Most people die without leaving a Will. Majority of people either neglect creating a Will or write it on their own. Both these options- no Will or DIY Will can jeopardize the future of your loved ones. A DIY will is usually full of legal errors and can be challenged in court. Dying without a legally binding Will means you authorize the Courts to decide how your assets should be distributed. The court ensures a fair distribution but that might not reflect your last wishes. So, to avoid legal complexities and ensure that your wishes are fulfilled, you need to hire a Will or Estate lawyer. Seeking the services of a professional is important because most people lack legal knowledge and don’t even understand the difference between a Will, trust, and estate plan.
A Will is a legal document that outlines your wishes about how your assets should be distributed to the individuals or charitable organizations you select. It also allows you to name guardians of minor children, as well as the Executor to manage the process of transferring your assets to the beneficiaries. Hiring a lawyer to write a Will can’t help your beneficiaries avoid probate but it prevents family messes and ensures that your wishes are fulfilled upon your death. An estate plan is more comprehensive as it includes multiple legal documents like Will, trusts, and the power of attorneys. Unlike Will, an estate plan can come into effect during your life, if you ever become incapacitated to handle your financial or medical affairs.
Why Hire a Will or Estate Lawyer?
Now that you know the difference between Will and estate planning, remember that you need a lawyer for both. A qualified estate planning lawyer can help you create a Will or estate plan, as well as handle the probate process. If you’re still thinking about writing your own Will, here are some reasons to hire an estate planning lawyer.
- Avoid Errors
Mistakes in writing a Will could cause legal troubles for your beneficiaries. Lawyers have in-depth knowledge of estate law to create an error-free Will and estate plan. This helps in protecting your heirs or beneficiaries after your death. Besides protecting your loved ones, an estate planning attorney can help safeguard your future. If you ever become physically or mentally incapable to handle your business or take medical decisions, an estate plan can help you identify a trustworthy person to manage your affairs.
- Handle Complex Family Situation
Those who have more than one spouse and children from multiple marriages should never consider a DIY will. Only an experienced estate planning lawyer can handle complex family dynamics and prevent family feuds. From naming guardians of minors to determining who gets what and how much, your lawyer can assist you in everything. The Will and estate lawyer can handle the complicated family situation that could otherwise turn into a legal battle. The lawyer considers every crucial aspect such as documenting all assets and savings, naming the beneficiaries and the executor of your estate, designating guardianship of any minor children, assets for your favorite charity, and more to ensure there are no disputes during probate.
- Reduce Tax Burden
Besides creating an error-free Will and a complete estate plan, the lawyer can also help in reducing the tax burden on your beneficiaries. When your heirs inherit assets, they need to pay inheritance tax. A significant portion of the wealth your children inherit can go into taxes. But the best estate planning lawyer can find ways to minimize inheritance tax under the law.
