If you’re a business owner or a working professional, then possibly you have a car, home, life insurance, saving account, investments, even precious jewelry, and other valuable possessions. Have you ever thought about what would happen to all these things if something happens to you? Many people never think about creating an estate plan until retirement. However, an estate plan is not only needed by retired or elderly people. Life is unpredictable and it’s impossible to predict our future. An accident or illness can turn life upside down and before the worst happens, it makes sense to plan everything. You must create or update your estate planning documents such as wills, trusts, powers of attorney, and more to determine who you want to receive your assets.
An estate plan allows you to take control of your assets and make sure your wishes will be honored when you pass away. So, even if you die or no longer have the capacity to manage your affairs, this legal plan can take care of a lot of things. A good estate plan not only mentions who receives your assets and when but also include other details such as:
- Healthcare instructions if you ever become disabled
- Details of a guardian for minor children
- Future protection for loved ones
- How to minimize taxes or court costs
So, if you have decided to create an estate plan, you may feel tempted to go the DIY way or use a low-cost online service provider. However, estate planning is a serious thing and you can’t take any risk with your legal documents. A single wrong word or missing signature can have severe consequences and may alter the real intent of your will. To avoid any trouble in the future, it’s best to hire an estate planning attorney. Here are some reasons why hiring an estate planning lawyer is more important than you think.
Estate Plan Is More than Just a Will
You may write your legal document by using do-it-yourself templates and resources available on the internet. However, you need to first understand that even if the words “will” and “estate plan” are used interchangeably, these are two different things. An estate plan consists of a set of legal documents while will is one of those legal documents. Even if you have a little knowledge of these things, you need to check whether DIY legal documents are valid in your state and can hold up in court.
Save Time and Avoid Mistakes
Creating an estate plan can take a lot of time and even a minor error can make things worse. When writing legal documents, every single word and phrase needs to be carefully drafted. Moreover, laws keep changing and you need to stay updated to ensure that everything is documented as you want. Handling all this on your own can take several days even after spending a lot of time; you may end up making mistakes. So, to save your time and avoid making mistakes, always hire an experienced estate attorney.
When creating the legal plan, you need an expert opinion because legal terms can be complicated. A lawyer can help you better understand your current and future estate planning needs. Your lawyer can provide you unbiased advice to make the right decisions for your loved ones.