Are you preparing to write a will? If so, you have probably come across many templates and tutorial videos online. Although there are many online resources about making wills, powers of attorney, and trusts, DIY estate planning is not ideal. Below are reasons you need a lawyer when making a will:
Addressing Every Component of Your Estate
A lot of people think that a will is not only to bequeath property to family members. However, it can include all types of assets and terms. For instance, your will can include the name of your estate executor, a designated guardian of your minor kids, and the specific assets you want to give to charity. An attorney will make sure you take everything into account when making your will to reduce disputes during probate.
Ensure the Legality of Things
While you can make a legally binding will on your own, having a lawyer review your will can ensure it holds up in court. Each state has strict statutes that govern probate that tend to constantly change. Thus, you need an up-to-date and compliant template. Using an outdated template can result in a document that is not legally binding.
Navigate Complicated Family Dynamics
No matter your family dynamic, an estate planning attorney can help you make arrangements based on your current situation. Also, they can update important documents whenever you have a change in circumstances.
Minimize the Tax Burden
No matter how small or big your estate is, you need to understand the tax implications this will impose on beneficiaries. A lawyer can explain different strategies to reduce the tax burden on your loved ones according to the law.
Protect Your Interests
Your will can come with documents that go into effect before your death. For instance, a healthcare power of attorney gives a person the power to make medical decisions for you if you become incapacitated. Similarly, a financial power of attorney will let a third party handle your money when you cannot do so yourself. Because life is not predictable, it’s best to draft both documents with an attorney’s help.
With the help of an attorney, your family members can have peace of mind as they know your estate is properly handled. This can make sure all legal documents are handled in advance to enforce your will when the right time comes. A will ensures consistency when you die. Property estate planning starts with a will.
