OC Elder Law
Do I Need An Estate Planning Attorney?
For some folks, estate planning is not a high priority. Some people don’t think they have an estate big enough to warrant an estate plan, while others simply don’t want to confront the unpleasant feelings associated with planning for their death.
Additionally, there is a contingency of people who believe that they can do their own estate planning with generic forms that they found on Google. We’ve put together the following handy guide to help you decide whether or not you should seek the services of an estate planning attorney in Corona.
What does an Estate Planning Attorney do?
Popular to common belief, there are actually many facets to estate planning. While you might think that planning your estate is simply just setting up a last will and testament, it actually scales far beyond that.
An estate planning attorney can also help develop a plan to mitigate estate taxes, form a living trust, and help to make sure that your assets are safe from the creditors of your beneficiaries after your death.
How can an estate lawyer help me?
An experienced estate planning lawyer makes sure that your will is carried out in the best possible manner.
To sum it up an estate lawyer helps you to:
• Create your last will and testament
• Draft living trusts
• Develop a comprehensive plan to avoid estate taxes
• Making arrangements in the event of your mental incapacitation
• Creating Power of attorneys and health care directives
When do you really need an estate attorney?
Experienced advice of an estate lawyer is recommended when you have more than one marriage, or you want to donate part of your assets to charity, or you want to mitigate estate tax etc.
If you have few assets, simple family dynamics and no complex financial arrangements, you can think of avoiding the services of an estate planning attorney. However, the ABA has issued a warning that do-it-yourself estate plans can be worse than actually doing nothing. It should be noted though that most estate planning attorneys in Riverside offer a free consultation that can help you determine whether or not an estate lawyer is necessary.
Do only the very rich need estate lawyers?
Even if you do not have millions, you can benefit from the advice and experience of an estate planning lawyer.
An experienced estate planning attorney stays focused, and on top of family dynamics and subtle legalities. He ensures that no problem surfaces in the carrying out of your will and last testament.
He ensures that an ex-spouse does non inherit unintended assets due to improper asset distribution timeline or there is no special needs family member losing out on government benefits due to improper paperwork.
Can a bank, brokerage firm or financial institution suffice?
A bank, brokerage firm or financial institution can only help you in planning your estate financially. They are not qualified to draft legal documents or lend you expert advice.
Estate planning has major links with Medicaid and tax planning when you are planning your financials. An experienced estate lawyer helps in drafting sound estate plans which hold legally and take into account various unexpected events.
An estate planning attorney offers great assistance in allocating your assets in complicated family and financial situations. The experience and advice which they bring to the table can help you in drafting sound wills and testaments. They also ensure that your paperwork is error free with no loss to any beneficiary regarding government taxes or creditors.