People do not often like to discuss estate planning because it brings to heart a sad reality about death. The percentage of people who have wills have dropped over the years. Over 50 percent of Americans had wills in 2004, but in 2019, less than 35% do.
Estate planning is not just a thing for wealthy people. If you care about your legacy and prefer how things should go in your absence, you should consider estate planning. There are a lot of benefits to it, especially if you are leaving dear ones behind.
The laws around estate planning differ from state to state, but it is primarily confusing as there are rules based on paternity and marital status. This is why you need an estate planning attorney. Here are other crucial reasons you should consider getting one:
They know the best way to protect your interest and that of your loved ones
Your estate attorney will be responsible for ensuring that your interests and wishes are followed to the latter.
You can ensure that the people you care about most will receive your assets. Your attorney will set up regulations and guidelines for beneficiaries receiving their inheritance. This is especially necessary if you have minors or special needs people as beneficiaries.
For instance, you could designate what amount of trust that a trustee can spend on behalf of young children until they can receive assets once they reach a specific age.
You can save your heirs time and energy by avoiding mistakes that may cost their inheritance
Estate planning helps you organize your wishes in a way that saves your family excessive trouble. A good estate attorney will help guarantee that your family can quickly locate critical financial documents, titles, insurance policies, and beneficiary designations without hassle. It is best to start this now to identify potential problems that may lead to trouble.
The cost of acquiring an estate attorney is less than needing to resort to litigation due to errors in your estate plan. You also need someone to update your will and estate plan in a way that meets your wishes even after core life changes occur.
Your attorney can save you and your family from avoidable tax liabilities
An estate attorney can help ensure that there are as minimal tax cuts before your estate is transferred to your heirs. They will work out of value the estate and incorporate all possible deductions so that your heirs do not have to lose out on money or pay significant federal and state taxes. Working with an estate attorney will give you complete knowledge of these tax liabilities as well as a plan to work around them.
The technicalities around asset transference and estate planning can be very overwhelming. A mistake like a wrong word or missing signature can deny your heirs what they are due. An estate attorney saves you this trouble by ensuring all bases are covered.
It can be challenging to find an estate attorney that is both skilled in drafting necessary documents and litigation if necessary. The estate attorneys at Lamb, Carroll, Papp, and Cunabaugh have a great experience with both. Let us work with you to protect your assets, interests, and family. Contact us here.