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Did you know that the first formal laws related to estate planning can be found in ancient Rome and England? Since then, estate planning has become an important aspect when you are planning out your future. You don’t want your friends and family to wonder what you want to do with your asset base in the case of your death.
An estate planning lawyer will take charge of the preparation tasks needed to manage your assets in the event of incapacitation or death. The estate planning will include the bequest of assets to heirs and the settlement of estate taxes.
So, keep reading to find out the three main reasons you should hire an
estate planning attorney to manage your assets today.
1. Avoid the Lengthy and Costly Probate Process
The probate process is a court-supervised process where the deceased person’s estate is transferred to the rightful heirs and beneficiaries. This process can be extremely expensive and can take up to a few years to finalize. This process is also very public as anyone can go to the courthouse to receive copies of the Will.
You can avoid the probate process if all assets are designated to beneficiaries.
You will want to avoid the probate process if possible. By simply hiring an estate planning attorney, you can bypass the entire process. If you’re looking for a California estate planning attorney, you can find us online.
2. Protect Yourself, Your Assets, and Your Family
Estate planning attorneys will know the best ways to ensure our loved ones will be able to access your assets without all the drama. An estate plan can include:
- Power of Attorney
- Medical directive
- General Assignment
- Guardianship Nomination
These documents will be written in such a way that it is clear who your assets are going to. You can also include rules over what and when a beneficiary receives their inheritance. A common occurrence of this is setting up a trust for a minor, over which they will receive control once they’ve reached a certain age.
When it comes to estate planning, the wording is everything. Using the wrong word or missing a signature could lead to your family needing to go through the probate process.
3. Navigating the State Laws
While you might consider handling your own documents, state laws can be incredibly complex. There are rules about what you can and cannot put into a will or trust, plus there are state regulations about who can act as personal representatives or trustees. Hiring a licensed attorney located in the state you reside in will help you reach your goal much faster.
Hire an Estate Planning Attorney Today
Hiring an estate planning attorney is the first step to ensuring your family is taken care of after you pass. By taking the time to meet with an attorney, you are making sure your assets will go to the right places.
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