We would all like to delay thinking about it, but leaving behind assets to your loved ones is a serious business and it’s a matter that you need to settle while you are still able. If changes need to be made later, you can always make revisions. An estate planning attorney is crucial to ensure that your assets are distributed the way you envision them to be.
Estate planning can be confusing to understand and navigate on your own. Plus, there are other factors at play like inheritance taxes to contend with. A lawyer who is knowledgeable and experienced in this topic will give you a personalized guidance and make sure that you understand the terms of the will that you will draft together.
Why Is an Estate Lawyer Necessary?
The number one reason why you would need an estate planning attorney is state laws rule estate plans. Each state has very specific laws on what one citizen can and cannot include in their last will and testament.
The state also dictates the limits of the financial power of attorney. So it’s important to have an estate lawyer by your side to inform you of the specific laws on estate planning in your state.
But there are plenty of other reasons why it’s important for you to hire an estate planning attorney. From special circumstances to complicated family situations, an estate lawyer can help you get things in order before you go.
An Estate Planning Attorney Can Help You Distribute Your Assets in Differing Amounts
One good example scenario where an estate planning attorney would be crucial is when you want to leave your assets to your loved ones in differing amounts.
Your last will and testament needs to be clearly written and to specify who is to receive which properties. This is especially important if you have adopted children and natural children. If you do not define this and simply state “my children”, the executor may have trouble understanding if the adopted children are included in your will.
In cases where sadly, a person would want to disinherit a particular child, it also needs to be clearly specified in your estate plan. Your attorney will make sure that your intent is clearly stated in order to avoid misinterpretation in case someone wants to contest it in court.
Your Estate Lawyer Will Help You Use Irrevocable Trust
You can seek the help of an estate planning attorney if you want to use an irrevocable trust which means the trust cannot be revoked once your papers are signed unless:
- A court order is obtained
- The parties involved obtain the consent of the trust maker and all of the beneficiaries stated in the will
This would still have specific boundaries and exceptions depending on the state.
It is not always easy to decide whether having an irrevocable trust is the correct decision and speaking with an estate planning attorney will help you weigh your best options.
Special Circumstances Require the Help of an Attorney
If the way you want to leave your assets is more complex than usual, you would require the help of an estate lawyer. If you want to hold a certain asset until your beneficiary meets a certain condition or if you want to create a trust fund for a disabled beneficiary, the advice of an estate planning attorney will help.
The scenarios mentioned above are just a few examples of why an estate lawyer is crucial when creating your last will and testament. There are other more unique situations so it would really help for you to speak to a legal professional.
