As you go about life, it may be hard to think about the inevitable day that you’ll pass away. However, if you want to ensure that your loved ones are adequately cared for and that your hard work doesn’t go to waste, it’s best to begin planning your estate as soon as possible. Luckily, you don’t have to do this on your own. Here are some ways an estate attorney can help you protect your family’s future.
1. They Can Help Reduce Taxes
One of the downsides of an inheritance is the amount of taxes that must be paid. While it’s inevitable that your estate will be taxed upon your death, there are ways to have these taxes reduced. An experienced estate attorney can disperse your assets during your lifetime as well as after your death to reduce the amount of taxes that your heirs will have to pay. After all, if you’re going to leave them a significant amount of funds or property, it’ll be beneficial to help them avoid high tax prices.
2. They Can Avoid the Probate Process
Probate is the legal process your will and testament will have to go through in the court system after your death. During this time, the court will review the document and give creditors, or anyone else who wants to make a dispute, time to come forward. The probate process can be lengthy depending on your state. According to our experts, the typical amount of time for probate is at least a year, but this can take longer. Do you want your loved ones to wait an excessive amount of time to receive the assets you want them to have? Prevent this hold-up by creating a trust or other asset distributions your estate attorney can help you with.
3. They Can Protect Your Assets
If you’ve worked hard your whole life, you want to ensure that your house, cars, family heirlooms, and financial investments are protected from falling into the wrong hands. You can protect your assets from creditors and lawsuits with the help of an attorney. They can ensure that any debt is paid on time, which will help avoid disputes later. They’ll protect your assets by verifying that all documents are legal and compliant with estate and inheritance law.
4. They Will Make Sure Your Wishes Are Followed
You may have many wishes detailed in your estate plan. If your home has been in your family’s possession for generations, you may want to ensure that your heirs don’t sell it. You could also designate that each person gets a certain percentage of your home sale, which can help avoid disputes.
A legal professional can create a plan with you to further specify guardianship and education plans if you have children under the age of 18. With an estate planning attorney, you can legally specify your wishes and ensure that these instructions are followed upon incapacitation or death.
5. They Assist You With Naming Direct Beneficiaries
You may have one or several heirs you want to leave your belongings with. An estate planning attorney can guide you through the process of giving each person a certain percentage of everything or designating certain items to specific people. For example, you may only want your children to inherit your home or receive sale proceeds but prefer to divide your financial investments evenly between children, grandchildren, and other loved ones. You can prevent your loved ones from fighting and having drawn-out legal battles by specifically naming your direct beneficiaries.
6. Their Services Provide Peace of Mind
According to Legal Zoom, a renowned American legal technology platform, only 33% of adults in the U.S. have documented their end-of-life plans. Your end-of-life plans can assure peace for both yourself and your potential beneficiaries. Continue living to the fullest with the knowledge that you’ve already set things in motion so that your loved ones will be adequately cared for.
As you can see, hiring an estate attorney is the best thing you can do to protect your assets and loved ones. Whether you have a house, jewelry, artwork, real estate rentals, financial investments, or precious metals to pass on, you want to ensure that they are in the hands of the right people. Start your journey on legal estate planning by contacting the Law Offices of Burton & Beale today.
