Estate planning, in simple terms, involves deciding how your assets, like your home, car, and money, will be shared after your death.
You will not have the ability to enforce your wishes after you have passed on, but an estate planning attorney can. These lawyers can help you create a personalized plan that ensures your loved ones are cared for and that your wishes are respected.
Why a Lawyer Must Be the One to Handle Your Estate Planning
Here are the reasons why estate planning demands legal assistance.
Avoiding Probate
Most people don’t realize it until it’s too late, but probate is like a giant cloud that can hang over your loved ones for months or even years. It’s the legal process where a court oversees the distribution of your assets, and honestly, it can be draining. It takes time. It costs money. And, if your loved ones aren’t prepared, it can create stress and strain at a time when they’re already grieving.
Another thing is that probate is also public. That means your family’s business, who you left what to, becomes open for anyone to see. The last thing you want is for your family to deal with all that, especially when emotions are running high.
A lawyer can help you craft a plan that avoids probate as much as possible. They’ll work with you to set up trusts, write your will, and use other strategies to make sure your assets are transferred quickly, privately, and without all the hassle that comes with probate or even unnecessary taxes.
Protecting Your Assets
You don’t want your legacy to be a target for anyone looking to take what’s rightfully yours. You spent years, maybe even decades, trying to amass all your wealth today, so it would be in your best interest to work with an estate planning lawyer to protect those assets.
They can help you create a trust to shield your assets from creditors or lawsuits.
Ensuring Your Wishes Are Respected
When you create an estate plan, you’re not just deciding who gets your stuff but also making sure that your wishes are respected after you’re gone. That’s why working with a lawyer who can help you create a plan that reflects your values and priorities is essential.
A lawyer can help you create a plan that ensures your wishes are carried out, even if you’re not around to see it happen. They can help you take the necessary steps to ensure that your assets are distributed according to your wishes.
DIY Estate Planning Is Just Too Risky
If you try to create an estate plan on your own without the help of a lawyer, you’re taking a big risk. You might end up with a plan that’s incomplete or inaccurate.
What might seem like a straightforward instruction might actually have unintended consequences, especially if it’s not worded correctly or if certain provisions are missing.
For example, not specifying a backup beneficiary in case your first choice passes away before you or not properly naming an executor could leave your family in limbo during an already difficult time.
Worst-case scenario, your estate plan could end up being completely ineffective. If the documents aren’t properly executed or if they’re not notarized or filed the right way, then they could be challenged in court.
At the end of the day, estate planning is too important to leave to chance. While saving a little money by doing it yourself might seem tempting, the risks far outweigh the potential savings.
