Creating an estate plan is on everyone’s to-do list, but it can somehow get pushed lower and lower down until it’s inevitably forgotten about. However, an estate plan is essential for all of us to have and keep updated throughout our lives, and an estate planner can help ensure it is comprehensive and effective. It can be the foundation of a successful future for our friends and family after us.
Independently creating an estate plan can be overwhelming and often lead to many mistakes, but thankfully, there are professionals out there who can create a solid plan without any holes or disruptions. Working with an estate planning attorney is important when you create your estate plan, and here’s why.
They Provide Expertise in Estate Planning Law
Estate planning attorneys specialize in creating customized estate planning solutions for individuals and families. They have expertise in estate planning law and can help clients navigate the complex process of estate planning. Estate planning attorneys can provide guidance on:
- Federal Estate Taxes
- Trust and Estate Counsel
- Estate Planning Process
- Estate Taxes
- Estate Planning Documents
- Financial Affairs
- Legal Process
- Legal Personal Representative
- Probate Administration
- Beneficiary Designations
By working with estate planning attorneys, you can develop a customized estate plan that addresses your unique needs and ensures that your wishes are honored. Their expertise in estate planning law provides the guidance and support needed to navigate this complex process.
Estate Planners Consider the Impact of Taxes
Dealing with taxes while we are alive can be troubling enough. However, once we pass along, taxes still follow us into our asset distribution, so it is essential to understand what that means for your assets and beneficiaries. An estate planning attorney will understand the extensive federal and state estate tax laws and ensure that your estate plan is worked around the regulations to get the best results.
Estate Planning Attorneys Can Help Avoid Probate Court
Probate court can add a lot of time between your passing and asset distribution. It can also be expensive for those involved. So, an estate planning attorney can help you write an estate plan that could avoid the brunt of the probate court and keep your assets moving smoothly down to the written beneficiaries. This might mean setting up certain trusts you may not have considered before or considering joint tenancy to help avoid probate by automatically transferring ownership to the surviving tenant.
Estate Planning Attorneys Ensure Every Asset Is Accounted For
When we think of estate plans, we might automatically consider our house, vehicle, and savings. However, there are so many other attributes in our lives that could be considered assets, and without working with an estate planning attorney, we might forget them altogether. Assets such as insurance plans, digital money, digital photos and accounts, and businesses must be considered when writing an estate plan.
Plan Bs and Plan Cs Are Made
What you wish to happen to your assets will be the primary goal of your estate plan. However, we might not think that possible issues could get in the way, causing the need for a plan B or even a plan C. An estate planning attorney can ensure you acknowledge the possible pitfalls that could occur, from a beneficiary declaiming their inheritance to a beneficiary passing before they can inherit, and implement contingency plans to ensure your assets still get distributed appropriately. Without these plans in place, your assets might be handed out by the state, leading to individuals obtaining assets you didn’t want them to have.
Estate Planning Attorneys Are Objective
Creating an estate plan can be a very emotional experience, and estate planners can provide the objective guidance needed to make clear-headed decisions. Whether you are just starting one or coming back to edit it every year or two, you are going to face a lot of emotional challenges while writing out your needs. These emotions could cause hiccups in the process. An estate planning attorney, while supportive of your needs, will act objectively, ensuring that clear-headed decisions are made. They can help lay out the facts and give you a clear road to follow.
Working with an estate planning attorney when creating your estate plan can be exactly what you need in order to develop a strong, immovable plan for after you are gone. If you have further questions or wish to start your estate plan, contact the team at Hartmann Law.