An estate planning attorney can assist you with preparing a simple will and other important documents. However, an effective estate plan is much more than just a will.
It must be prepared properly to avoid legal hiccups and other issues. A good estate attorney will customize the process and explain your options in a way you understand.
You’re At Risk For Incapacity
If you die without an estate plan, your family members will be forced to make important decisions while they are grieving and stressed. A well-drafted estate plan will reduce these stressors and fulfil your wishes.
Aside from distributing property, an estate plan also includes documents that empower you to choose someone to act on your behalf in the event of incapacity. A durable power of attorney allows you to appoint an agent to make financial or medical decisions. You may also include a living will or advance healthcare directive in your plan to provide comprehensive end-of-life care instructions.
If you need an estate planning attorney in Roseville, locating someone willing to answer your queries in a way you can comprehend is crucial. Search for a legal professional who makes you feel relaxed and comfortable. Since you’ll be sharing personal information and discussing your plans with them, it is important to find a good match. An estate planning attorney can assist you in finding a solution that meets your needs and budget.
You want to Leave your Assets to the Right People
A good estate planning attorney can help you determine how to distribute your assets. Leave some things to your children, others to a spouse or partner, and other beneficiaries. The lawyer can also advise you about the best way to transfer your assets and how to avoid potential taxes.
A lawyer can give you unbiased, direct and accurate advice about your family’s needs and circumstances. You should disinherit a family member, and an attorney can help you explain the reasons why in your Will. A lawyer can help you establish trusts for beneficiaries who have disabilities or need special care.
You can leave specific gifts to individual beneficiaries item by item or name one beneficiary who will receive everything else in your estate. If you choose the latter, it’s called a “residuary beneficiary.” An attorney can help you make these decisions and ensure they are legally sound. They can also ensure that your assets are protected against frivolous lawsuits. This is important because a lawsuit against your estate can be costly and may deprive your heirs of their inheritance.
You want to Protect Your Children
Leaving assets to children without a plan can lead to family conflicts and costly legal battles. With a comprehensive plan, you can set up trusts to manage those assets until the children are mature enough to handle them. It can help prevent a child from spending irresponsibly, losing it to debt, or becoming the victim of an unscrupulous business partner.
Depending on the circumstances, you may also want to use your plan to ensure that you don’t leave anything to a child that could cause them to lose public assistance. A skilled attorney can craft a trust that appropriately protects each situation.
If you plan to get remarried, your attorney can review your current plan and incorporate provisions that consider new spouses and children. Other situations that should trigger a review include purchasing a new home, having children, and changing inheritance and tax laws. This is why working with an attorney who understands creating a comprehensive estate plan is important.
You want to Avoid Probate
Probate is a court-supervised process that authenticates a deceased person’s Will (if there is one) and authorizes their executor to distribute the estate’s assets. It involves locating and assessing the dead person’s property, paying debts and taxes, and spreading the remaining value to the proper heirs. It can take months or even years to complete. It can also be expensive.
Avoiding probate can help you save money and time. Additionally, avoiding probate can help you keep your affairs private. This is especially important if you want to prevent family strife or avoid the possibility of a public scandal.
There are several ways to avoid probate, including setting up a trust, naming beneficiaries clearly on all investment and bank accounts, using payable on death funds at firms, and putting assets in joint ownership with someone else. However, any method that keeps assets out of probate must be carefully planned and may have gift tax consequences.
You want to Avoid Estate Tax
You can avoid paying state and federal estate taxes if you consult an estate planning attorney. These taxes can significantly reduce the amount left to your family and beneficiaries. An experienced attorney can use trusts, revocable living trusts and other techniques to minimize tax liability.
When you first meet with a lawyer for estate planning, they will ask you to complete a questionnaire. This document will give them detailed information about your family, assets, and wishes. They can use this information to create an estate plan that meets your needs and is appropriate for your situation.
Finding an experienced and knowledgeable attorney who knows your state’s laws is important. In addition, you should also consider your comfort level with the attorney. You’ll be sharing much personal information with this person, so you want to ensure you feel comfortable. You may find an attorney who charges hourly or a flat fee, which can vary based on the complexity of your situation. Some attorneys will charge a retainer, which you pay upfront, to cover the costs of your initial consultation.
