Creating an estate plan is like planning for your future and the future of those you care about. You see, most people believe in this misconception because they lack the proper understanding of what an estate plan is and its benefits.
If you really have an idea of what this plan is, and how beneficial it is to you and your family, you will plan an estate regardless of how poor you think you are. Estate planning is not as difficult as most people perceive it to be. In fact, understanding this plan, including the processes involved isn’t difficult. With the help of an estate planning attorney, you can create an estate plan that mirrors your desire. So when you die, all your assets will be managed and distributed according to your wishes. Nothing will be done outside your wishes if you plan your estate right, and that is why it is important that you hire an estate planning attorney.
Why you need an advisor or estate planning lawyer
Professional advice in asset disbursement
Most people make the mistake of thinking their will and/or trust has automatic coverage over all their assets but this is far from the truth. Assets having designated beneficiaries e.g. IRAs and insurance policies pass outside the will or trust. Your attorney will offer professional assistance in reviewing your assets and retitling certain ones to ensure that your estate plan covers all your assets. This step is crucial in avoiding problems when disbursing your estate when you die.
Future go-to for questions and answers
Your estate planning lawyer or family wealth advisor would be a trusted go-to for yourself and surviving loved ones should any of you have questions in the future. Your attorney can be a guide when you become incapacitated or during probate. Having worked with you on preparing your estate plan, they are better equipped to execute the documents, administer the estate, and enlighten your family about your wishes. This brings lasting peace of mind.
Peace of mind that over your financial documents
It is one thing to mean a thing; it is another thing to say it exactly as you meant it. The legal world is full or terminologies which occasionally are not in line with conventional usage. If you attempt filling out a document online, you may end up misunderstanding the terms the service provider uses and so supply information contrary to what was requested. At the end of the day, your document would be saying something different from what you meant. Then you would have wasted money instead of saving. The problem is some of these errors are only realized when disaster happens such as death, then it would be too late.
Bottom line
Creating an estate plan is very essential to put your mind at rest that your wishes would be carried out exactly as you instructed when you pass away or become incapable of managing your own affairs. Not only do you need to create a will, trust, durable power of attorney and healthcare directive to form a holistic estate plan, but these also need to be updated from time to time.
Realistically speaking, the digitalization we are experiencing today has made do-it-yourselfers feel competent enough to carry out estate planning because a lot of these documents are available online. A lot of persons are drawn by the cost savings enjoyed when they avoid hiring an attorney but do not realize how detrimental this could be. When you try to prepare these legal documents yourself, they may end up not doing exactly what you want them to do because you do not understand some legal jargon or use the appropriate terms.
What Happens If You Fail To Plan Your Estate?
Without an estate plan, everything you developed or spent your time and money building could vanish as a result of family brouhaha, delays, probate process, taxes, including other magnanimous expenses. Failure to plan your estate can also affect your family. Contact us to plan your estate.
