Estate Planning – Should You Hire a Lawyer?
Estate planning is the method to organize the disposal of one’s estate during his/her lifetime. It helps to mitigate the uncertainties concerning with the administration of the will.
Another major benefit that the estate planning provides, is the opportunity to maximize the value of the estate by lowering the taxes associated with it.
It is very important to hire the right attorney to make smart decisions, save you as much taxes as possible and guarantee that your loved ones will get the assets designated to them without any problems.
The job conducted by the attorney is crucial for the estate planning process because it is possible to lose a significant amount of money if the attorney fails to do a good job.
Therefore it is vitally important to hire the right attorney.
Below we presented the major benefits of attorneys in the estate planning process.
- Estate plans are ruled by state laws, which can pose specific requirements on a certain type of assets, also there may be requirements on what can’t be mentioned in a will, who can’t be a personal representative, trustee or even attorney and a lot more other formalities that you will be aware only by cooperating with an attorney. So if you don’t want to put your family members into a difficult situation after your death, do not save on attorneys. Your loved ones can incur significant costs and not fully get what you have anticipated for them as a result of the will is not legally valid or some other problem.
- Sometimes estate plans can be very complex, and without having solid knowledge of this specific area, a person cannot build it on his/her own. Simply relying on some information provided on the internet or from other public sources to help you produce a plan yourself can lead to adverse consequences. Hiring an attorney guarantees that your estimated plan will be completely implemented after your death and your family members will get everything that you have left to them.
- A good attorney can increase the value of the assets by minimizing the estate taxes and other related expenses.
- Some important duties of the lawyer for estate planning include but are not limited to preparation of the powers of attorney and health care directives, designation of a person to take care of your affairs in the case of something happening to your health that leads to you becoming mentally incapacitated, etc.
The costs of hiring an attorney generally depend on the complexity of your estate, the lawyer’s experience and skills, and current rates on similar services in your geographic location. The prices can start from $300 and increase up to $3,000 and even more.