Estate Lawyers: What to Know

Estate Lawyers: What to Know

Financial Planning and Estate Lawyers

Financial planning is always important. If you have any resources, you need to draft a will and a revocable trust. If you have several assets, your legal documents may need to be drawn up by an estate attorney. The attorney should specialize in trusts, drafting wills and tax planning. You are a trustee until you can no longer manage your assets. A secondary trustee can manage your assets when you cannot manage your resources.

Financial Planning and Legal Documents

An irrevocable trust can be used to minimize taxes. Your beneficiaries can avoid probate when you use a revocable trust. Both types of trusts should be drafted by a lawyer. A will is a single legal document that is used to distribute your assets. A living will is a document that dictates how you want to be treated in a medical emergency. An estate plan is a set of legal forms that are used to prepare for a disability or death.

Save Time and Money

Drafting a plan is a complex task. When you hire a professional, you save time and money. Your attorney can handle the legalities. If you do not have a plan, you might end up paying more professional fees. Many attorneys charge a flat rate. The straightforward fee can give you a long-term economic advantage. An experienced attorney knows where to look for additional tax benefits. Your attorney can also give you information about additional financial benefits.

It’s Complicated

The law is always changing, and a single phrase can undo a legal plan. Keeping track of the current laws can be very taxing. If you do not have experience with legal planning, learning the law can be a daunting task.

Objectivity and Advice

Along with experience, attorneys can offer objectivity. Your attorney can offer you informed opinions. Your attorney can also give you unbiased and direct advice. Your plan must incorporate life changes. You might relocate to a new state, and you might have a new financial situation. When you have major life events, you might have to update your estate plan. Your attorney can let you know when your plan needs redrafting.

The Importance of Proper Financial Planning

Many people think financial planning is only for wealthy individuals. However, proper financial planning can benefit any individual. Many people do not have a financial plan because they think they do not have enough assets. Nevertheless, their family has to deal with the ramifications when something unfortunate happens.

The proper legal documents can protect your assets in the event that something unfortunate happens to you. More than 50 percent of Americans do not plan for the future. If you do not have the correct legal documents, your beneficiaries may have to deal with a legal battle and costly court fees. In the end, your assets might be distributed in a settlement that is not fair to your beneficiaries. A properly prepared plan can give you peace of mind. When you protect your finances, your beneficiaries can have access to your resources.