There are several reasons why you need to hire an estate planning lawyer. Estate laws are complex and ever-changing, and estate planning requires legal knowledge to be executed properly. Left for you, you could draft a basic will to distribute your estate when you die. But what about probate and estate tax? How are you sure a huge part of your estate will not be going to the state when you pass away? What if you get incapacitated? What if you have property in other states? How do you plan for all these without accurate knowledge of the necessary laws and strategies at play?
For simple estates, you may draft your will without professional assistance. But to get the best of estate planning, we advise you get in touch with an experienced estate planning lawyer near you.
7 reasons why you need to hire an estate planning lawyer
The following are reasons why you should consider hiring an estate planning lawyer 14205, Buffalo, NY
1. Customizing your will
If you have an estate comprising some cars, a house, and bank account, it wouldn’t be difficult for you to draft your will, especially when your family consists of a spouse and children. However, some certain cases would require you to customize your will according to your peculiar estate and family situation. If you have any of the following situations, then it’s in your best interest to work with an attorney:
- You have property in multiple states
- You’re worried that your estate value will exceed the estate tax exemption threshold
- You are in a blended family with kids from the previous marriage
- You have minors
- You have a child with special needs
- Your estate is large with complexly owned assets
The list is not exhaustive.
2. Estate laws are complex and ever-changing
New York estate laws change from time to time. It requires a legal professional to keep up with these laws and ensure your estate plan complies with the current laws. If not, your estate documents may be invalid and hence, your wishes will not be honored.
3. Ensuring your will says exactly what you want it to say
It is one thing to mean a thing; it is another thing to write it exactly as you mean. Since your will must pass through the court, writing a will requires you to use the appropriate terms in order to prevent confusion, ambiguity, and inconsistency. A professional highly-skilled in such legal matters will know the right terms as they are recognized by the court.
4. Updating your estate plan
Estate planning is not a once-and-for-all activity. As life goes on, there will expectedly be changes in your family and financial situation which would necessitate a consequent change in your estate plan.
When you acquire new assets, sell/lose some, get divorced or go into a new marriage, have a new child, or the tax exemption amount changes, you would have to make the necessary changes to allow for these things. If not, your ex-spouse whom you named as beneficiary in your will when you were still joined may end up inheriting your assets when you die, whereas your children from the new marriage get none.
5. Tax planning
The New York State estate tax exemption amount for 2020 is $5.85 million. If your estate is above this value at your death, then a considerable amount between 5-16% of your estate would go to the state. If this is your situation, your lawyer can help you plan with an eye towards tax minimization or avoidance as the case may be.
6. Probate avoidance
Probate in New York is not something anyone would wish for. It is time-consuming, expensive, and exhausting. Through certain estate planning tools such as living trusts and gifting, an estate planning attorney can help you avoid this legal process.
7. Ensure your estate plan protects your best interest
Most people who do DIY estate planning end up planning only for the disbursement of their estate. But having understood your estate situation, an estate planning lawyer will advise you on all you need to plan for to get the best benefits.
Estate planning lawyers near me 14205
To get the best of estate planning in New York, contact our estate planning lawyers Buffalo, NY 14205.