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The Importance of Estate Planning

It’s a common misconception that developing an estate plan is only for the wealthy. In fact, it’s essential for almost anyone to have an estate plan in place for when you are unable to make decisions for yourself or your assets. Having a clear plan in place can not only ensure that your family has a clear plan for your wishes but mitigate the risk of much headache and heartache for loved ones. The following are common questions asked by people who are in the process of estate planning:

Should I just create an estate plan on my own?

There are a number of online estate planning tools that allow people to develop their estate plan without the guidance of a lawyer. However, these programs don’t often take into account your specific needs, in addition to tax laws within your state. Working with an estate planning lawyer can help you reduce complications that may come with developing your own estate plan using a one size fits all software. The last thing you want is for one small mistake to render the will invalid. This not only can be costly for your estate but create significant problems for your family. Working with an estate planning lawyer can greatly reduce this risk, help your heirs to retain as much of your wealth as possible and provide you with the opportunity to create a customized estate plan.

Should I share the contents of my estate plan with loved ones?

The last thing any person wants is for their family to be left fighting over assets and final wishes. Because of this, it may be in your best interest to share certain components within your estate plan. While it’s always essential to speak with those you would like to appoint as executor of your estate or guardian of your children, it may also be beneficial to speak with your loved ones. This can give your loved ones the opportunity to voice any concerns so that they can be resolved quickly. This can also give your family peace of mind in knowing that you have a clear plan in place for when the time comes.

What risks am I taking without an estate plan in place?

Should you pass away without an estate plan, you will be considered to have died intestate. As a result, your estate will go into probate court, meaning that the court will make decisions over how your estate will be resolved. Without an estate plan, you run the risk of paying more taxes, increasing the risk of familial strife and losing the ability to make decision over how you would like your final wishes carried out.

Why should I hire an estate planning lawyer?

Hiring a lawyer to assist in the estate planning process is essential. They can ensure that your estate plan is clear, valid and leaves nothing up for discussion. Not only can this help protect your assets but ensure that your assets go to the appropriate beneficiaries and that nothing is left out of your plan.

With the help of an estate planning lawyer, the process of developing an estate plan doesn’t have to be as cumbersome as it’s often made out to be. Having a clear plan in place can not only protect your assets, but ensure that your final wishes are carried out in the way you would have liked. For more information about estate planning and how it may benefit you, contact an estate planning lawyer in your area to schedule an appointment.

Contact a estate planning lawyer for more information.

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