Most people consider hiring a lawyer for estate planning an expense. They prefer to distribute property by themselves. This is alluring as it saves them from extra fees, but in the future, it can result in different family conflicts.
If you are also going to plan your estate, you should take the help of an estate planning lawyer. He can benefit you in several ways, such as the given below:
1. Guide in Planning
Estate planning is not as easy as most people consider. There are several essential considerations before estate planning, such as the following:
- Legal titles of all the assets
- Legal record of all your family members
- Death Taxes and burial expenses
- Last Will
- Medical expenses
- Insurance claims
If you are the owner of the property, you will need an ownership document and an IRS form from the federal government. At the same time, you will need to know the correct prices of all your assets to distribute them equally in your family. Even after distribution, you will need a legal person to verify this plan.
An estate planning lawyer will guide you at every stage, from the creation of accounts for every family member to the distribution of property. At the same time, he will help you prepare the legal documents for ownership and property transfer to your family members.
2. Draft Documentation
In estate planning, you will need different documents to make this division of property legally viable. At the same time, you will need legal proof of ownership to avoid any future issues. When you hire an expert estate planning lawyer, he will be responsible for drafting all the required documents for you.
Moreover, he will execute this drafting professionally in the following ways:
- Prepare the documentation for witnesses.
- Attest all the documents from the public notary of your area.
- Confirm this distribution in public records.
3. Update Documents
Property and family records need regular updates over time for a number of reasons, such as the death of family members, birth of new members, marriages, divorces, etc. You can’t update your legal documents on your own. You will definitely need a person who is specialized and legally recognized by your state government. Here are some of the most common documents that need continuous updates every few years:
- Retirement plans
- Documents of selling and buying property
- Marital and death records
- Transfer of property ownership to a spouse
- Business documents
The estate solicitors will review your documents and make the required changes in them according to the prevailing legal conditions. At the same time, everyone wants to reduce their estate taxes, so they need the help of a legal representative to plan their estate in a way that reduces the taxes.
4. Resolve Family Conflicts
Families face different sorts of conflicts during property planning and distribution. These issues arise mainly due to divorce, death of parents, wrong allocation of assets, etc. In all such situations, an expert person who knows the state laws and has experience dealing with such scenarios is required.
So, having an estate lawyer will be a wise step in resolving family conflicts according to state laws. In this way, everyone will be satisfied and have legal proof.