Why Should I Work with an Estate Planning Attorney?

Estate planning attorney
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Working with an experienced estate planning attorney is essential.

Many things can be done on your own.

You can cut down on takeout costs by making copycat recipes at home.

Likewise, handmade gifts are often more meaningful and less expensive.

According to a recent Pennsylvania News Today article titled “Top 7 Reasons You Need An Estate Lawyer,” estate planning is not something you can learn from a YouTube video or a brief tutorial.

An estate planning attorney is important when it comes to protecting yourself and your loved ones.
People often overlook applicable state and federal laws without the help of an experienced estate planning attorney.

Instead, you should work with an experienced estate planning attorney.

You also should prioritize securing the services of an attorney.

Why?

Estate Planning.

Death is unavoidable.

Although everyone dies, not everyone prepares for their own death.

Estate planning is essential to protect everyone you love and everything you have.

Trusts.

Although not every situation requires as trust, they can be helpful.

Although a last will and testament is sufficient for distributing just a few assets to heirs, a more complex and extensive estate can benefit from the use of a trust.

In addition to distributing property, trusts can provide greater protections to you, your loved ones, and your assets.

For example, if you become incapacitated, the trustee will be able to manage the assets on your behalf.

Probate.

The probate court is not inherently evil, although people stuck in probate proceedings can feel this way.

An estate planning attorney can help you create a plan to either bypass probate or to move more efficiently through the process.

If you choose to create an estate plan on your own or simply do not create an estate plan, you will be leaving your loved ones with a mess to slog through when you die.

The documents you DIY may not satisfy the laws of your state and can lead to a longer and more expensive probate process.

Guardianship.

Those who have minor children cannot afford to neglect working with an experienced estate planning attorney.

You can designate a guardian using your last will and testament.

This means you will choose who has the legal authority to rear your children if they should be orphaned.

Elder Law Services.

Few people enjoy talking about health care and finances.

Unfortunately, these topics are unavoidable as you age.

Although some estate planning attorneys provide guidance on these decisions, elder law attorneys tend to work more with specifics of funding long-term care.

Tax Issues.

Taxes are a part of life and death.

For those with estates valued at greater than five million dollars, federal estate taxes may be owed in the near future.

Certain states also levy their own estate taxes and may have lower exemption thresholds.

An experienced estate planning attorney can help you minimize taxes and maximize your authority in the use of the funds for your loved ones and desired charities.

Choosing not to work with an experienced estate planning attorney can be a costly and irreversible mistake.

Reference: Pennsylvania News Today (Nov. 11, 2021) “Top 7 Reasons You Need An Estate Lawyer”

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