BusinessIs it necessary to appoint an estate planning attorney?

Is it necessary to appoint an estate planning attorney?

Making sure your family is aware of your preferences for how your assets and affairs should be handled in the case of your death or incapacitation is the goal of estate planning. However, it can frequently appear intimidating to begin the procedure. 

Estate planning lawyers can help with proper estate help. These experts walk you through every step to ensure that your desires are carried out. Many consumers are unsure of their needs or what an estate planning attorney does. Keep reading to know more.

What does an estate planning lawyer do?

Apart from making arrangements for your posthumous legacy, an estate lawyer can also assist in being ready for scenarios in which you become incapable of taking care of yourself or your possessions. Some lawyers specialize in elder law specifically, which is geared toward senior individuals.

Here are some tasks that an estate planning lawyer can assist you with:

  • When you pass away, make sure your final will and testament are difficult to dispute.
  • Aid in the creation of a living or testamentary trust
  • Put money into your trust and manage its management.
  • Choose guardians for your kids.
  • Support for wealth transfers and tax planning
  • Plan your charitable contributions.
  • Make provisions for unforeseen circumstances, such as the beneficiary’s death.
  • Compose a living will that details your final wishes.
  • A durable power of attorney can be given to someone to handle financial or medical choices.
  • Respond to any inquiries you may have on local laws and estate planning.

What is the cost of appointing an estate planning attorney?

Depending on your location, the services you receive, the complexity of your case, and the lawyer’s fee schedule, hiring an attorney can get expensive. To explore the essentials of what you want and how much you’re ready to pay, you can schedule a free meeting with several estate attorneys.

In comparison to more rural locations, estate planning attorneys usually charge higher fees in cities. The prices of various services also vary. A basic will, for instance, might run you a few hundred dollars, but creating a trust will probably cost more. 

Situations when it is better to hire an estate lawyer

Here is a list of the most common instances when it is better to work with the legal assistance of an estate lawyer:

  • You require assistance with business succession planning if you are a small business owner or a business partner.
  • You own assets or property abroad.
  • You own assets or property outside of the state. 
  • You wish to leave back a legacy.
  • You intend to leave property to a non-citizen. 
  • You wish to give up your immediate family’s inheritance.
  • You wish to leave property to a half-sibling, stepparent, or stepchild in your blended family.
  • You need to be eligible for government benefits if any members of your immediate family have special needs.
  • You wish to keep Medicaid from accessing your assets.
  • If you need asset protection from creditors and lawsuits, or if you are concerned about estate taxes, you should set up an irrevocable trust.

So, now that you know the role played by an estate planning attorney, it is better to contact someone with experience to handle your case.