What an Attorney for Estate Planning Can Do For You
You’ll never know when it’s finally your time. Your loved ones shouldn’t have to be completely left to fend for themselves when you die. With proper estate planning, you can care for your surviving spouse, children, and grandchildren even from beyond.
Without estate planning, or even with an improperly crafted one, your heirs may have a hard time getting their inheritance. They may have to fight tooth and nail in probate court so that they can receive it. You’ll also have to pay a huge amount in estate taxes. Your best bet to avoid unnecessary hassle for your family is to hire an estate planning attorney.
Estate planning attorneys (also known as estate planning lawyers, or probate lawyers) have the experience, knowledge, and skill regarding estate planning laws so that your estate is properly handled after death.
An estate planning lawyer can help with:
Setting up any trusts for asset protection (this serves two purposes: it benefits in the event of incapacity and it helps your beneficiaries when you’re deceased;
Avoiding probate court process;
Finding ways to reduce and avoid estate tax;
Establishing a durable power of attorney and medical durable power of attorney;
The experience, knowledge, and skill of an attorney come into play when helping you conduct these tasks. For example, skipping probate is important to save your loved ones money and get them their inheritance as soon as possible. An individual inexperienced with estate law may make mistakes that make estate administration a costly and time-consuming process. You’ll benefit from their legal counsel.
The attorney can also guide those with the power of attorney over a decedent’s estate through the probate process. Even better, a good estate lawyer can even avoid probate court! It all depends on the type of assets and how they can be transferred legally.
What if someone contests the will?
If someone (whether your beneficiary or another family member who’s not designated as beneficiary) plans to contest your will and sue the estate meant for your family, then your estate attorney can help with that. Lawsuits like these can empty the estate funds, taking money away from your children and spouse.
How Much Does an Estate Plan Cost?
You’re paying for your lawyer’s knowledge of estate law, years of experience with estate planning, and the time they spend meticulously planning your estate. You should expect to pay someone for specializing in an area of practice of wills and trusts.
The cost is more than worth it. Trying to be a spendthrift with estate planning might even increase your expenses. Your heir stands to lose more with a poorly drafted will, unnecessary estate taxes, or the hassles of probate. Your loved ones will wish you’ve spent the proper coin getting a skilled lawyer.
It is worth paying for the planning so that you know things will go exactly as you intended because you had the help of an experienced estate planning attorney. Take the time to find and hire a professional and respected attorney in your area. In the long run, you and your family will be glad you did.
Estate planning is complicated. There are plenty of options with regards to what you want to do with your estate. You have your revocable and irrevocable trusts. You may not know whether you need living wills or what even a conservatorship and fiduciary agreement are! Our estate lawyers at The Dodds Law firm can assist you with all your estate planning needs.
From transferring your assets to estate planning documentation, our attorneys are prepared to offer their advice as to which of the estate planning strategies may best work for you to protect your present and future assets to protect your family’s present and future wellbeing.