Do you want to protect your assets for the future?
Planning for the future with a trust attorney from Atlanta covers a lot of variables like preparing for the unexpected. In case of your sudden death, you want to have a will prepared for your family. Determining what happens to your assets once you pass on becomes a tricky situation.
In such cases, it helps when you have someone that can assist you in the planning. That is where the estate planning lawyer comes in.
Today, we look at the benefits that an estate planning lawyer provides to you. This also includes how this action helps with your financial life from this point onward.
1. Updating Estate Documents
What advantage would you gain from hiring an Estate Planning Lawyer? One angle is that they can help with your estate documents, which includes drafting them.
Wills, trusts, and the other estate planning documents gain updated information from you. These updates come from various changes that you encounter in life.
These life events that you encounter shape the changes that you place on those documents. The estate planning lawyer includes these details while ensuring there is no conflict.
The changes may be as small as a simple edit or tweak on the document. Bigger or more drastic changes to your will would need proper evaluation.
Either way, you can make these amendments come through. Of course, this is only possible with an estate planning lawyer on your side.
2. Provides the Best Way to Protect Your Assets, Yourself, and Your Family
Estate planning has a lot of details and would need legal documents for it to work out. A good estate plan needs these specific documents. This ensures your loved ones won’t need to go through a lot once you pass on and leave what you have to them.
The estate plan tends to include any of the following documents:
- General Assignment
- Guardianship Nomination
- Medical Directive
- Power of Attorney
For each of these documents, you need to pay attention to the specific verbiage that goes in it. Make sure that your assets go to the people you love and care about. These include specific details and instructions on how that would go.
As for children, the court will rely on Guardianship Nomination as proof to decide who takes care of them. However, that is only a nomination, and the court still has its ruling on the matter.
With an estate planning lawyer, you have someone that can help you fix up these matters. This allows for easier implementation. This allows you to confirm that the conditions are within your favor.
3. Can Save You Time and Money
Estate planning allows you and your loved ones to organize all of your documents and records. This includes insurance policies, titles, financial records, and more. This also allows them to access these documents at the moment that you pass on.
During the planning process, you can identify and resolve any errors and inconsistencies while alive. This prevents complications on the claims once you are no longer here.
Though there are also some mistakes that you might end up committing. This includes who you designate as a beneficiary for your IRA or 401k. With the help of an estate planning lawyer, you can avoid committing mistakes on this matter.
4. Help Reduce Tax Liabilities
Some factors will help you determine whether or not your property and assets are liable for federal estate taxes. In this case, you are looking at the following:
- Value of Gross Estate
- Debt amount accumulated at the time of death
- Total expenses contracted while settling the estate
- Any eligible deductions
An estate planning attorney can help ensure that you know what goes in these taxes. The matter regarding federal estate taxes is that it would need some calculation.
5. Ensures Documents and Requirements Comply to Law
Wondering about the advantage of working with an estate planning attorney? They ensure that your documents run in accordance with the current state law.
State-specific probate and trust laws tend to be rather specific. Along with this, they also change from time to time. Working with a lawyer knowledgeable about these laws can help you maneuver about.
This gives you some peace of mind. In this case, you have nothing to worry about regarding the state law compliance of the documents.
6. Gain Legal Advice on Asset Titling
There is a misconception about the will or trust, where people assume it covers all of your assets. Certain types of property ownership and designations on assets pass independently. Unless you chose to take steps to make them work together, that’s when it covers everything.
The attorney working with you reviews your assets and makes recommendations. They also help in retitling accounts and property to ensure they have the right details. An attorney may also help with changing beneficiary designations to ensure that your estate plan covers all your assets.
7. Guaranteed Peace of Mind
An estate planning lawyer helps you achieve that peace of mind. This gives you this feeling of preparedness for the future as they help you draft and create the plan. This leaves you with a resource that you can trust and a person to turn to when faced with questions.
If you have inquiries about certain aspects of the estate planning or the probate process, consult your attorney. Their expertise should help you rest easy.
Plan Ahead for Your Financial Life
Drafting up plans for the future can prove to be a challenging endeavor. When it comes to decisions about your financial life, estate planning should help you decide. This includes drafting wills and other documents to take care of your loved ones.
Did you find this helpful? We also have articles and posts that you can check out today. Check out our other blog posts and start planning for your future today.