However, estate lawyers are not the most readily sought after. After all, who wants to talk about such a somber topic? However, once taken care of, an inclusive estate plan will resolve all questions that arise after death. These questions range from:
– What is the current state of their finances?
– What property do they own?
– Who is it allocated?
– Does a caretaker need to be hired to take care of any children?
– How much money in taxes is required to be paid in order to facilitate the delegation of property ownership?
– What needs to be arranged for the funeral?
– Why do I need to hire an estate attorney?
Here are the top 7things than an estate planning attorney can do for you. Read on to learn more about estate planning in order to make an informed decision.
1. Take care of your immediate family
With your life insurance, you will be able to provide for your spouse. You will also be able to pass on your property to your spouse and the other members of your immediate family. But first, you must ensure you have chosen a competent and responsible person that can settle your estate and protect your personal property during the time it takes for your estate to be settled. Through estate planning, you can take the necessary steps to protect your personal property from creditors and debt-collectors. Without comprehensive estate planning, your beneficiaries will receive less of your property, and receive that reduced sum at a much later time.
If your spouse and yourself should pass away prior to your children becoming legal adults, estate planning can ensure your children’s schooling and upbringing by selecting a guardian for them. If this is not done prior to your passing, a court will choose a guardian of the children as well as the estate without any of your input. The guardian of the child can then decide where your children live, are schooled, and even where, or if, they worship. This court-chosen guardian of the children’s property will also be required to provide the court with the responsibility of administering the child’s estate. This delegation can be costly, and may even prevent your children from engaging in the lifestyle you were raising them with.
2. Provide for the rest of your relatives who rely on your help and guidance
If you have family members whose lives and livelihoods may become more difficult in your absence, for example, an elderly parent or child with a disability, or even a grandchild whose education or lifestyle you support, you will be able to establish a trust fund for them through proper estate planning.
3. Allocate your personal property to your beneficiaries in a timely manner
After your passing, you will want your beneficiaries to collect your property in a timely manner. Hiring a competent estate planning can ensure that this happens. You can prevent any delays through proper estate planning.
4. Release some strain on your family during this time
With proper estate planning, you will lessen the burden on your grieving family by hiring an estate planner who has your funeral arrangements. Also, hiring an estate planner can also reduce the cost of your burial or cremation. Letting your family know your dying wishes before hand can reduce the stress during the traumatic time after a person passes.
5. Reduce expense
Proper and competent estate planning can keep the cost of the transference of property to your beneficiaries as small as possible. Picking a reliable estate attorney with proper authority will help save money, lower the burden on your surviving family members, and simplify the of your estate. simplify the distribution of your estate. Hiring an experienced attorney will also greatly reduce the court’s involvement.
6. Reduce taxes on your estate
Every cent your estate must pay in taxes is money that your beneficiaries will not receive. A comprehensive estate plan can ensure that the largest amount by law is given to your beneficiaries, and the least amount to the government.
7. Simplify your years of retirement
Although estate planning first benefits those people that are closest to you, estate planning can also be coordinated with your retirement, your healthcare plan, and many other benefits that can help you spend your final years in retirement in comfort, while still supporting your loved ones.