why do i need an estate planning attorney

by Vincenza Schuppe Published 2 years ago Updated 1 year ago 7 min read

Why Do I Need an Attorney for Estate Planning?

Reasons Why You Need an Attorney for Estate Planning:
It saves time and energy. ...
You require more than a will. ...
It Saves money. ...
Save more cash. ...
Objectivity. ...
It’s complicated. ...
One Shot. ...
The only constant in your life is a change. ...
Final Words. ...

Estate planning attorneys help you through the process of deciding how to divide your assets, and advise you on the documents you need to make sure your wishes will be fulfilled. They can also help create documents to protect you if you become sick.

Full Answer

What makes a good estate planning attorney?

Having a will on file with an estate planning attorney ensures that there is an official copy. Setting Your Goals And Making A Plan There are many advantages to having a will that spells out who should raise your minor children, who should make health care decisions for you, and the type of care you want and do not want to receive.

Should I hire an estate planning attorney?

You need a qualified Estate Planning attorney to draft the legal documents that create an Estate Plan for you. At Carrier Law, we want to work with your financial advisor and accountant. We encourage our families to have us include their financial professionals in the …

What should you look for in an estate planning attorney?

Mar 18, 2019 · An estate planning attorney can help you determine what documents you need. You may need, or want, a durable power of attorney, health care power of attorney, and a living will. All of these options will be discussed with you during a consult with one of the estate planning attorneys at Helms Robison Lee & Bennett, PA.

Do you need to hire an estate planning attorney?

What are the two most important purposes of estate planning?

There are generally two main reasons why people put together an estate plan to protect their beneficiaries: To protect minor beneficiaries, or to protect adult beneficiaries from bad decisions, outside influences, creditor problems, and divorcing spouses.

What is estate planning and why it is important?

Estate planning is all about protecting your loved ones, which means in part giving them protection from the Internal Revenue Service (IRS). Essential to estate planning is transferring assets to heirs with an eye toward creating the smallest possible tax burden for them.

How do I protect my assets from estate planning?

Living trusts, also known as Inter Vivos. You can transfer your assets into a living trust, providing legal protection for your money during your lifetime. A living trust can be either revocable or irrevocable. If it is revocable, you can amend it or even cancel it.

What are the main steps in estate planning?

The Estate Planning Process: 6 Steps to TakeCREATE AN INVENTORY OF WHAT YOU OWN AND WHAT YOU OWE. ... DEVELOP A CONTINGENCY PLAN. ... PROVIDE FOR CHILDREN AND DEPENDENTS. ... PROTECT YOUR ASSETS. ... DOCUMENT YOUR WISHES. ... APPOINT FIDUCIARIES.Mar 2, 2020

What is usually in a will?

Key Takeaways. A will is a legal document that spells out your wishes regarding the care of your children, as well as the distribution of your assets after your death. Failure to prepare a will typically leaves decisions about your estate in the hands of judges or state officials and may also cause family strife.

What are the four must have documents?

This online program includes the tools to build your four "must-have" documents:Will.Revocable Trust.Financial Power of Attorney.Durable Power of Attorney for Healthcare.

What should be in a death folder?

Here are some examples of documentation that could be included in your in case of death file:Will.Living trust.Power of attorney.Life insurance policy.Birth certificate.Marriage license.Bank and credit card accounts.Loan documents.More items...

Why put your assets in a trust?

Benefits of a trust Control assets and provide security for the beneficiaries (one of whom can be the grantor in a revocable trust) Provide for beneficiaries who are minors or require expert assistance managing money. Minimize the effects of estate or income taxes. Provide expert management of estates.

Would you have your regular doctor do your heart surgery?

Sounds like a stupid question, right? However, the same could be said for choosing the right attorney for your estate planning. Unfortunately, the legal profession does not have specialties, like the medical profession. You have to guess whether your attorney is qualified to guide you on your estate planning options.

Smart Estate Planning Strategies

We understand that to you, an estate plan is more than just a financial decision; it is a decision that will have a long-lasting and direct impact on your loved one ones. As such, all estate planning strategies that are employed are tailored to your specific needs. No two estates nor families are alike, and your estate plan should reflect that.

An Experienced Estate Planning Attorney

Our law firm is one of the most experienced estate planning law firms in the country, with more than 34 years’ background helping clients in Michigan. In fact, our firm has assisted more than 10,000 families with their planning needs, resulting in millions of dollars of life savings and assets protected.

Online Will Tools Fall Short

Do it yourself online will services that make it “easy” for you to draft your own will cannot properly advise you on the impact of each decision you make, nor can they make recommendations based on your specific needs.

A Will Tailored for You

An estate planning attorney can help you determine what documents you need. You may need, or want, a durable power of attorney, health care power of attorney, and a living will. All of these options will be discussed with you during a consult with one of the estate planning attorneys at Helms Robison Lee & Bennett, PA.