5 Reasons to Hire an Estate Planning Attorney

5 Reasons to Hire an Estate Planning Attorney

November 22, 2022 Off By Glespynorson

Whether you are new to estate planning or you have been thinking about it for some time, there are many ways to get an estate plan in place. Here are a few tips to help you decide which option is right for you.

Revocable Living Trust

During your life, you can make changes to a revocable living trust. You can change the beneficiary, the terms, and the ownership of the assets. The document will allow you to maintain the assets for your loved ones. You can also change it if you become disabled or if your family changes.

Revocable living trusts can help you avoid probate. Probate is a lengthy process that can be expensive. However, it’s important to get help from an estate planning lawyer in Atlanta if you have assets worth more than $100,000.

The benefits of a revocable living trust are many. You can avoid probate, keep your assets out of probate, and keep your estate tax costs low. However, if you don’t follow the proper steps, you could end up paying more in federal estate taxes.

End-of-life Care

Creating an advance care plan for yourself or a loved one is a very important step in planning for the future. An attorney can help you with the process. You may want to create an Advance Care Directive or a Living Will.

An advance directive is a legal document that gives another person the power to make medical decisions on your behalf if you become incapacitated. A living will is a document that lets you specify what type of care you want for the end of your life. This document can specify blood transfusions, artificial nutrition, and mechanical respiration.

There are two types of Power of Attorneys. One type, known as a springing POA, becomes active only when you are incapacitated. The other type, known as a durable POA, takes effect immediately.

Special Needs Planning

Creating a special needs plan is a great way to preserve the financial resources of your family. It can protect your loved ones from government benefits, provide long-term care, and allow them to enjoy a life beyond essentials.

If you are the parent of a child with special needs, you know how hard it is to balance the needs of your child with the need to provide for your family. You worry about how your child will be taken care of if you pass away. You also worry about the future of your other children. They may go through a divorce or bankruptcy and may be left with creditors. You also worry about the government benefits your child may receive.

Creating a special needs plan is the best way to preserve your family’s resources. You can’t afford to leave your special needs child without government benefits. If you don’t plan ahead, your special needs child may lose all of his or her benefits.

4 Reasons to Hire an Estate Planning Attorney - Zaremba Center for Estate  Planning & Elder Law

Electing Heirs for Your Estate

Electing heirs for your estate is a great way to ensure that your heirs get the lion’s share of your hard earned wealth. There are a few different options to choose from, including a trust, a will, and a combination of both. If your estate is small, you may be able to do this yourself, but if you have a large estate you may want to seek out the assistance of an estate attorney to ensure that your wishes are honored.

You may want to get a second opinion before you commit to a particular plan. For example, you may wish to consult an estate attorney if you are planning to pass on your assets to your children. An estate attorney can assist you in preparing a solid plan for the heirs to follow.

Revisions To Your Estate Plan After A Major Life Event

Having an estate plan is a good way to smooth the distribution of your assets in the event of your death. But there will be times when you need to revise your plan. Whether your plans need to be updated for tax reasons or because of a major life change, an estate planning attorney can help.

Revisions to your estate plan may be necessary if you change your mind about how you would like your assets distributed. You may also need to revise your plan if you change your mind about how you would like to be cared for in the event of your death.

For example, you may need to revise your estate plan if you decide to disinherit a family member. You will need to update your estate plan to include a new guardian for your children, if the children are young.