Did you know that about 55% of American adults don’t have an estate plan or a will? Even worse, 71.6% of those with wills have not updated them.
Without a proper estate plan, your family might be left in limbo after your unexpected death. As a result, they may end up struggling to make ends meet in just a few months or years. In essence, an estate plan will guarantee that your final wish is executed according to your desires.
This is where an estate planning attorney comes in. They are licensed and understand the process of disposal and management of deceased estates. If you don’t have an estate lawyer, here are compelling reasons why you should hire one today:
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1. Eliminate the Probate Process
The probate process involves transferring a deceased’s estate to the rightful beneficiaries. However, the process is lengthy and quite expensive. What’s more, it’s a very public procedure as anyone can acquire copies of the will and associated documents.
Fortunately, the probate law process is avoidable if your estate is already designated to your heirs, even if you don’t have a trust. A reputable estate planning lawyer is well-versed with probate law and can help your family navigate it seamlessly if the need arises. They will ascertain the integrity of the will and bring other relevant documents for support. Find more information about probate law here.
2. Help Reduce Estate Tax
A good estate lawyer will educate you on the succession tax policy, inheritance of assets, as well as investments and property that automatically qualify for the federal estate tax. Succession tax will be levied on each movable asset from the deceased to the heir. In addition, inheritance law stipulates that probate can only be granted if the tax is paid six months after the passing of the deceased.
Often, inheritance taxes are high and levied with double taxation, making it a burden on the family. Estate planning attorneys will provide strategies that will minimize inheritance tax, such as putting your assets into trust funds, taking out life insurance, and transferring assets that are free from capital gains tax.
3. Save Time and Avoid Common Mistakes
Estate planning will help your family locate important financial records, insurance policies, beneficiary designations, as well as titles when you die. Moreover, the estate planning process can help you discover and resolve errors before you pass.
A professional estate lawyer will eliminate the stress of drafting up a complete estate plan on your own. This can save you from paying external professional fees, taxes, and court fines.
Hire an Experienced Estate Planning Attorney to Secure the Future of Your Family
When looking for qualified and trusted estate planning services, ensure you find a licensed and trusted estate planning attorney who you can count on. Be sure to look at their past client reviews and general reputation.
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