If you have property, cash, or various things you would like to leave behind for loved ones when you pass, you will want to make sure that you set up an appointment with an estate planning attorney. You do not want to leave the inheritance to be divided up by the courts, without any instruction left behind by you. Here are some reasons why hiring an estate planning lawyer is so important:
Probate Court Can Be Skipped
People find themselves dealing with probate courts when their relatives pass away without a proper plan for their estate. The probate process can take months or even a couple of years. It's also a very expensive process, which can cause the final amount of the inheritance to be less than what it would have been if there was a clear directive in a last will and testament.
You Get Help With Various Things
Sure, the last will and testament will need to be completed by the estate planning attorney. However, there is some additional legal paperwork that you might want to get done. These include things such as a medical directive, guardianship nomination, power of attorney, and maybe even a trust. Your estate planning lawyer will be able to help you with all of that.
They Can Help Reduce The Tax Liabilities
You probably do not want your loved ones to have to pay a lot of money in inheritance tax. It can end up being a significant amount of money. There might be special paperwork that needs to be filled out. You might have to transfer some of your assets into a trust for loved ones. All of this will be lined out in the last will and testament that your attorney creates and files on your behalf. Most areas require the last will and testament to be filed with the appropriate office in the courthouse of the county you reside in. Never try to create your own last will and testament because it is simply too easy to make mistakes.
Remember, you want to make an appointment to meet with a reputable estate planning attorney as soon as possible. This is not a matter that you want to ignore or keep pushing off for another day. You never know what will happen and you want to do your loved ones the courtesy of helping them avoid the costly and time-consuming process that takes place in probate court.
To get started, contact an estate planning attorney in your area.