Is it possible for one person to handle all aspects of estate planning on their own? Or do you think it would be preferable to collaborate with an experienced lawyer who specializes in wills, trusts, and estates? At Savin and Bursk Law, this is one of the questions that we get asked the most often by our clients and potential clients.
Estate planning may be accomplished on a do-it-yourself basis at the most fundamental level. It is not at all difficult to track down and finish out the necessary paperwork and documents.
However, there are potential drawbacks associated with estate planning in the absence of an experienced attorney. In this piece, we will discuss just a few of the reasons why it can be beneficial for you to engage with an attorney who specializes in wills, trusts, and estates.
Why Should You Work With A Lawyer Who Specializes In Wills, Trusts, And Estates?
1) An Attorney Can Assist You In Determining The Needs For Estate Planning That You Have
The process of estate planning is not as straightforward as it is sometimes portrayed to be. It’s not only about figuring out who gets stuff once you pass away! Yes, there is a component to it, but you should also give some thought to the following question: If you become disabled and unable to speak for yourself, what steps would you take to guarantee that your healthcare desires are carried out? An experienced estate planning lawyer who focuses on wills and trusts can guide you as you consider these and other significant concerns.
2) A Lawyer Who Specializes In Wills And Trusts Can Help You Reduce The Amount Of Money You Have To Pay In Taxes
Developing a plan to reduce the amount of taxes that you are responsible for paying is a component of estate planning that is frequently disregarded. Because of this, you will be able to transfer the total amount of your estate to the beneficiaries you have specified. When trying to reduce your tax burden, it is common practice to draw out a will in addition to establishing a trust. Do-it-yourself (DIY) estate planning may fall short in this particular area. The knowledge and experience of a professional can be quite beneficial.
3) An Attorney Can Assist You In Finding A Trustee For Your Estate
If you do decide to create a trust, you will want to make sure that the individual who will oversee its administration is the most capable, qualified, and responsible candidate possible. Your attorney will be able to assist you in determining who that person could be and will also be able to supply the individual who you choose with the appropriate amount of “trustee training.” Your legal representative may also be able to act as a trustee for your estate or offer you advice about the management of its assets.
4) If You Need Assistance With Arranging For Your End-Of-Life Care, You Should See A Lawyer Who Specializes In Living Wills
Let’s circle back to our earlier discussion on what would take place if you were rendered unable to care for yourself. When it comes to the process of estate planning, it is something that everyone ought to give some consideration. A multitude of legal documents, such as a living will, power of attorney, or advance healthcare directive, are examples of papers that may be of assistance in this situation. You must seek the guidance of an experienced living wills attorney.
5) A Lawyer Can Offer Guidance On Several Aspects Of The Probate Process
What measures can you take to ensure that the details of your estate remain private? And how can you ensure that the burden your beneficiaries are left with is as light as possible? Avoiding the procedure of probate administration is the response to both of your inquiries. This is something that your lawyer can assist you with.