Estate planning can be very complicated and stressful. That alone is reason to hire a professional. But, if you’re not convinced, consider these other reasons to hire an estate planning attorney.
1 – Complex Family Matters
Every family is unique, but yours may be even more so if you have children from multiple marriages, step children, grandchildren, or other areas of concern. Family businesses with multiple owners and/or various relatives involved in the business is another example of a complex situation. Your estate planning attorney can help you understand your options and design a plan that addresses these complex family matters.
2 – Avoid Common Mistakes
There are many common mistakes in estate planning. Some are minor while others can completely jeopardize your entire estate plan. For instance, failure to properly align your assets with your estate plan can result in the wrong people inheriting your estate. Working with a qualified and experienced professional will help you avoid such mistakes.
3 – Create a Custom Plan for Your Specific Needs
No template or sample estate plan can work for everyone. Your family, finances, assets and preferences are all unique. Even if your neighbor, brother, uncle, or co-worker created an estate plan and shared the details with you, you can’t simply take that and swap out the names. There are many ways to structure an estate plan and rarely would you encounter someone with identical life circumstances. Working with an attorney allows you to create a custom estate plan for your very specific needs.
4 – Legal Compliance
Laws vary by state. Working with a Massachusetts estate planning attorney ensures that your plan complies with local state laws. This avoids issues later on with settling your estate. If you move from one state to another, that’s one of many reasons to review and update your estate plan. Hiring an experienced estate planning attorney is the best way to protect your interests and the rights of your beneficiaries.
5 – Advice on Complex Legal Issues
All estate plans require some level of legal advice. It could be tied into how to transfer ownership for particular types of assets or what assets to include or exclude from a trust. Making educated decisions for every aspect of your estate plan is critical to achieving your ultimate goals. Attorneys are not only educated on the legal process but they also remain fully informed on state laws, legal precedence, and legislative changes in their areas of practice.
Summary of Reasons to Hire an Estate Planning Attorney
You work your entire life to build wealth and to care for your family. With the right estate plan, that effort can endure long after you are gone by providing financial support and security to your beneficiaries. One reason to hire an estate planning attorney is to get the plan right. You may prepare just one estate plan for yourself, whereas attorneys have prepared hundreds or even thousands of plans in their career. They retain a wealth of knowledge and experience that can be leveraged to your benefit. Don’t attempt something so important on your own. Hire an attorney to prepare your estate plan.