If you seek to have a comprehensive estate plan that covers all your needs, then this is enough reason why you should hire an estate planning attorney. There are indeed many reasons why such a delicate personal yet legal matter should be put in the hands of a professional. At the end of the day, working with an estate planning attorney gives you peace of mind knowing that your affairs are in competent hands.
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At our NY-based law firm, our team of estate planning attorneys is committed to giving you the best of estate planning. We take advantage of the various provisions of estate laws to give you the best benefits. If you wish to speak with an experienced estate planning attorney near 11222, Brooklyn, all you need do is put a call through to us today.
The section below highlights 6 reasons why you should consider hiring an estate planning attorney
1. The problem with DIY estate planning
It is true that you can fill out a will template and some other estate documents online cheaply, but the truth remains that there are complexities which you may face that may cause you to make grave mistakes. Such mistakes happen to be disastrous in the long run. When you work with an estate planning attorney on the other hand, they would educate and guide you along each step, helping you make important lifetime decisions that would affect not only your estate but the financial security of your loved ones.
2. Financial security for your younger loved ones
There are straightforward ways by which you can leave assets for your beneficiaries above 18. In fact, regardless of whether you have an estate plan, your spouse and children would be entitled to all of your possessions. But for your children below 18, it is not so. Minors are not eligible by state law to inherit. But through estate planning, your attorney can devise ways by which you can leave assets for your minors and even grandchildren, ensuring they get the kind of life you want. This can be done by either providing guardianship for them in your will, giving instructions on how their guardian should manage the funds for them; or by creating child trusts managed by a trustee. When they turn 18, they can then take ownership.
3. Avoiding unwanted publicity and time-wastage
Normally in New York, if you leave your assets to pass through a will, a court procedure known as probate must oversee this process. Even when there is no estate plan, probate will still be done. Probate puts your family through a lot of stress and publicity in settling the estate, whose value would become known to the public. An estate planning attorney can advise you on different strategies to avoid probate thereby enabling your loved ones to inherit your property seamlessly, privately and cost-effectively.
4. Avoiding family conflicts and confusion
By clearly wording your will and trust, your wishes would be clearly known and there would be no question or squabbles as to who should receive this car or that bank account.
Most people who do DIY estate planning only think about asset transfer and so fail to plan for incapacity. An estate planning attorney knows this is a critical part of estate planning and would help you document your wishes so that they would be known should you eventually become incapacitated. If not, your family members would have different opinions as to what you would have wanted, and possibly someone without a financial background would be overseeing your financial matters probably because of their age. Not knowing your wishes will lead to conflict of opinions. By helping you create durable financial power of attorney and advance healthcare directives, you would be able to appoint persons who you deem capable of making important financial and healthcare decisions for you when you become unable to do so yourself.
5. Customizing your will
An estate planning attorney helps you customize your will to suit your personal situation. Filling a will template online does not enable you accomplish this. If you attempt to alter the will, you may unknowingly ruin its validity or cause discrepancies.
6. Avoiding estate tax
If your estate worth is more than the estate tax exemption amount, then a significant part of your estate would be going to the State when you die. If you would rather have such amount go to a loved one, then a New York estate planning attorney 11222 can help you accomplish that using certain estate planning strategies. These lawyers are proficient in financial planning and would ensure the maximum value of your estate passes to your loved ones.
Your estate plan is in its best state when overseen by a professional. Secure your loved one’s financial future and get peace of mind by hiring an estate planning attorney near you. Call us to get in touch with one near 11222, Brooklyn.