Most people do not have estate plans in place, and a sense of overconfidence is one of the reasons. Many young adults think they will draw up a will at some point when they are senior citizens, and the matter will be closed. There is really nothing to think about, and a lawyer is not necessary.
In reality, you never know what the future holds. People of all ages pass away due to injuries sustained in accidents, and catastrophic illnesses can strike at any time. You should definitely have an estate plan in place as soon as you have others depending on you.
When it comes to legal counsel, there are some good reasons why you should engage an attorney to help you devise your plan.
Dangers of DIY Estate Planning
There are websites that sell boilerplate legal documents, and their offerings include wills and trusts. As a layperson, are you aware of any reasons why you should not use a will? Are you aware of the types of trusts that can be utilized and why you may want to use one instead of another?
The vast majority of people would not be able to answer these questions in the affirmative. When it comes to a will, there are drawbacks and limitations, and probate is a major factor. This is a time-consuming and costly legal process that takes place under the supervision of a court.
Probate is necessary when a will is used to transfer assets, and in addition to the time and money, it is a public proceeding. Anyone that wants to access the records can pry into your final affairs if you use a will to facilitate asset transfers.
A revocable living trust is an option that will facilitate asset transfers outside of probate. This is a great choice for a wide range of people but is not the only possibility. Under some circumstances, you would benefit from the utilization of an irrevocable trust of some kind.
The point is that there are a lot of tools in the estate planning toolkit. If you try to plan your estate by yourself using a download that you purchase online, you may make the wrong choices.
Your estate plan should be tailor-made to suit your specific situation. There are many ways to proceed, and the right approach will depend on the circumstances. When you work with an attorney, recommendations will be made, and you can ask questions.
At the end of the process, you will know that your estate plan is going to bring your wishes to fruition after you pass away. There is no reason to take chances and hope for the best when you can be certain that your legacy will be passed along in the optimal manner.
Estate Plan Revisions
When you work with a lawyer to create a plan that will protect your young family, the relationship will be established. Over the years, things will inevitably change, and estate plan revisions will be necessary. Your attorney will be well-positioned to make those adjustments.
Estate Administration Assistance
You should consider the estate administration process when you are putting a plan together. Your family will probably have a lot of questions about the estate after you pass away, and there are tasks that must be completed to comply with the law.
When you engage our firm, your estate plan can be prepared in a turnkey manner. Your family and/or your estate administrator can contact us to provide guidance during the administration process.
Schedule Consultation Today!
As you can see, you there are some very good reasons to engage legal counsel when you devise your estate plan. Plus, we did not look at specifics like wealth preservation, so there are a lot of things to consider when you are putting a plan in place.
If you are ready to work with a Hilton Head, SC estate planning lawyer to develop a plan that is ideal for you and your family, call us at 843-815-8580 to schedule a consultation. There is also a contact form on this site you can fill out if you would rather send us a message.
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