Estate planning is creating effective strategies to avoid or mitigate estate taxes, drafting living trusts, and protecting one’s assets. Since no one can anticipate what tomorrow holds, you need to at least ensure that your property is taken care of and that it ends up in the right hands. Estate planning is also a nice assurance that your loved ones will still be taken care of even after you have long departed.
Contacting Monge & Associates for your estate planning needs is a great decision, as they will help ensure that your will and testament is correctly written and signed and falls in the right hands. Let’s take a look at the importance of contacting a lawyer for estate planning.
Why You Should Contact an Estate Planning Attorney
1. Peace of Mind
Having secured all your assets and taking care of all your family even after death brings a great feeling of fulfillment and accomplishment as a person. You have been working very hard to ensure your family is well taken care of, and even after death knowing you secured their future is a great relief.
2. State Laws Can Be Complicated
State regulations govern what can and cannot be included in a will, trust, medical or financial power of attorney. These Laws also restrict who can and cannot witness these documents, as well as the formalities that must be followed when they are signed.
3. You Require a Solid Plan
Planning for the unavoidable can be difficult, especially if you are unsure of what you require, your lawyers will help provide legal documents, financial instruments, terminology, and procedures required to implement your financial plan and have it held up in court.
You may be aware of the assets that you wish to pass on to either family or friends. You may also wish to leave something for a younger relative to access later in life, but give someone else immediate access to whatever you leave them. Your lawyers will be in a position to guide you on what to do and how to go about these scenarios.
4. They Can Update Your Plan
After you’ve drafted a plan with the assistance of an attorney, it must be kept up to date. Every three to six months, many people go through a substantial life transition. Your circumstances might change, or the lives of your beneficiaries may take a turn for the worse.
5. Attorney-in-Fact
A Power of Attorney is a legal document that authorizes one person to manage your financial authority upon your death or when you are physically or mentally incapacitated. We have all seen how guardianship queries arise after a period of time when the chief source of the family falls ill or dies unexpectedly after an accident. Your attorney will assist you in appointing a trustworthy person to manage your finances, affairs, and other resources.
6.You Will Save Money
If you avoid consulting an estate attorney when planning how your assets will be divided and instead rely on forms available on the internet or in a do-it-yourself book, you may end up costing your family. The judicial system may not approve your do-it-yourself documentation or you might have overlooked some critical papers that may create obstacles. Your heirs may end up using lots of money to consult with a trained estate planning lawyer to correct the mistakes and this could put them in a financial dilemma, especially if your estate was intended to provide for them financial freedom.
Hire the Right Lawyer
Before settling with just any attorney, ensure they possess the qualities you’re looking for such as great communication skills, and commitment to their profession. Contacting a qualified estate planning attorney will offer you with the necessary knowledge, support, papers, and estate planning guidance to safeguard the future of your family members when you are unable to make informed decisions or die. That is why it is critical to evaluate the experience, good characteristics, credentials, and reputation of the estate planning attorney you choose to engage.
