If you become unable to manage your own affairs, or you pass away, having up-to-date estate planning documents are essential. These documents will ensure your wishes will be honored. Hiring an estate planning lawyer is beneficial to helping you prepare and execute these legal documents accurately. Estate plans can be complex and confusing and that’s where lawyers come in. They can help you determine the options and updates that are best for you. Here are 4 surprising benefits you’ll find when you hire an estate planning lawyer.
Update and Change Documents When Necessary
Estate planning documents aren’t something you prepare once and forget about. In fact, as things change, such as your relationships or financial situation, you may want to make updates accordingly. For example, if your will or trust doesn’t accurately reflect who you want to inherit your estate, then it could impact the entire document. That’s why it’s so important to review your beneficiaries before finalizing your plan. Make sure to regularly review your estate plan with a lawyer to make sure they’re going to the people you want to have them. Over time, our relationships with people change, and so does our will. That being said, you may want to update the document at some point – and an estate planning lawyer should help you.
Ensure Your Documents Comply with the Current State Law
The law can be confusing, as there is so much that needs to be considered when preparing a legal document. However, when you work with an estate planning lawyer, you can be confident your documents will be drafted in accordance with the current state law. Working with a lawyer to help you prepare your estate plan will give you the peace of mind that your plan fits within the parameters of your state’s law. State laws can change all the time, so you should plan to routinely meet with your lawyer to ensure your documents are still valid.
Help in the Transferring of Assets
Did you know that a signed trust can actually be pretty useless? In order for it to be truly effective, it needs to be funded. This is the process of transferring assets from your name to the name of your trust. It could be subject to probate if an asset isn’t titled in the name of your trust at the time of your passing. An estate planning lawyer can help ensure that your assets are going to the people you’ve named in the document.
Lower Taxes for Your Beneficiaries
You can minimize – or completely avoid – estate taxes in a number of ways by hiring a lawyer. One of the most common ways to fall under the estate tax threshold is to give away your estate. Gifting can be a great way to reduce the size of your estate. However, such a thing should be done carefully and with an expert, professional estate planning lawyer. Your lawyer can help you find ways to ensure that your beneficiaries pay the lowest amount of taxes possible on the assets they receive from you.