Estate planning is a complex process. It involves a lot of legal procedures. Every document you draft should satisfy the law. Simple mistakes can nullify your estate plan and subject your loved one to annoying legal battles. That’s why you need a lawyer. You can also use a Melbourne, FL real estate attorney to guide you to get the process right. A lawyer has the experience and expertise to get the process correct. Here are the top benefits of hiring an estate planning attorney.
Customized Estate Plan
Your attorney will always strive to create a customized estate plan for you. Online forms are designed to feature a similar format. As such, they might not fit your specific asset goals.
Hiring a professional estate attorney will help you develop an accurate estate plan. He or she will understand your requirements and improvise a suitable estate plan for you.
When creating an estate plan, you should be able to meet certain criteria. If you choose to utilize the online forms, you may not meet those requirements and as a result, your will may be considered unenforceable.
If that happens, your assets may be distributed according to the court’s judgment. An estate attorney will ensure that doesn’t happen. Plus, he or she will do everything in their capacity to make sure that your property falls under the legal clause.
With the help of an attorney, you’ll be able to plan your estate correctly. All your investments will end up in the right hands. None of your beneficiaries will be left out in the cold.
Plus, working with an experienced lawyer will safeguard your ownership rights while you’re alive. They can also help in amending your will or trust.
Reduced Tax Burden
A well-drafted will saves your loved ones from the IRS (Internal Revenue Service). It can be devastating to see your beneficiaries burdened by heavy taxes. Estate planning can go a long way in limiting these taxes.
Death is a horrible thing but it’s unforeseeable. So, it’s always better to take the necessary steps in advance to protect your children. An estate plan ensures that in case of sudden death, your kids will be raised by approved guardians until they turn 18. Without a will, the judge will have to decide who stays with your children. And this could be against your wishes.
Without a clear will, a family mess could quickly arise. Family chaos can get ugly and things could end up in court. Creating a well-planned will can prevent such chaos by facilitating the efficient distribution of assets.
A qualified estate attorney will ensure that your property is transferred to your heirs smoothly and transparently.
Who Should Create a Will?
Estate planning isn’t just important for the elderly. Everyone should have an estate plan. No one can predict how long they’re going to live in this world. Accidents and illnesses are completely unpredictable.
Again, estate planning isn’t just meant for rich people. Research shows that estate planning can be more beneficial to those who fall into the middle class. Estate planning will protect you in case of death or incapacitation. Plus, it makes it easier to plan for family dynamics.
Drafting Your Own Will
Of course, you can draft your estate plan. There are numerous templates and online resources that can help you create your own will. But the question is, will you have the guts to write your own?
Again, will those documents be enforceable? Will the court approve their validity? Hypothetically, one shouldn’t draft their estate plan. It’s always better to work with an experienced estate planning or probate lawyer.
Why HireEstate Planning Lawyers
So, you have finally decided to create your will? Well, that’s a very bold step. An experienced estate attorney can help you with the following:
Preventing The Lengthy Probate Process
Probate is a complex court process that facilitates the transfer of an estate to the rightful heirs. The process isn’t just complicated but it’s also very expensive. It can take up to twenty-four months for the process to be completed.
But the good news is that you can always evade this process. You can avoid probate by designating your assets to desired beneficiaries. If your real estate property is worth $50,000 or less, you can simply utilize a Small Estate Affidavit to transfer your assets.
But before taking this route, consult with your estate attorney first. Certain entities might not approve it and force probate. The high cost of probate and litigation can be extremely frustrating.
Adequate Asset Protection
A comprehensive estate plan will include numerous documents that help in ensuring that your heirs won’t suffer upon your passing. Essentially, an estate plan or will can include guardianship nomination, a will, general assignment, trust, power of attorney, as well as, a medical directive.
Your estate lawyer will guide you in creating a detailed will that’ll ensure your assets are only transferred to the people you care about. This can include formulating rules to give you control over what your beneficiaries receive. Through a will, you can also nominate guardians to take care of your children once you’re gone.
With an estate plan, you can effectively organize your records and wishes. These might include financial records, beneficiary designations, as well as, insurance policies. Additionally, this process can help you identify and resolve potential mistakes while you’re still capable of fixing them.
Common mistakes include leaving certain assets, not completing the process, drafting an inadequate plan, and not updating the plan.
An estate plan is an important document for any parent or guardian. It is used to safeguard your assets. An estate plan minimizes any conflicts among your family members. Capture your wishes in the estate plan. However, ensure that everything is right. Hire a lawyer to guide you. With a lawyer, you can create an accurate estate plan. He/she will handle most of the issues, giving you peace of mind. The above are the top benefits of using an estate planning lawyer.