Putting A Plan In Place Can Make Your Estate Safe. Here’s Why.
While there are online tools that can give you ideas for drafting your own estate plans, we recommend you work with a professional. And, before you say, “of course you recommend that, because you ARE an estate planning professional” — which is true — here are some of the reasons you should not take this on yourself. As a friend said to me recently, “I need an attorney who can help with my estate.”
1. The law changes often
Each state has its own laws regarding estates and estate taxes. The federal government has its own as well, and the IRS updates its own rules every year. Keeping track of these changes is an ongoing concern. This situation will likely not change any time soon. Until it does, you want the help of someone you is fully versed in the current law and all of its potential alterations.
2. Your estate plan needs to adapt to changes
You may move. Or have another child. Or re-marry. Or have grandkids. Either way, your situation will not remain static. Any time you have changes, you will need to update your estate plan.
3. An objective opinion helps
Sometimes the advice is best if it is from someone without any vested interest. Your child may not be ready for a full inheritance at age 18, for example.
4. You can save time and money
Not only can an attorney advise you how to protect your assets from taxation and court costs, he or she can also show you what-if scenarios so that you can pay one flat rate at the time of drafting, but build a plan that will be strategic. Your long-term financial position is not always easy to see at the moment of creating the plan.