When it comes to estate planning, there are a lot of myths out there. Many people think that a lawyer is not needed to create a will, but this is not the case. A lawyer can help you in many ways.
A lawyer can help you understand the estate planning process
Estate planning can be complicated; it involves making decisions about your assets, your debts and your estate taxes. A lawyer can help you understand the estate planning process and make sure that you are making the best decisions for yourself and your law. Additionally, a lawyer can help you create a estate plan that’s tailored to your specific needs.
They can help you avoid estate planning mistakes
There are a lot of potential estate planning mistakes that you can make, and one of them is not having a will. If you die without a will, your estate will be subject to the intestacy laws of your state. This means that your estate will be divided up according to the state’s laws, which may not be how you would have wanted it. Another estate planning mistake is not keeping your estate plan up to date. As your life changes, so should your estate plan.
They can help you save estate taxes
Estate taxes can eat up a large portion of your estate, but there are ways to minimize them. A lawyer can help you take advantage of estate tax planning strategies, such as using trusts. By using these strategies, you can keep more of your estate in the hands of your loved ones.
They can help you plan for incapacity
No one likes to think about what will happen if they become incapacitated, but it is important to plan for this possibility. If you become incapacitated without an estate plan in place, your loved ones will have to go through the court system to make decisions on your behalf. This can be a long and expensive process.
As you can see, there are many good reasons to have a lawyer when it comes to estate planning. When choosing a lawyer, just make sure that you choose someone who is experienced and knowledgeable in estate planning. This way, you can be sure that your estate plan is in good hands.