Dividing your inherited or acquired property is one of the most important responsibilities in your life. It can make or break a family because the members get into legal battles if anything wrong is written in the will. That’s why, it is always suggested to consult a good Estate Planning Attorney if you want to maintain peace and harmony in the family. Besides that, you should also keep in mind that things must be written when you are in a sound body and mind so that any complexity can be rectified before it’s too late.
How can an estate planning lawyer help you?
There are a number of ways; he can make things simpler for you. Since he has studied and practiced law, he understands your financial condition and feelings in a better manner.
Drafting or creating a will
Will is a legal document, which needs to be drafted by keeping in view a number of legalities. A lawyer can assist you in drafting how you want your property to be distributed among the family members. Moreover, if you want to assign a guardian to your minor or a special child, you can do it with the help of a will and your estate planning lawyer can assist you.
Power of attorneys
There may be several issues in a family including healthcare and finances. If you want to assign someone to look after these issues if you become incapacitated, you can write a will in which that person can take important decisions regarding your finances such as paying bills, managing financial investments and medical treatments. A lawyer will help you in creating power of attorney to minimize the risks and conflicts within the family.
Designating beneficiaries
Beneficiaries are required in case you open a bank account or investment, you need to assign a beneficiary and a lawyer can help you designate by creating a legal document. For instance, life insurance and retirement accounts can be assigned to the beneficiary after you die.
Help you in avoiding probate
It is a legal process to settle the estate in the absence of a will. It is a time-consuming process and can leave all your family members stressed. A lawyer can suggest the best way to avoid it by creating trusts and transferring ownership.
You should always get in touch with a lawyer to discuss your requirements. He can understand your feelings in a better manner.