The process of creating an estate plan can be quite complicated or it can be straightforward, depending on the circumstances surrounding your estate and the types of assets you own. I understand that the advent of technology has made it possible to plan your estate with the help of online estate planning tools. However, leveraging these tools to plan your estate, especially one that is large, may not be a good idea.
Thus, it is important you seek the services of an estate planning attorney when you wish to plan your estate. Doing this will ensure that your estate is planned according to your wish including the laws of your state. In addition, hiring an estate planning attorney is the best way to create a valid estate plan.
Before we take a good look at the advantages of hiring an estate planning attorney, let us refresh our memory on what estate planning really is.
What is Estate Planning?
Estate planning may be a household name. However, the sad truth remains that only a few are aware of what estate planning really entails. To some people, and estate plan involves the creation of a will and nothing more. While to some other category of people, estate planning is a plan meant for the rich alone.
Of course, the word estate planning may be one of those lucrative terms associated with the rich. But, the truth remains that an estate plan is for everyone. If you love your family, loved ones, including yourself, you wouldn’t hesitate to contact an estate planning attorney near Long Island ( as a resident of Long Island) , and plan your estate.
So what is an estate plan?
An estate plan is basically a plan done to ensure that your assets are well managed and distributed upon your death or incapacitation. It is very important that you make this plan while alive as failure to do so could put your family and loved ones in a very difficult situation. So, if you are a resident of Long Island, contact an estate planning attorney Long Island to plan your estate.
Having understood what estate planning entails, let us take a look at the advantages of hiring an estate planning attorney to plan your estate.
Advantages Of Hiring an Estate Planning Attorney
If you have decided that you need an estate plan, you may be considering the advantages and disadvantage of hiring an attorney. Of course, hiring an estate planning attorney is the best way to make an estate plan. However, the fees associated with hiring an estate planning attorney may be too much for you. Thus, you may want to embrace the do-it-yourself route, which is not always advised especially if you own a company or you boast of several assets.
Below are some of the benefits of working with an estate planning attorney.
They’ll offer you expert guidance
Estate planning is more than just drafting those estate planning documents and forgetting about them. Your attorney will take time to know you, understand your needs, goals, and desires regarding your estate plan. They will also want to know about you family, finances, etc. These professionals can assist you in understanding the ins and outs of different types of trusts, the benefits of drafting a power of attorney and other important estate planning documents. All in all, an estate planning attorney can offer you the guidance you need to create an ideal estate plan.
Help you update your plan
An estate plan is not a plan you make and keep aside. You will have to update your estate plan when significant changes occur in your life. For instance, if you acquired a new house, you must update your estate plan so that the new asset is included in your will. An estate planning attorney can help you update your will when required.
They know how to handle difficult situations
Creating an estate plan can be very challenging, especially when you own a company or have a large estate. While planning your estate, difficult situations may arise. With an estate planning attorney, overcoming such situations is sure. These experts have the experience and knowledge needed to navigate those difficult situations that may arise when planning your estate.