Estate Planning Lawyer: 3 Reasons Hiring One Is Vital
Posted on: 6 November 2020
Most people have an estate that includes personal possessions such as life insurance, vehicles and houses. Have you ever thought about what would happen to such assets if you passed on? Since you most likely have a plan on how you would like your possessions distributed, this is a question you shouldn't ignore. An estate planning lawyer is the best person to assist you in coming up with a lawful means of distributing the assets. Hiring an estate planning lawyer has its benefits, as discussed below.
Your Estate Planning Lawyer Can Help Avoid Probate
Probate refers to how property previously belonging to a deceased person gets transferred to the rightful beneficiary or heir. In most cases, this process is costly and lengthy because it can take up to a year, if not more. The probate process also makes everything public, and the court can give or transfer the property to anyone interested in a copy of your will. Even so, it is possible to avoid probate by designating all your possessions to preferred beneficiaries. Hiring an experienced estate planning lawyer is a good idea because probate will be a less stressful process.
Safeguards Your Dear Ones, Your Possessions and Yourself
When it comes to estate planning, crucial documents can help your dear ones remain stress-free should you pass on. Some of these include power of attorney, trust, and will. It is essential to use correct wording in these documents so that your properties are handed over to the right individuals. For instance, a trust can outline how your minor child should receive your possessions once they are of a particular age. Once you have passed on, wording can make all the difference in keeping your family safe. By hiring an estate planning lawyer, you can be certain that correct wording will not be a concern.
Save Time and Avoid Errors
Estate planning lawyers are good at keeping vital records organised. Therefore, your dear ones will have an easy time finding insurance documents, titles, and any other essential records. When you are still alive, the lawyer can help you rectify any errors during the planning process. By so doing, you will save your family from undergoing a stressful process once you pass on.
Preparing an estate plan today is among the wisest decisions you can ever make. This will not only help avoid stressful probate processes but also keep your family safe as well as save time.
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