About 91% of adults ages 72 or older and 58% of boomers have estate planning documents. Meanwhile, most US adults ages 18 and up haven’t yet.
Don’t neglect to plan your estate. Otherwise, your family might not have the necessary documents after your passing.
On the fence about seeking legal help? Here are five reasons to hire a lawyer for your estate planning needs.
Navigating estate transactions is often more difficult than you might think. You can work with the best lawyer to simplify the process. That’s only the start.
Read on to discover why you should find an attorney for estate planning today.
1. Save Valuable Time
The probate process is lengthy and costly. You can seek legal help to simplify the entire process.
In fact, your lawyer could help you avoid probate when your assets are designated to beneficiaries.
2. Protect Your Assets
You can hire an attorney to help plan your estate. A good plan will ensure your family doesn’t have to jump through hoops when you pass on.
Your plan can include the will, trust, and power of attorney. It can also include a medical directive or guardianship nomination.
Working with an attorney will make sure the proper paperwork is in order to protect your assets.
3. Avoid Mistakes
Fewer than 46% of US adults have a will. Get to it! Unfortunately, it’s easy to make mistakes while organizing your records, including your:
- Essential financial records
- Insurance policies
- Beneficiary designations
You can hire a lawyer to ensure your family has access to these records when you pass. The best lawyer will ensure you don’t make any costly paperwork mistakes, either.
4. Take Care of Your Family
Some families need to navigate special circumstances while estate planning.
For example, it’s possible you have a child with special needs. They might lose their public benefits if they inherit assets outright. There are types of trust that can benefit your child in this situation.
You can find an attorney to ensure they receive government benefits and their inheritance.
Setting up a trust the right way requires special knowledge, though. You can hire an attorney who has the experience and expertise you need. They’ll ensure your loved one is protected.
Hiring a lawyer for estate planning will give you peace of mind for yourself and your family.
5. Reduce Tax Liabilities
You might struggle to determine if your estate is liable for federal estate taxes on your own. Certain factors can impact your circumstances, including:
- Deductions your estate is eligible to take
- How much debt you owe
- The gross estate’s value
- Total expenses incurred while settling the estate
The best lawyer can help you understand the laws relevant to federal and state estate taxes. They’ll make sure you plan accordingly.
Select the Best: 5 Reasons to Hire a Lawyer for Estate Planning Today
Don’t worry about navigating the complexities of estate planning alone. Instead, hire a lawyer. With their experience and expertise, you can avoid any pitfalls along the way.
Instead, you’ll have peace of mind knowing the best estate planning lawyer is at your side.
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