Estate planning is essential for everyone, not just the rich. Putting plans in place now is the best way to safeguard the future for you and your family. It’s always advisable to enlist the services of an estate planning attorney to assist with the process.
An estate planning attorney is familiar with the will and estate laws of your state, and can provide the expert guidance you need to ensure the efficient transfer of your assets after death. With the guidance of your estate planning attorney, you will be able to avoid some common mistakes relating to estate planning, such as:
- Not putting an estate plan in place. Many people don’t contact an estate planning attorney because they don’t want to pay the fee or make the tough decisions like naming beneficiaries or determining how assets are to be allocated. Consequently, they fail to put even a basic plan in place. An estate planning attorney can help you draft your estate plan, which could include drawing up a will or establishing a trust.
- Not amending your will periodically. Wills are important documents in the estate planning process. Your attorney can help with the initial draft, but it doesn’t stop there. Your will also needs to be updated regularly. There are so many milestones in life – relationships change, and assets and properties are gained. These and other circumstances can impact the provisions of your will. An estate planning attorney can also assist you with amending your will so that your assets are protected and allocated according to your wishes.
- Not minimizing the tax burden of your heirs. Your estate planning attorney can help you plan ahead so that you can reduce the amount of federal or state estate taxes payable when you die. If you don’t put the necessary provisions in place, your estate may have to liquidate assets to meet the requisite estate taxes.
- Not naming guardians for minor children or dependents. If you have minor children or dependents, your lawyer will help ensure that you have named a legal guardian. In the event of your death, the legal guardian will be responsible for taking care of the physical and financial needs of your minor children and dependents.
- Not making provisions for long-term care. Most people don’t think about what could happen should they ever require long-term medical care. Your estate planning attorney can outline the options and help you properly prepare for this possibility, without eroding all your assets.Estate planning can be a lot easier if you have an experienced estate planning attorney as your guide.Whether you’re young or old, estate planning is a must. A lawyer can help you make a plan and review it every so often, so that you take control of what happens to your assets after you pass away.Don’t procrastinate. Call a reputable attorney and start your estate plan today.