Why You Need an Estate Planning Attorney to Protect Your Assets
About 68% of Americans do not have a viable will or estate plan at the time of their passing. Not only does this create trouble for family members who are left behind, but it can also cause legal issues. Planning ahead with a simple will or estate plan can protect family legacies, assets, and more during difficult times.
Estate planning is arranging for managing and distributing an individual's assets after their death or in the event of incapacity. The primary purpose of estate planning is to ensure that one’s wishes regarding their assets and care are respected and carried out effectively.
Because estate planning deals with such weighty and sensitive matters, finding the right attorney to assist you and your loved ones is imperative. Partnering with a quality attorney who carefully considers your specific situation and needs will make all the difference in the estate planning process.
What Is Estate Planning?
When preparing an estate plan, many questions may arise. You may wonder how you can distribute your belongings between family members, who will care for your children in the event that you become incapacitated, or who will carry out your end-of-life wishes.
Estate planning addresses all of these concerns, both those you have already thought about and others you may have never considered. Essentially, estate planning involves organizing and distributing a person or couple’s assets according to their specific instructions.
Ensuring an individual’s wishes regarding finances, property, and healthcare are honored is paramount. Estate planning also enables individuals to provide for their loved ones, appoint guardians for minor children, and support charitable causes. Ultimately, it offers peace of mind by allowing people to take charge of their legacy and ensure their values and priorities are respected, even after they are gone.
This process typically includes creating several legal documents that carry out the abovementioned outcomes. Some of these may include, but are not limited to:
Last will and testament
A last will and testament is a legal document that provides clear instructions for fulfilling your wishes. While a will can adequately address many estate planning needs independently, relying solely on it may leave certain aspects of your estate vulnerable and unprotected. To ensure comprehensive coverage, it’s often advisable to consider additional estate planning documents that can work in tandem with your will.
Trusts
Trusts are another commonly used document in estate planning, primarily designed to avoid the probate process for your estate. A trust works to protect your assets fully. This is accomplished by transferring your assets into the trust through assignment of personal property, deeds, business succession planning, and “pour-over” wills.
Power of attorney
A power of attorney document grants an individual the ability to legally act in place of another person. This allows others to legally assist with tasks such as financial responsibilities, legal matters, and medical care. Special care is placed on creating protection for those involved to ensure that your wishes are adequately protected.
Health care directives (living wills)
Healthcare directives handle end-of-life care. This can be a delicate subject, making it difficult to plan for. However, these documents allow you to simply express your wishes to aid your family in the process of making difficult decisions regarding your end-of-life care if you are unable to communicate with medical professionals yourself.
The Role of an Experienced Estate Planning Attorney
After gaining a better understanding of the gravity of proper estate planning, your next step is to find an attorney who can help you create a customized plan that fulfills your needs and wishes.
An attorney offers specialized knowledge in estate law, tax regulations, and asset protection strategies that can save you trouble and heartache in the future. Because there are often many technicalities involved with creating legal documents, having the expertise of a well-trained and experienced attorney by your side is invaluable.
Tailoring estate plans to fit your individual needs and family situations is imperative. Working with a highly experienced attorney creates an ideal situation where you can have the peace of mind you deserve.
Benefits of Hiring an Estate Planning Attorney
There are many benefits to hiring an estate planning attorney to assist you throughout the process, including:
- Legal compliance: An attorney can ensure all documents meet legal requirements and are correctly executed, making them legally binding.
- Minimizing tax liabilities: Another benefit is the management of death taxes by assigning ownership to the trust rather than the individual.
- Dispute prevention: Hiring an attorney can also help to reduce the risk of legal disputes among beneficiaries (heirs) through skillfully crafted instructions that leave no room for interpretation.
How to Choose the Right Estate Planning Attorney
When choosing an estate planning attorney, it’s important to be thoughtful. While most attorneys have the necessary qualifications, there are some key characteristics to look out for that will help you feel confident in your choice.
Consider the attorney’s qualifications and experience. This insight will help you gauge their expertise and the quality of their work. Choosing an attorney with impeccable skills and years of experience ensures a smooth, stress-free experience for you and your loved ones.
Utilize available information about the attorney’s reputation and references. Look through reviews on various sites to get a better understanding of others’ experiences with specific attorneys. Resources such as Google reviews can help you see if a particular law firm would be a good fit.
Key Services Provided by Estate Planning Attorneys
At Keele & Parke, we aim to offer high-quality services without creating unnecessary complications. Because we value your time, we follow a simple outline to streamline the process of creating estate planning documents that meet your individual needs.
- Initial consultations: We value getting to know and understanding our clients' needs. At the initial consultation, our skilled attorneys take the time to clearly understand your wishes and brainstorm ways to accomplish your goals.
- Drafting and reviewing documents: After the consultation, we will draft the documents discussed with your situation in mind. Oftentimes, we will hold a review meeting to confirm that the information within the estate plan is correct.
- Proper execution of various estate planning documents: After we have confirmed that your estate plan is in line with your needs, the document needs to be signed and notarized. This is a simple process, and our attorneys will walk you through each document one last time. You and two witnesses then sign the documents, making them legally sound.
- Periodic reviews and updates: As situations change, we understand that periodic updates may be needed. We will work with you to revise your documents as these concerns arise.
Estate Planning Attorneys Near Me
Estate planning is much more necessary than most people realize. By planning ahead, you can save yourself and your loved ones from a great deal of trouble and stress. Finding a quality attorney who genuinely cares about catering to your needs with understanding and respect cannot be understated.
Contact Keele & Parke to learn how careful estate planning can positively impact your family and protect your legacy.