Estate planning is a complex process, you certainly need to work closely with an estate lawyer. What merits do you get by employing an estate attorney? Well, with the much information and deeds available online these days, there is a high temptation of DIY-estate planning. But can DIY-estate planning be compared with planning your estate with the help of an attorney? Estate planning attorneys are approved and qualified professionals in estate planning matters, there is certainly a difference between the two. Estate planning attorneys make it look simple to draft estate deeds and provide guidance through the whole process, that is why you may be tempted to do it yourself. But the truth is that estate planning is not as simple as they make it seem. You need the service of a lawyer in your estate planning. Their services are accompanied by so many benefits for oneself and family. Below are 6 benefits of hiring an estate lawyer in NY.
1. Reduced estate taxes together with chances of Probate.
Estate planning costs may end up so high, in the long run, considering the huge amount of estate taxes that you may pay the state. Estate planning alongside estate tax lawyers helps in reducing and avoiding these taxes in so many ways. This will ensure that your beneficiaries receive the most out of your assets. Similarly, an estate lawyer reduces the cost of estate planning by drafting estate deeds that are meant to prevent probate proceedings that are costlier, time-wasting, and public.
2. Effectual designation of your beneficiaries.
Estate lawyers don’t decide for you concerning matters of which heir to get what, but they will be with you through the whole process throwing a ray of bright ideas on your way of judgment. The estate planning lawyer advises you on the designation of your beneficiaries using rational means. This may prevent you from making the mistake of allocating assets to your heirs based on the connection you have with them, but based on who deserves what asset and who doesn’t.
3. Prevents complications in the estate planning process.
Estate Planning is not an easy task as the estate planning lawyers make it seem. Starting with the drafting of estate deeds to updating them within a certain period and terminating some estate planning tools, you may with no doubt be confused along the way if you opt for DIY-estate planning. An estate planning attorney prevents these complications by ensuring the estate tools you want are relevant according to your situation, professionally drafting your estate deeds, and updating regarding various circumstances. This will give you peace of mind together with your family.
4. Makes your health wishes known.
An estate lawyer clarifies your medical treatment wishes and the extent to which your doctors and family should apply extra means to keep you alive in case of a chronic illness. This is expressed in estate deeds like the living Will or a health POA. They prevent you from suffering at the hands of doctors who are pressured by your family members who hope for possibilities to happen out of impossibility.
5. Protects your beneficiaries.
Having an estate lawyer whom your family trust is very beneficial. You rest assured your heirs will get what you wished them to have. This is because the lawyer devises all necessary means to ensure the beneficiaries get the most out of their inheritance by minimizing the estate taxes, avoiding probate, and advising them they are stuck. When you die, you will have left your beneficiaries a director.
6. Making proper decisions in events you are incapable of deciding.
An estate lawyer not only follows what you direct them but also has an understanding of your decisions making. They certainly can predict how you will decide in certain situations. When you are not in a capacity to make decisions, they take part and decide for you over certain matters. having someone who understands your decision-making in situations is very beneficial. You will have your wishes fulfilled consistently without necessarily speaking them out.
FAQs:
Estate Planning attorney
1. What roles do estate planning lawyers perform?
An estate lawyer is a qualified individual who takes you through the process of estate planning. They draft and update your estate deeds when necessary and give you advice on handling your assets.
2. A Living trust means what?
Instead of using a will, a living trust is the other alternative. It has certain advantages over a will, one big advantage of a living trust is preventing you from probate proceeding.
3. Should I prevent probate?
Probate is the legal process that determines the transfer of the estate to heirs. It sounds cool if you didn’t have prior well-drafted will deeds, but it is costly, time-wasting, and too public because it is done in court. The choice of avoiding probate lays on your decision today. Reach out for details on this.
4. How do 1 find an estate lawyer in NY?
Finding an estate lawyer who is an expert in estate planning is important yet complicated. Simplify it by reaching to us for guidelines on finding an estate lawyer in NY.
5. What does POA imply?
Power of attorney allows you to assign an agent to decide on your fiscal or health matters when you are not in the capacity of doing so.
6. Does my estate lawyer automatically become an agent in my POA?
A POA agent is an individual of your choice, also mostly it is not a lawyer or attorney as the name directly implies. Estate attorneys can be agents in POA if the owner of the estate appoints them to be one.
