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What An Estate Planning Lawyer Can Do For You And Your Family

Everyone has an estate since, according to the law, an estate is anything that you own. Having an estate plan allows you to allocate your belongings after your death; if you’re financially responsible for your family, then you are dealing with a very important matter. Estate plans encompass a variety of legal documents that contain instructions on how you will be providing for your family after you pass on. Besides being an emotional experience, creating one can be a very overwhelming and stressful process. This is why you need a lawyer who can help you with the procedure. Estate lawyers are extensively familiar with the federal and state laws that regulate the taxation, inventory, dispersion, and valuation of your belongings upon your death. Read through our article to find out what an estate planning lawyer can do for you and your family. 

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No Probate Process

The probate process is the period in which a dead person’s estate gets transferred to their beneficiaries. Unfortunately, a probate process is often quite costly; it is also very time-consuming, as it may take several years. The process is also public; anyone who plans on heading over to the courthouse can obtain copies of the will and the associated legal files. Fortunately, even those who don’t have a trust may not need to go through probate. To do that, you must ensure that all your assets are written off to certain beneficiaries. If you own below  $150,000 of total property and real property below $50,000, you can transfer your assets by using an affidavit. Though, you must keep in mind that not all entities will accept it, thus forcing your family to go through the probate process or partake in litigation with the entity. Having a lawyer can help you avoid this by ensuring that everything is taken care of. If your family must go through it, then having an estate lawyer will help prepare them. 

Set up Will and Determine Beneficiaries

While there are countless will templates available online, you can’t guarantee that any of them will fit your specific needs. This is because people’s situations, from problematic family members to the assets that they own, are never similar, let alone uniform. This is why writing your own will is typically better. However, the issue with this alternative is that there are several laws and rules that you must follow; they even usually lead to probate litigation. Supposing you learn more here, consulting a lawyer who is experienced in this area of the law can prove to be quite helpful. They will help streamline your will, saving you the trouble of going to court. Not only that but finding a good estate planning attorney can help you strategically allocate your belongings to your beneficiaries. 

Fulfilled Health Wishes

If you feel confused, your estate planning lawyer can help provide you with constructive and beneficial advice on who the most suitable person is in terms of taking care of all your health issues. Many people may feel tempted to choose family members to handle these situations, when their friend may be perfectly cut-out for this procedure. Your attorney may offer you great advice on who to choose to take care of this situation. 

Family Protection

A well-thought-out estate plan should include a durable power of attorney, in case you become incapacitated, the list of beneficiaries, advance medical directive, a trust, life insurance, and of course, the will. Coming up with a detailed plan can save your family the trouble of trying to navigate possible, viable solutions. Attorneys will ensure that all your documents are ready with even the most minor details in place. They will also ensure that all your final wishes are granted, your family traditions and values resume, and that the funeral arrangements are well planned. 

Updates and Modifications

Estate plans are subjected to constant changes. Alterations in your life’s journey, such as divorce, marriage, childbirth, the selling or purchasing of an asset, health changes, and more may require you to update your estate plan. Changing your estate plan as soon as you come in contact with new experiences can be a pain. However, your lawyer can help update and modify your plan to ensure that it’s up to speed. 

There are several things that must be considered when it comes to estate planning. From creating a streamlined will to ensuring that your family is well-protected beyond your death, the entire process can be quite overwhelming. Fortunately, hiring an experienced lawyer can help make the process much easier. 

 

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