“Do I Need an Estate Planning Attorney?” The Answer’s Most Likely “Yes”.

Some people think that they don’t need a probate or estate lawyer because they’re not independently wealthy or don’t own multiple properties. However, if you have a family or assets, a legal professional in estate planning can provide a valuable service.

Regardless of your situation or net worth, there are benefits to having legal representation to help you protect your assets and property. Here are some compelling reasons to hire a lawyer focusing in asset protection.

You Have Children or Dependents

If your children are under 18, you should make arrangements for their care and guardianship in case you pass away prematurely. A Will allows you to name a guardian who will care for your child’s financial, medical, and educational needs. This trusted person must also manage the property and assets transferred to your minor child.

A lawyer’s advice is also helpful if you care for an adult dependent or child with special needs. You want to put measures in place to ensure this person’s continued care after you’re gone.

Avoiding or Shortening Probate

When an estate goes into probate, the court allows a six-month period during which individuals and organizations can make claims against your estate for payment of debts. Even if you can’t wholly avoid probate court, a lawyer can help you shorten the time your estate is in probate. For example, you can have your lawyer draw up a revocable living trust, allowing for a smoother asset transfer to designated beneficiaries.

Reducing Tax Liabilities

Depending on the size of your holdings, estate taxes can eat up a significant portion of what you otherwise could transfer to your beneficiaries. An estate or probate attorney can implement strategies that reduce the taxes your estate will owe after your passing, preserving more of your wealth for your loved ones. Your attorney may also suggest making charitable donations, which bring certain tax benefits.

Business Succession

If you’re a business owner, what plans do you have for your enterprise when you die? If you want it to stay in the family, an estate lawyer can suggest a structure to facilitate the smooth transfer of business assets to other family members. They can also help you reduce your business’s tax liability.

Preparation for Incapacitation

Even if you don’t have a debilitating or chronic medical condition, an unexpected illness or accident can always happen, robbing you of your ability to make your own medical and financial decisions. An estate attorney can guide you in naming a financial power of attorney who can manage your financial affairs if or when you can no longer do so. This person might also serve as a medical power of attorney who makes important healthcare decisions, including end-of-life care, on your behalf.

A Wills and Probate Attorney to Meet Your Estate Planning Needs

You may think your estate plan is relatively simple. Nevertheless, it’s essential that you have legal representation to ensure your survivors respect your wishes and that your plans comply with state and federal estate laws. The lawyers with Donnellon, Donnellon & Miller work with individuals and families from all walks of life. No matter your situation, you deserve an attorney who will work hard to represent your interests and ensure your future is on solid ground.