Estate planning is a challenging task. If you have lots of relatives, want to tackle property inheritance, or need to understand what you can and cannot do, then you need an estate planning lawyer to help you. Here are the 6 best ways they can have a positive impact on your ability to plan your estate strategically and fairly.
6 ways an Estate Planning Attorney can help you
A worthwhile attorney can talk you through all aspects of estate law, from allocating your beneficiaries to claiming power of attorney over an elderly loved one. Here are the 6 ways they will help you create your will and your legacy.
1 – Tax Breaks
If there are any ways to help you pay less in inheritance tax, a lawyer will find it. That’s not to say that you shouldn’t pay your fair share, but some inheritance taxation policies are more hindrance than help. If you want to pass on more of your estate to your kids, a lawyer is the best option.
2 – Power of Attorney
You might want to allocate power of attorney over yourself to another family member, in particular circumstances. For example, if your doctor diagnoses you with a degenerative disease, it makes sense to make that provision in advance. You might never need to use it, but it is better to plan for the possibility.
3 – Mapping and reading your Will
An estate planning lawyer can officially record your last will and testament. They can witness it, notarize it, and file it away for the time the day comes. When you die, they will then summon the relevant people named in the will and allocate your estate.
4 – Portioning your estate
It can be difficult to decide which family member or friend gets what part of your estate when you die. A lawyer can help you with this part by providing a levelheaded, non-emotional perspective. They will give you logical solutions, where you may feel that your love for the people involved clouds your judgment.
5 – Establishing trust funds
If you have children who you wish to provide for in the future, you may wish to establish a trust fund that releases money to them over time. The child could access the full amount when they reach a certain age. An estate planning solicitor will help you set up your trust fund.
6 – Specialists
You can do some estate planning yourself but when it comes down to the minute details, like witnesses or filing paperwork, a specialist really is the only answer. Use your attorney’s network of industry connections to your advantage. They may know a sympathetic judge or have a fool proof plan for avoiding inheritance tax. You will never know unless you ask.
An estate planning lawyer can protect your interests
An estate planning lawyer can help you formulate a plan to provide for your descendants. There could be no better compliment to your family than that.
