Here are five reasons you need an estate planning attorney;
- Professionally customize your documents
Wills are now downloadable online. You will be told about the requirements for validity, but be aware that you are left on your own to fill in the blanks. But when you involve an attorney, he ensures that the will is professionally established and tailor-made specifically for your estate.
- Regular update of estate plan when required
Note that it is not enough to just create an estate plan to dump in your cupboard till death do you part. As estate laws change as they often do yearly, there may be something in your estate plan you may need to revise. You may acquire new assets or lose some, get divorced and go into a new marriage, have more kids, etc. All of these may demand consequent changes to your estate plan since your beneficiary listing would change. If you already have an existing estate plan, your lawyer can revise all the papers to identify points where changes are required.
- Designated Beneficiaries:
Many people wrongfully believe that wills and trusts ultimately cover all their assets but this is not so. These instruments can only address properties that are in your name only without any beneficiary designation or POD clauses. For example, you may have designated John as the beneficiary of your life insurance while creating it. If you forget that fact and later name Julian as the beneficiary in your will, the former would precede for such a discrepancy. Your estate planning attorney will revise your estate plan, retitle assets and beneficiary designations where necessary and make other recommendations to ensure your estate plan is holistic, coherent and solid.
- Educating you and your family on the purpose of each estate plan document:
Your estate planning attorney will educate you about what estate planning addresses. It is even better to establish a bonding relationship between you and your attorney so that you can always turn to them for questions and solutions in the future. If your family has questions when you become incapacitated, they can always call on your attorney who prepared the documents. When you pass away, he can guide your family and executor through the probate and asset distribution process.
- Peace of mind:
One significant downside of going it alone is that due to your unskillfulness in this area, you may run into errors which can prove very costly in the future. In an attempt to save cost, you end up spending more and compromising the happiness of your loved ones when problems arise later due to the error. But having a professional carry out estate planning on your behalf gives you the assurance that your estate plan expresses an exact reflection of your desires. The legal jargon is better understood by the legal professional, and therefore the right choice of words will be employed to ensure your estate accomplishes your goal.
What could go wrong with a ‘do it yourself’ estate plan?
It could be tempting and perhaps less expensive to make estate plans all by yourself. The dangers lies in not creating the proper plans which would be fit to stand in New York. While it may not be bad engaging in steps involved in planning your estate, it is a bad idea to go do it all yourself without involving an estate planning attorney near you.
While wills are now downloadable online, be aware that estate planning is not one-size-fits-all. There may be a need to customize your will, trust as well as other estate documents to suit your estate goals without compromising the validity of your document, and it becomes imperative you seek help from an experienced estate planning lawyer near you.
Contact an estate Planning Attorney today.
If you aren’t an estate planning attorney, you may require the help of one when planning your estate. A competent estate planning Attorney has the necessary resources, experience, and knowledge to ensure that your estate plan covers all your wish. An estate planning attorney can also offer you valuable advice regarding how you should plan your estate to avoid the much-dreaded probate process.
If you reside in the city of New York and you need the assistance of a good estate planning attorney for your estate, you can count on us! We boast of the best estate planning attorney in the state. Contact us now!