It’s important to create or update your estate planning documents, such as powers of attorney, health care directives, trusts, wills, and many more. In this way, you can make sure that your wishes are implemented when you pass away, or if you fail to manage your affairs. The best way to do this is to get an estate planning lawyer to do it on your behalf. There are many good reasons why you should contact an estate planning attorney. This article discusses the benefits of getting an estate planning lawyer.
Update your estate planning documents
Trusts, wills, and other estate planning documents are not something that you can prepare once and forget. With the changes in your financial situation and life events, it’s crucial to ensure your estate planning documents still state what you desire.
If you already have estate planning documents, then your lawyer can check them to determine whether or not there is a need to update them given your wishes and goals. And, depending on your situation, you may sometimes need a simple change to a will or an amendment to your trust. In most cases, it may be a good idea to re-evaluate the estate plan so that you can minimize estate taxes and avoid probate.
To make sure the documents are complying with the law
It makes sense to work with an estate planning attorney so that you can be sure that the estate planning documents are drafted following state law. Remember that each state has its trust and probate laws, and they tend to change over time.
Confidence that the documents state your wishes
Creating an estate plan yourself can bring many problems. One of the disadvantages is that the documents may not achieve your goals. The truth is that the phrases used in an estate plan can be confusing and complex.
If you decide to use an online form, there is a good chance that you may misinterpret or not understand some of the terms. As a result, you can waste a lot of money on documents that may not work to meet your goals. Worse still, many mistakes in estate planning documents are usually discovered when someone dies.
At this point, it can be impossible to make changes. You need to work with the right estate planning attorney who can understand your desires. They can consider a variety of situations with you before drafting the documents that reflect your wishes.
They provide legal advice
It’s worth noting that your trust or will doesn’t automatically cover all the assets. Some types of property ownership or beneficiary designations on your assets like life insurance and retirement accounts usually pass independently of your trust or will.
Your attorney can review your assets and provide advice about retitling property and accounts. They can also recommend and assist with changing beneficiary designations to make sure that your estate plan has all the assets.