According to Caring.com, 60% of people without a will reported not taking any action to create one. They also said that they haven’t made a living trust or any other estate planning document. Many people believe that they don’t have sufficient assets to leave behind and that having will or estate planning documents is unnecessary.
But, what if you suddenly lose your memory and can’t do anything at some point in your life? Does that make you think of preparing your will now? Proper estate planning does not only ensure that your wishes are honored when you pass, it also reduces potential conflicts among heirs, and minimizes taxes and legal fees.
If you want to create an estate plan, you can follow this basic estate planning checklist. You can also hire a knowledgeable lawyer who can simplify the process, protect your interests, and provide peace of mind. Let’s look at how an estate planning lawyer’s expertise can safeguard your legacy and secure your future.
Asset Protection
The number one advantage of having an estate planning lawyer is he or she can help protect your assets. Working with an estate planning specialist gives you knowledge and techniques to protect your assets. These lawyers can create customized plans to protect your assets from creditors, lawsuits, and other unforeseen events.
They can help you set up trusts, LLCs, and other asset structures to reduce risk. Your estate planning or trust lawyers near you can also advise you on legal estate tax reductions to preserve more of your fortune for your beneficiaries. You can trust their competence to secure your assets and properly execute your wishes when it comes to asset distribution upon your passing.
Legal Document Expertise
Estate planning lawyers are experts at managing legal documents to ensure your intentions are legally documented. Lawyers that specialize in estate planning prepare wills, trusts, powers of attorney, and advance healthcare directives can customize these documents to match your needs and comply with changing rules.
Estate planning lawyers can also explain legal documents, phrases and regulations. They can simplify legal jargon so you understand the documents you’re signing.
Tax Efficiency Strategies
Want to reduce estate taxes? Discuss tax efficiency strategies with an estate planning attorney. Working with an estate planning professional can help you lower your estate taxes. Many people use irrevocable trusts to secure and protect their assets and reduce estate taxes.
Estate planning experts can help you understand gift tax rules and limitations to create a tax-efficient gifting strategy. Optional charity giving can also be a tax reduction strategy.
Peace of Mind
An estate planning lawyer can give you peace of mind about your assets and family. Knowing that your affairs are in order and that your desires will be followed helps reduce tension and uncertainty.
Trusting a professional with your estate planning ensures that all legal requirements are followed and that any potential concerns are addressed. Your lawyer can help you create a comprehensive plan that accounts for all possible outcomes, giving you peace of mind long after you die. They can also help you understand complex laws and make decisions that protect your legacy and provide for your family.
Conclusion
Estate planning lawyers provide asset protection, legal document expertise, tax efficiency tactics, and peace of mind. By hiring a professional, you may protect your assets, minimize your taxes, and have peace of mind knowing what you left behind will not cause division within the family.
Consult an estate planning lawyer for your future planning needs to learn how useful it is.