Putting A Plan In Place Can Make Your Estate Safe. Here’s Why.

Many people don’t see an urgent need to create an estate plan, especially if they’re young, unmarried, or childless. If they decide to start the process, they may think online do-it-yourself legal forms are more manageable and cost-effective. However, we recommend you work with a professional.

If you think we’re biased in our recommendation, we want to point out several reasons why taking on estate planning yourself is unwise. Here’s why you need an attorney who can help you with your estate:

1. The law changes often.

Each state and the federal government have laws regarding estate planning and estate taxes. The IRS, in particular, updates its rules annually, and keeping track of these changes is an ongoing concern.

The constant evolution of regulations will not likely change any time soon. Until it does, you want assistance and support from someone fully versed in the current law and how often it can change.

2. Your estate plan needs to adapt to life changes.

The one constant in life is change. You may move, have another child, re-marry, or have grandkids. Any life transformation requires one or more updates to your estate plan, which your lawyer can facilitate.

3. An objective opinion helps.

Sometimes, the best advice comes from someone with no vested interest in your situation. For example, you may think your child will be mature enough to receive an entire inheritance at age 18. However, your trusted estate attorney can point to challenges your child may face and suggest safer ways to transfer your assets.

4. You can save time and money.

Not only can an attorney advise you on how to protect your assets from taxation and court costs. They can also draw your attention to what-if scenarios and draft a comprehensive strategic plan for which they only charge one flat fee. Doing so allows you to understand your long-term financial position and anticipate legal snags ahead of time.

Although hiring an estate planning attorney may seem expensive up front, you’ll find that retaining legal representation is more economical in the long run. Also, getting assistance from estate planning experts with Donnellon, Donnellon & Miller can add flexibility to your long-term plans, safeguarding your family’s financial future after you’re gone.