Working with an estate planning attorney can be an essential step for anyone looking to protect their property and assets. Getting help early on can save you from unnecessary stress and can protect your loved ones from legal complications in the future. Below are a few signs to look for that may show you it is time to work with an estate planning attorney.
Major Life Changes
The most common reason people decide to begin creating an estate plan is when they experience a major life change. These events can be anything from getting married, having a child, going through a separation, or even experiencing a big health scare. Any of these events will naturally make anyone think about the future. It is smart to think about how any of these changes can impact your property. An estate planning attorney can help you navigate these changes and prepare you and your loved ones for the future.
If you are going through a divorce or have recently had a child, creating or making updates to your estate planning documents is crucial. If you are going through a separation, removing a spouse from your will, a trust, or beneficiary designations should be done sooner rather than later. If you’ve recently had a child, taking the time to designate a guardian and making sure your finances are in place to protect them should be done as soon as possible. It may be daunting to do these things, and you may be putting them off. But having a plan in place to protect yourself and your family is important.
You Own Assets With High Value
If you own a home or any assets that have a high value, you may want to consider getting in touch with an attorney. If you do not have a plan in place for your property, it may go through probate. Probate can be a lengthy legal process that will determine how your assets are divided in the case you do not have an outlined plan.
Working with an attorney can be more beneficial than you realize when it comes to having a plan to divide your property. They can help create a system that keeps your loved ones organized and saves them from a lengthy process. An attorney can also help you set things up in a way that will minimize the tax your family will be responsible for when they do inherit your estate. The beneficiaries to your estate are responsible for paying tax on an asset that they inherit. An estate lawyer will be able to set up trusts that allow your family to potentially bypass paying any tax.
Avoiding Probate
As mentioned above, probate is the legal process of settling an individual’s estate after they pass away. This process is court-supervised, and they will make sure that the person’s debts are paid off and the remainder of their assets are distributed to the correct individuals. If the deceased had a will or a trust set up, the process is quick and usually only involves validating the paperwork. If the individual passed away without a will or trusts in place, the court will work to decide who rightfully receives the remaining property. This process can take a few months, even up to a few years. There are also court fees and legal expenses involved, and it can get very complicated and expensive.
Having a plan, such as a will or trusts in place, can help your estate avoid a lengthy probate process. This will allow your loved ones less of a headache and keep them from having to pay expensive legal bills. Estate planning with the use of a will and a trust can help protect your estate and your family from unnecessary legal complications.
Control Your Future With Estate Planning
Many people think that estate planning and wills are about planning for what happens after you pass away. In reality, having a plan for your estate is also useful if you are unexpectedly unable to make decisions for yourself. If you have an accident or illness that leaves you unable to make decisions, whether that be temporary or permanent, an estate plan can give those in your life instructions on how to proceed. Proper planning can allow your loved ones the ability to give you the health care plan that you would choose for yourself. If you do not have these documents in place, your loved ones may need to go to court to gain the authority needed to be able to make medical decisions for you or even manage your finances.
Estate planning allows you to plan for decisions that may need to be made in the future. This allows your family to know exactly what care you do or do not want to receive if you are unable to make the decision yourself.
Avoiding Family Complications With An Estate Plan
Estate planning is important in many ways, but one main thing it can help with is easing tension and avoiding family tension. If you have a complicated family situation, estate planning can be a useful tool to leave clear instructions for your loved ones. These legal instructions can help avoid disputes within your family. An attorney can help you create a custom plan that is tailored to your family’s structure. You know your family best, and we can help you set them up for success.
Take Control Of Your Future With Financial Planning
If you relate to any of the above and want to learn more about estate planning, probate, or need help with financial planning, you can contact Taneff Law to speak to one of our estate planning attorneys. You can also check out the estate planning services our law firm offers to learn more about how to start an estate plan.
Contact Taneff Law Today To Speak To An Estate Planning Attorney
You can’t predict emergencies, but you can have a plan in place that will make sure both you and your loved ones are protected when they happen. An estate attorney at Taneff Law can help you prepare and create an estate plan that makes sense for you and your family. Contact us today!