Estate planning is a serious business with a lot of legal elements. One wrong action and word can cause unending problems when you die or retire. As a result, there is need to hire an estate lawyer to leverage yourself from possible issues. Here are some of the reasons why you need a lawyer for your estate planning needs.
Estate plans vary
Each person has his own needs and goals that he wants to achieve over a given period. Therefore, you need someone who will help you to come up with a customized plan that suits your needs and goals. An estate lawyer will help you to formulate an effective strategy that matches your specific needs. He has the knowledge and experience to identify possible pitfalls and use the right methodology to avoid them. Ensure you choose someone who specializes in estate planning. Those who only dabble in estate law may not be up to the task.
A lawyer will help you to understand the local laws that rule estate planning
Laws are often specific about what can and can’t be in a trust, will or financial power of attorney. The laws define who can serve as a personal representative or surrogate. They also indicate those who act as witnesses to the will and medical power of attorney. A lawyer will enable you to navigate the complex legal environment associated with estate planning. He will be responsible for all the paperwork and issues that might present themselves during planning.
A lawyer will protect you from probate
A lawyer will protect your property from probate and the possible consequences that come with it. A probate period can last between one and two years if no one challenges it. However, it can take several years if someone questions its validity. When it is challenged for many years, your beneficiaries might miss the chance to enjoy the contents of the will and peace mind. The probate process is also expensive but necessary. You do not want to force your loved ones to take over debts that they did not incur. Neither do you want them to miss their benefits once you die. You need a lawyer to help you with the probate and ensure your beneficiaries are protected from potential problems associated with it.
The estate attorney also will advise you on the pros and cons of having joint ownership of business. He will guide you on the way to follow during business transactions. He will also come up with a plan to ensure that transfering business ownership between the partners is smooth and fair. Do not have a go at estate planning on your own, especially if you do not have any legal experience. Hire an estate lawyer.