Why you need a lawyer for estate planning, Guide, Building Design Profession Tips, Online Advice
Reasons Why You Need a Lawyer for Estate Planning
4 Mar 2021
At some point in your life, you’ll probably own a property or asset that you would like to pass on to someone you care about. Whether it’s an estate, a car, a valuable possession, a savings account, or even life insurance, you’ll need an estate plan to divide your assets. An estate plan will allow you to determine who will receive which assets and when they will receive them. It should also include instructions regarding how you would like to be cared for in case you become mentally or physically incapacitated, who you would appoint as a guardian for your dependent children, and ways to protect your loved ones and from excessive taxation and legal costs after your death. Since estate planning is a legal process, you’ll need a lawyer to ensure that your plan is fool-proof. Here are reasons why you need a lawyer for estate planning.
Mitigate the Length and Cost of Probate
Probate is the legal court process responsible for distributing a departed individual’s assets to the legitimate beneficiaries and recipients. This process is usually extremely costly, can require as many as two years, and is only accessible to individuals who will go to the courthouse and request duplicates of their will and other legal files. However, there is a way to alleviate the obstacles of probate. Regardless of whether or not you have a trust, probation isn’t generally essential. You can dodge this process when the entirety of your assets are allocated to beneficiaries.
Moreover, if your estate consists of real estate and total properties of certain amounts, a Small Estate Affidavit can be utilized to relocate your assets to the lawful beneficiaries. In the event that this course is taken, keep in mind that a few entities may reject it and power open probate or case. Probate and the whole process and regulations that are related to it are very complex. This is why a decent estate planning lawyer will help you understand and gain the best outcome of the process.
Protect Yourself, Your Family, and Your Assets
An excellent estate plan should incorporate a few reports that will help guarantee that your friends and family will not need to go through the trouble of sorting through your belongings after you pass away. An estate plan can include a will or Pourover will, trust, healthcare directive, power of attorney, general assignment, and guardianship selection.
These documents, along with others, should be worded explicitly to guarantee that your assets will be passed on to the individuals you care about most. It is up to you to set up rules that indicate what an individual receives and when. For instance, you can prepare a trust for minor individuals so they receive assets when they turn a particular age and state what a trustee can finance in their interest meanwhile.
If you have children, you should name a guardian in your estate plan so you can have a say in who gets to care for them, should you pass away before your children come of age. However, you should keep in mind that in many states like Georgia, the court will still carry out its own investigation before appointing that individual as the legal guardian of your minor children. Hiring an estate planning lawyer in Atlanta will help ensure that your wishes will be carried out after your passing, alleviating some of the pressure and giving you some peace of mind. A minor mishap, such as a missing signature or vague wording, could be the reason your friends and family are denied inheritance, so it’s always best to hire a specialized lawyer to avoid this unfavorable scenario.
Save Time and Energy, and Avoid Mistakes
Estate planning assists with organizing all your documents and wishes. This allows your family to have hands-on access to financial documents, insurance policies, titles, and beneficiary allocations after you pass away. Besides, estate planning can be advantageous as it helps you find and resolve issues while you are still alive. Most people make a common error during the time spent assigning beneficiaries: they forget to account for the tax impact of receiving IRAs or 401ks.
Other common mistakes to keep in mind are not having an estate plan, to begin with, not finishing the whole process, designing an insufficient estate plan, forgetting about specific estates or individuals, and not keeping the estate plan updated in case of changes. An estate planning lawyer can relieve some of the stress of this process by creating a draft of a full estate plan. This especially comes in handy as it helps you avoid unnecessary fees, court costs, and expenses.
Setting up an estate plan the correct way is a very complicated process that requires careful wording and thorough planning. A lawyer who is knowledgeable in all of the requirements can help guarantee that your loved ones will receive the inheritance you reserved for them. This security will provide you with some peace of mind, and ensure that you, your family, and your assets are protected.
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