An estate plan is not just a list of your assets and who will manage them when you die. It’s more than that. It is on this list that you are able to systematically plan who will be going to take care your legacy. You should prepare your estate plan accurately so that all your wishes will be legally effective. Preparing it is more complicated than you might think but with the assistance of an estate planning lawyer, it will be easier and the output is accurate.
Here are the things that an estate planning lawyer can do for you:
Draft and customize your will
Your estate plan is sure to be accurate when an estate planning lawyer will assist you to draft it. While it is true that you can find some templates online and all you have to do is write all your answers in the blanks. The only thing that you do not have a freedom to do in a will template is the ability to alter a provision that you wanted to modify. There is a huge the risk of invalidating not only the provision but the whole will. It is still best to have a professional draft to assure the validity of the document.
Avoid probate and estate taxes
There are some ways an estate planning lawyer can assist you if you prefer to avoid putting your estate through probate. This can be done with gifts, use of death beneficiaries, or joint property ownership. The most common way of avoiding probate and estate taxes is through the use of trusts. There are also templates available for trusts just like those will templates.
Informs on what instruments best suits to your legal needs
A simple will is enough in some situations. An estate lawyer can give you information on how much, or how little, your estate plan requires. He can also assist you with other legal instruments that are useful for long-term planning. Like for instance, a living will or durable power of attorney.
Reminds you if it is time to update your estate plan and latest laws
If there is a change in your family information, your assets, or your location then it may require that your estate plan has to be updated. Moreover, estate planning laws are changing. With this, an estate planning lawyer knows about the latest rules and keeps you updated as well. Having a lawyer who can help in keeping your will up to date is necessary for its accuracy and validity.