After working for years, you would want your wealth to end up in the right hands. Creating an estate plan is much more than letting your last wishes be known to the world. Yes, the Will is one of the most critical components to consider, but you would usually have to do more. If you leave everything to chance, you are literally begging for litigation. The role of an estate lawyer is to ensure that you don’t make the common mistakes that can land you or your loved ones in trouble. If you are wondering whether you should engage one, here are some things to know.
Who is an estate lawyer?
There are different kinds of estate lawyers who specialize in a wide range of tasks. You may want to work with an estate planner who would guide you on succession plans and help in drafting documents like the powers of attorney, will, and a trust. You can also seek advice on retirement planning. There are also estate litigators who are involved in settling disputes concerning estates and everything else. If you are a beneficiary or a trustee, you may need their help to deal with various challenges. They can also represent and fight for your rights.
When to hire an estate planning lawyer
Every working adult, at some point, would have to consider having an estate planning lawyer who will help them draft their will and powers of attorney. While online services are handy, you should consider meeting an experienced attorney, especially if you have amassed considerable health and need help to protect your estate. The right estate planning lawyer will ensure your plan is tight with no room for errors. You can also get them to create a revocable/irrevocable trust, which will protect the placed assets from probate. Depending on the expertise and needs of the client, lawyers are also capable of offering advice on real estate and life insurance.
Meet an estate lawyer
Once you know that it’s time to have an estate plan, talk to an attorney about your goals, how you wish to deal with your assets and other needs. They can provide you with a detailed overview of the things you can do with your estate plan and how you can keep certain mistakes in check.
It’s not too early to call an estate lawyer, even if you have limited wealth – Do it right now and schedule an appointment.