The Importance of Hiring an Attorney When Creating an Estate Plan

When creating an estate plan, it is better to hire a professional than attempt to DIY. Although many people think they can write their own wills, the truth is, they’ll most likely leave our vital information, this voiding that which would have been useful when they’re gone. Enlisting the help of estate planning lawyers ensures that everything you leave regarding your estate when your gone will be handed in a professional manner. An estate planning lawyer knows what needs to be added in an estate plan and although you might YouTube how to do it on your own, this doesn’t mean you should or that it will stand up if contested. Here are some reasons why estate planning lawyers are better options for you will:

Estate Planning Is Complex

Even though you might Google how to do it on your own, the truth is that creating an estate plan is more complicated than you think. You need the right words, sentences and more, but in order for it to hold up solid in court it needs to follow certain laws, regulations, and guidelines. The law is always changing. You might miss some very important aspects that need to be included if you don’t know what they are. Estate planning lawyers are always kept up to date in regard to federal, state and local laws.

More Goes into Creating an Estate Plan Than Just a Will

An estate plan isn’t just a will. A will is just one document that goes into an estate plan and you might not know what the other documents that are needed are. In reality, there are a variety of different estate planning documents you’ll need to ensure your estate is handled properly after you’re gone.

Save Time

Writing an estate plan can really take a lot of time to make sure everything is correct and covered. Instead of doing it yourself, let that responsibility fall on a professional who knows what they’re doing and can do it faster than you ever could!

Third-Party Perspective

Estate planning will be objective when it comes your estate planning needs when a lawyer is allowed to assist. Thus, allowing you better insight and advice that will only benefit the estate in the end.
Learn more about attorney Sean J. Nichols and the legal services he provides for clients including: estate planning, elder law issues, Medicaid planning, elder care, probate law, guardianships, and power of attorney (POA) at www.seanjnichols.com.  To contact the offices of Sean J Nichols, call 734.386.0224 today.

What Happens If You Pass Away Without A Plan in Place?

No one likes to consider their mortality which often leads to the issue of individuals passing away without putting into place an estate plan, will, trust, or other legal documentation to distribute their assets.  Many times, people assume that they are too young to need an estate plan in place, that their assets are not worth the creation of a plan, or that getting this documentation in place is expensive.  These assumptions are in fact not true.  Obviously, the best time to document a plan to follow upon your death is far before the need to use it arises.  These plans encompass far more than just distributing your assets and tax avoidance.

Estate plans are put in place not only to be your voice upon your passing but also so that if you become incapacitated and are no longer able to make decisions for yourself that you can appoint someone to make decisions on your behalf.  If you have not appointed an individual to make choices on your behalf, then the state will step in.  If this occurs, your desires are left unknown and the state will step in to take over the process which is known as intestacy.

Intestacy rules vary from state to state.  In general, however, the distribution of assets by intestacy requires a probate proceeding.  Most families hope to avoid probate when a family member passes as it is costly, time consuming, and open to the public.  It is also frowned upon as there is no way for the state to know what your desires would have been so your assets are distributed as they see fit.
If you do not have proper documentation in place and become incapacitated a judge will decide for you who will be in charge of you and your assets.  This process is known as guardianship and conservatorship.  It can be quite an expensive for your family even if there isn’t a disagreement on your care or asset distribution.  It can often cost more than what would have been paid to have in place a proper estate plan.

In order to avoid this situation, it is crucial to take the appropriate steps which can include an all-inclusive estate plan with a living trust and power of attorney in place.  This ensures that if you become disabled or pass away the division of your assets along with your desired wished-for care are known by your family and easily executed without burdening your family.

Learn more about attorney Sean J. Nichols and the legal services he provides for clients including: estate planning, elder law issues, Medicaid planning, elder care, probate law, guardianships, and power of attorney (POA) at www.seanjnichols.com.  To contact the offices of Sean J Nichols, call 734.386.0224 today.