An estate plan comes into play for individuals who own estates, cars, homes, investments, saving accounts, and life insurance among other personal possessions are eligible for hiring an estate planning attorney. The owner of the estate is entitled to dictate how their property should be distributed to people or organizations that are dear to their heart.
This process entails the presence of an estate planning lawyer. The legal plan takes a deep dive into whom the owners want to inherit their assets, the particular time they intend the heir to receive it, and what they are scheduled to receive. In short, an exceptional estate plan will ensure that the owner’s wishes are carried out to the letter and acted upon according to state law.
A lot of people are weary of the fact that death or incapacitation is inevitable hence preparing themselves and their families seems more of an uphill task. Hiring a skilled estate planning lawyer aids in minimizing taxes, and providing a seamless process by ensuring a smooth transition on the inheritance.
Some of the visionarylaw.ca available today include power of attorney, living trusts, and wills but nothing beats hiring a professional estate planning lawyer who is conversant with these documents and is aware of the implication. In this article, we will discuss the benefits and advantages of hiring an estate planning lawyer as follows;
Some of the components of a good estate plan include the following;
- Adequate planning for special needs loved ones.
- Proper instructions for the owner’s care in the event that they become incapacitated or disabled.
- Future protection of the immediate family from creditors or in the occurrence of a divorce.
- The decision to name a guardian for the owner’s minor children.
Contrary to societal beliefs, an estate plan is for everyone despite their financial status. Due to the unpredictability of how long one is able to live, estate planning is essential even to people possessing modest assets for family dynamics.
Benefits of Hiring an Estate Planning Lawyer?
1. Averting Probate
Averting probate is enough reason for hiring an estate planning lawyer. This is the process through which the court rules out and administers the owner’s estate in the event that they die by settling disputes amongst the beneficiaries as well as paying off any pending deceased debts.
This is a tedious and expensive process. The legal costs of probating a business or property estate are usually substantial. Depending on the situation at hand, the cost of hiring an estate planning attorney is also significant.
The downside of probating is that the transfer of property by the beneficiary is issued by the state law which dictates the division of assets without a will or any other document advising on the allocation of property. This in turn may not align with the will, wishes, or intentions of the owner of the property regarding the division of their possessions and wealth.
2. Organizing One’s Affairs
The procedure of organizing one’s affairs includes the estate planning lawyer aiding in the inventory of all the owner’s assets. As a property owner, you should provide your lawyer with, the actual location of all your properties, a list of all the bank accounts and credit cards, and any other information regarding your retirement accounts.
In the event that you are a business owner, you are required to submit all the partnership agreements and corporate certifications which describe the structure of that particular business.
This aids in distinguishing which properties are under your name and which ones have joined partnerships. Valuing the assets of a joined partnership is crucial as it tables out which costs should be incurred in the event of death to avoid confusion about the percentage of the distribution of particular assets.
3. Protecting Legacy
Hiring an estate planning attorney ensures that your legacy is protected and passed down to the intended persons. This is done by enacting the proper legal measures in position so that all of your property and assets are transferred to the intended person once you die.
This is established by involving an estate planning lawyer to help you create a will which is a document that helps in identifying who gets what when that time comes. The document is accompanied by proper instructions for the distribution of the property amongst entities and individuals who are named beneficiaries as per the agreement.
4. Planning for Incapacitation
Planning for incapacitation helps in making decisions regarding the owner’s medical care, estate, and finances when they have the strength and capacity to do that. This is the process of putting in place a health care power and living will under the care of your lawyer. This is even more crucial if one has a minor child which is part of the parenting plan.
The planning aids to ensure that all your wishes are respected and followed in the event of death or incapacitation. This gives the immediate family or loved one peace of mind by having the understanding that their future life is secured despite any circumstances that should occur. Since we cannot dictate or predict what the future holds, the best decision is to stay fully prepared and hire a skilled estate planning lawyer whose role is to outline any possible scenario that might arise and advise on the best possible way to protect your family and loved ones from potential pitfalls.
5. Protecting Your Minor Children
It is important to consider naming a guardian for your minor children in the event something should happen to you. If death occurs, the guardian is given the mandate to take care of the minors according to the state laws until they reach the prime legal age of adulthood where they are now able to manage their own affairs independently.
The guardian is also given control over the deceased’s finances until the minors get to 18-21 as per the state they are in.
If the guardian is unable to take responsibility, then a trustee is appointed over the minor’s assets until they reach their maturity age.
Hiring an estate planning lawyer helps to ensure that the owner’s assets are protected and that the loved ones have peace of mind by contemplating all the financial interests while making important decisions regarding your future.