Posted on: 10 June 2021
In the unfortunate event of your death, you would want to leave everything you have worked for to those you love and trust. To that end, you might want to plan well and take measures to ensure your wealth is only shared among those you trust the most and only them. The first step is to draft an estate plan, which is a document showing how you want things done. Since this is a technical process, an estate planning lawyer comes in handy to walk you through it.
With this in mind, you should know that this plan is not for the elderly only. Anyone needs estate planning regardless of their age or financial position. Even without expensive possessions, hiring an estate planning lawyer can be crucial to meeting your interests. So, don't let your monetary status stop you from making this decision. With that in mind, here are three reasons to hire an estate planning lawyer.
1. Avoid Tedious and Costly Legal Proceedings
The lack of a plan can leave loved ones fighting over possessions in the aftermath of abrupt death. Some families will go through lengthy and costly legal proceedings in pursuit of equal distribution. You can protect your family from going through such hassles by planning your estate early on. That way, you will rest easy knowing that the lawyer has everything under control in case of anything.
2. It Is More Than Writing a Simple Will
When most people think about estate planning, they are likely to conclude that this is similar to writing your wishes on a piece of paper and, therefore, don't see its need. This can't be further from the truth, and a lawyer can walk you through every step and explain how the plan can help your loved ones. Your plan could include a will, a trustee, guardian nomination, medical clauses and other important details.
3. Sure Proof Way of Protecting Your Wealth
Whether it's death or incapacitation, you need the right people to access your wealth. This highlights the importance of having a plan as early as now to ensure you have the right people for the job. It is also the only way to guarantee that outsiders cannot access or claim your assets unless they are in your estate plan.
Now that you understand the importance of estate planning, hire a lawyer to walk you through the process. The lawyer can also help perform regular updates and revisions since your wealth and health might change with age.Share