An estate plan is a legal plan that will cover a list of who you want to receive your assets, what they will receive, and when they will receive it. A good estate plan will include things like naming a guardian for your children, reducing taxes and unnecessary legal fees, a financial plan for your family, instructions for the care of old family members, and instructions for your care if you become disabled. Hiring an estate lawyer will relieve you from the stress associated with writing your will and avocat succession Litvack Dessureault LLP.
Five reasons to contact an estate lawyer:
Avoid conflicts: If you pass away without creating a comprehensive estate plan, it will lead to confusion and conflicts within the family over the inheritance. Therefore, it is wise to hire an estate lawyer to guide you in setting up a good estate plan to prevent future conflicts. They will assess your assets and finances and make a proper plan that best suits your family.
Save taxes: In many states, you might lose a significant portion of your estate to state and federal laws. This is also a reason why you should contact an estate lawyer. The attorney will chart out a plan to help you reduce or eliminate estate taxes. They will also reduce the inheritance tax on your children/grandchildren.
Avoid the probate process: Probate is a painful court process where a deceased person’s estate is transferred to the rightful heirs and beneficiaries. This involves a thorough investigation like identifying the deceased individual’s property, assigning and paying the debts and taxes of the deceased from the property, and then assigning the remaining property to the family. This process is very expensive and time taking. To avoid probate, you should get in touch with an estate lawyer.
Security for minors: After you pass away, your assets will go to beneficiaries who are major. Minors might not get it directly. You might feel that your minor child will not be looked after you are gone. In such a case, an estate lawyer will help you set up a trust or assign a guardian who will care for your minor as specified in the document.
Keep up with state laws: Estate laws keep changing from time to time. Therefore, making an estate plan on your own without a legal expert can prove damaging in the long run. Contact an estate lawyer for your will as they are experts in the field and are up to date with the changing laws.
Estate planning can be a daunting task. So, it is wise to consult an estate lawyer who will consider your needs and create a plan that suits the best interest of you and your loved ones.