Did you know that just 46% of Americans have a will in place that covers how they want their assets divided when they pass away? Without that will, your loved ones may not get the assets or inheritance you want them to.
While you can create a will and start an estate plan independently, it’s more complicated than you might think. If you leave something out, you risk altering your final wishes and making things harder for your loved ones.
Working with an estate planning attorney will make creating that long-term plan easy and seamless. Here are a few reasons to hire an experienced estate planning lawyer as soon as possible.
They Can Help Regardless of Your Age
Having estate planning documents in place is always a good idea, regardless of age. However, if you try to come up with the documents yourself, you risk leaving something out or forgetting to protect a specific asset.
Attorneys can assess your current lifestyle and situation to recommend the proper documents from the very beginning.
The sooner you get essential estate planning documents, the better off you and your loved ones will be. You’ll be able to leave a firm plan in place should anything happen to you unexpectedly.
You’ll Get a Personalized Plan
Creating an estate plan means taking a long, hard look at your finances, goals, and any concerns you may have about the future. Otherwise, you risk leaving something to chance, possibly costing your loved ones in the long run.
If you try to plan things on your own, you’ll often have to rely on standard forms that may not fit your long-term plans.
You’ll get a customized and personalized estate plan with an estate planning attorney. They’ll review everything with you to ensure you’re happy with the outcome and can tailor documents to fit your wishes.
Estate Planning Attorneys Can Give You Detailed Advice
Every situation is unique, and it’s normal for your needs to change as you age. Unfortunately, this often means those free online estate planning tools aren’t enough to help you create a lasting legacy.
Estate planning attorneys have experience working with families like yours to set up a solid plan that works for you and your loved ones. If you have an existing project, they’ll be able to review it and advise on what aspects should change based on your personal situation.
As you age and your goals change, they’ll be able to make recommendations on the types of documents you should have in your estate plan and which existing documents need to be updated.
Keep in mind that finding an experienced estate planning attorney you can trust can take time. Do your research and if they have a website, check it out. Make sure they offer the services you need before you schedule a consultation.
Your Attorney Will Be Able to Enforce Your Wishes
One of the biggest challenges people face when creating their wills and establishing an estate plan is making sure that their family will follow their wishes. This can be like making sure a person inherits a particular heirloom. However, it can also grant someone the power to make decisions about your healthcare should you be unable to make those decisions yourself.
When you work with an estate planning attorney, they’ll ensure that your final wishes are enforced across the board. Even better, they can guide your loved ones responsible for implementing those last wishes if they’re unsure where to begin.
This leaves less up to chance and can reduce the stress your loved ones will face as they adjust to a new normal.
Your Loved Ones Will Have a Point of Contact
Your estate planning attorney does more than help you plan for the future. They also act as a point of contact for your loved ones if you pass away. They’re there to explain the processes your loved ones will have to go through and can answer any questions they have about your estate and final wishes.
This can help reduce the stress your loved ones may experience and simplify your assets' distribution.
An Estate Planning Law Firm Will Speed Up Probate
Probate is the process of distributing your assets to your beneficiaries. This process can take a long time if your loved ones are unprepared.
When you work with an attorney, they’ll take care of everything as quickly as possible. They’ll communicate your final wishes to your loved ones and will fill out any necessary legal paperwork to move the process along.
Your loved ones will get the assets you bequeathed to them, and if any bickering happens, the attorney can help settle disputes quickly.
They Can Help You Reduce Your Loved Ones’ Tax Burdens
Your loved ones will have to pay the government some estate tax on anything you leave them. However, there are ways to reduce that tax and help your loved ones keep more of what they inherit.
An estate planning attorney will help you find the proper methods for your needs and your financial goals to help ease that tax burden.
Hiring an Estate Planning Attorney Is Always a Good Idea
Working with an estate planning attorney is an excellent option if you’re ready to establish a will and take care of your estate. They’ll take the stress out of planning for your future and can answer any questions you have throughout the entire process.
Once you have a plan in place, you can keep working with them to make updates or to ensure that your estate is distributed fairly.
Creating an estate plan means focusing on living your best life without worrying about your loved ones’ financial security. The best way to do that is to find new activities that put a smile on your face. Check out our latest posts for tips, tricks, and fun ideas to help you create new hobbies and memories that will last a lifetime.
