyer can help you create a trust for your children or grandchildren that provides for their education, medical care, and other needs as they grow up. The trust will also allow you to control how much money they receive from the trust annually, if any at all, until they reach maturity at age 21 or 25, depending on state law where the trust is established.
Help reduce or avoid estate tax
When you want to reduce or avoid estate tax, an estate planning attorney can help you plan your legacy. An experienced estate planning attorney will know how to reduce the tax burden on your estate. By implementing a plan that includes tax-saving techniques, you may leave more of your assets to those you care about and have less of your assets eaten up by taxes.
Peace of mind that everything is taken care of
One of the key benefits of hiring an estate planning attorney is peace of mind that everything is taken care of when it comes to your assets after death or incapacity. This includes ensuring that your designated beneficiaries receive what they are entitled to under your will or trust documents, including any gifts given through life insurance policies.
Key Takeaway
Estate planning refers to the process of planning for your legacy or what happens to your assets after you pass away. It includes all the legal documents and trust arrangements that help ensure that your wishes are carried out and that your estate is distributed properly.
