Estate planning is the process of organizing and preparing tasks for the management of your estate when you are alive, or if you become incapacitated or dead. Estate planning is a good way of planning for the future of your beneficiaries. Anyone can do estate planning contrary to the popular opinion that estate planning is for people with a high net worth. Estate planning is different from having a will.
Unlike preparing a will, estate planning also involves organizing matters concerning your health and finances even when you are alive while the will is most useful after your death. You may need to hire an estate planning lawyer if you own a small business if you have assets out of state or in a foreign country if you have a blended family or a family member with special needs, and when you wish to disinherit a family member. Given below are reasons why hiring an estate planning lawyer is important.
1. Having an Indisputable Plan
Planning your estate is not easy and most times you may not be sure of what you want. It is not easy deciding how to distribute your assets to your dependents. Sometimes you may not wish for some of your relatives to inherit your assets and these relatives may dispute this plan once you are deceased or incapacitated. When you hire an estate planning lawyer like Rochester Law Center, they will give you solid advice and come up with an indisputable plan.
The lawyer will prepare the valid documents for your plan which can be used in court in case someone wants to dispute this plan. The estate planning lawyer from Obryanlawoffices.com recommends your plan be continuously updated because the lives of your beneficiaries may take a turn at some point. They will plan your estate to adapt to the changes that may occur in the lives of the beneficiaries whether it is positive or negative changes. The estate plan can be continuously reviewed to ensure that is up to date with your current wishes.
2. Saves Money
Hiring an estate planning lawyer will save your beneficiaries from extra costs. If you do not plan your estate, your beneficiaries will use do-it-yourself methods to divide your assets. These plans may not be valid and in case someone disputes them in a court of law, they may be dismissed. Your beneficiaries will then end up spending more money correcting the errors in their plan to make it valid for court. This can be avoided by hiring an estate planning lawyer and your dependents will spend their money on improving their lives rather than disputing over your estate.
3. State Laws Are Complex
An estate planning lawyer is familiar with the laws of the state in which you live. State laws are different and they dictate what can be included in the plan, the witnesses who should be present and other formalities that should be observed when making the plan. By hiring an estate planning lawyer, you will avoid making mistakes in your plan and they will ensure that your plan meets all the requirements of the state laws.
In summary, estate planning involves organizing your estate and coming up with a plan on how your estate will be distributed when you are alive, incapacitated, or dead. Hiring an estate planning lawyer will come up with an indisputable plan, save your beneficiaries money, and ensure that your plan follows state laws.