Do you think you can easily create your own will or trust without the need for an estate planning attorney? Or do you think you’re too young to start making an estate plan? While putting off the inevitable can be more comforting now – it will be better for your family if you make arrangements now.
There are many benefits to hiring an estate planning attorney.
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Avoid Long Probate Process
Working with an estate planning attorney to assign a beneficiary to your assets can help you avoid the probate process. This will save your friends and family time and money, and will also prevent your will from becoming public.
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Sign Documents To Protect You And Your Family
An estate planning attorney will have you complete documents now that will save your family time after your passing. This will also help make your end-of-life care easier, and will ensure your assets go to those who you want them to – you don’t have to worry about the court deciding who gets your property, or even your children. By completing a guardianship nomination, you are telling the judge who you selected to care for your minor children.
Some of these can include:
- Will
- Trust
- Power of attorney
- Medical directive
- Guardianship nomination
3. Organize Documents, Records
Even if you think you have your financial and medical records in order, it can still take your family and friends time and effort to find and gather these – especially if you misplace a document.
An estate planning attorney can help you make a list of forms you need and help you organize these. Some forms you will need are:
- Banking account information
- Financial records
- Titles
- Insurance policies
- Beneficiary information
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Reduce Tax Liabilities
Your estate may owe federal taxes. If you are handling your estate planning on your own, it can be difficult to determine what tax liabilities you (or your family) could face. An experienced estate planning attorney will help you determine what you owe. Some factors they will take into account are:
- The value of your estate.
- The amount of debt you owe.
- The total deductions you can take on your estate.
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Update Your Information
After filing your documentation and filling out the required forms, you might need to update your information. You might have a new family member you need to account for in your guardianship nominee, or a new grandchild you want to add as a beneficiary. You might also have a change of heart in your medical directives and want to alter your end-of-life care plan.
Your financial situation could also change, and you can lose or add assets, or pay off or incur debt.
If you are handling your estate planning on your own, you might forget to update these forms. Or you might make an unofficial change that won’t stand up in court.
Hiring an estate planning attorney can help ensure you take the proper steps to update information as needed.
Why Hire Our Estate Planning Attorneys
Are you not sure if you need an estate planning attorney? Contact our experts at Johnstone Adams LLC and find out the benefits a lawyer can provide. In addition to helping your family avoid probate and unneeded expenses, you can also help your loved ones avoid unnecessary stress.
Ranked in the 2023 U.S. News – Best Lawyers® “Best Law Firms” list regionally in 12 practice areas, we have experts in many areas of law to give our clients top-notch representation. In business for more than a century, our firm can mix its experience with the ability to evolve with the changing times.
To get started, contact us at 251-319-4659 or info@johnstoneadams.com.