See Why You Should Seek Legal Advice When Drafting An Estate Plan
Estate planning is a critical topic, but most people overlook it too often. Some even think they can make an estate plan themselves, provided they get information online. Of course, you can handle some things yourself, but estate planning requires a professional approach. In this case, an estate planning attorney should help you create an estate plan. An estate could be real estate, life insurance, cars, savings accounts, or a home, among other personal valuables. Remember that an estate plan is a legal document that outlines who receives what and when. See why you should seek the lawyer's advice when drafting an estate plan.
You Save Your Heirs Probate Issues
Your heirs or children will hardly escape a probate process if you don't outline how your estate will be distributed. Although probate ensures your estate is transferred to the rightful heirs, it's usually costly and tedious. It involves several steps before the assets are distributed. For instance, it involves appointing an executor, notifying creditors, verifying the will, getting testamentary letters, paying existing taxes and debts, estimating estate value, and getting documents like the death certificate. However, the heirs won't experience such an arduous process if you create an estate plan in good time.
Estate Law Is Usually Complicated
Estate law is complex, and it's hard to navigate it alone. You need legal help from an estate planning lawyer because they are more familiar with estate and probate laws. They know all the legal requirements a will should meet and what invalidates it. They also know what you need to create trust and why a power of attorney is critical. You may sometimes need to name the executor of your estate. In this case, the lawyer helps you choose one based on what the state law says. They can identify possible legal changes and draft a legally sound document.
The Attorney Knows When Updates Are Critical
Certain life events may demand you update your estate plan to maintain validity. You risk a lot when you don't update it at the right time. Sadly, many people don't know when it's the right time to update their estate documents. Where possible, you should update yours after remarrying, divorcing, or losing an heir. Look for an estate planning lawyer to help you make the necessary updates. Timely updates are a great way to thwart or avoid potential problems that could considerably cost your beneficiaries.
Creating an estate plan is a brilliant idea. If you haven't made one yet, seek advice from a competent estate planning attorney. By so doing, you avoid the legal implications that those who take a DIY route experience.
Consult an estate planning attorney to learn more.