Estate lawyers are vital to retirement planning; if you haven’t considered talking to one, you should rethink that decision. Everyone needs to ask themselves what will happen when they pass away. Who will take over your life and your businesses if you have any? Sort through finances, property, and much more. While drawing up a will is something everyone should do, in 2019, 54% of Americans didn’t have a choice.
An Estate Lawyer can work with you to carry out succession planning, ensure any weak spots in your plans are covered, and ensure that your will and wishes are carried out in the manner you choose after your death.
3 Reasons You Need An Estate Lawyer: Avoid Court
If you don’t decide who will get any assets you have after your death, the courts will arrange this for you. Probate, contesting wills, and family funds based on the division of assets are common problems many estate lawyers have come up against when an ironclad will isn’t in place. While these issues crop up when a legally recognized will is executed, the will itself can resolve any questions the family and courts might have.
If you don’t want your loved one to fight it out in court over what they deem acceptable, you need to work with an estate lawyer to ensure everything is crossed off to the letter of the law so there can be no confusion over your wishes.
Protect Yourself
Estate planning isn’t just for death, although these make up a large number of cases in this area. It can also be helpful if you are diagnosed with a health condition or suffer an accident that leaves you disabled or incapacitated and unable to make these decisions yourself.
Once this happens, you will have much less say in your affairs and need someone to take over. While you are of sound mind and in good health, talk to an estate lawyer to get your wishes legalized so that if anything does happen, people know exactly what will happen.
Beneficiary Protection
When it comes to leaving money or assets for minors who might not have come of age when you die, the laws can be complicated, and you need to make sure you are putting the right plans in place for them concerning inheritance tax and potential family disputes. Your estate lawyer will talk you through your options, including putting money into trusts or having this party oversee the inheritance until they come of age.
You will be able to put in safeguards legally, such as restricting purchases and authorization for access to trust funds until a certain age or for specific reasons, and even putting qualifying criteria in place for the use of the money, e.g., they need to have completed college before they can access the total amount.
Suppose you are serious about ensuring a fair division of your assets in the event of your death. In that case, you need to talk through your options with an experienced estate lawyer to find out what is best for your situation, avoid any messy conflicts, and draw out court proceedings your family might be considering after your passing.
