Most adults know that a will is important in order to pass on assets to loved ones after you pass away. Unfortunately, few of these same adults know where to get started. That’s where a reliable estate planning attorney comes in. An estate planning lawyer can help you get organized and prepare to leave your loved ones taken care of after you pass away. When you partner with a trusted estate lawyer, your family will be supported during the difficult transition after losing a loved one.
An estate planning attorney can help you:
- Develop a strategy to reduce taxes owed on your estate: You want your family to benefit from your savings and property, not the IRS. With proper estate planning instruments, you can minimize their tax burden. Whether a trust, payable-on-death account, transfer of title, or another plan is best, an estate planning attorney can discuss the pros and cons of each option with you and then execute your wishes carefully.
- Make your wishes clear and easy to execute so your family receives bequests with as little hassle and wait as possible: You may be able to draft a will on your own, but often these DIY legal instruments have unintended consequences that can tie up your assets in probate court for much longer than expected. A probate lawyer has experience with these courts and can draft a much clearer will–one that will ease conflict and avoid problems in probate.
- Start transferring ownership of your valuable possessions now: Sometimes gifting possessions you intend to pass on to certain loved ones while you are alive can be a smart way of starting this process. Your lawyer can help you understand IRS tax-free gift limitations and work within these guidelines to transfer property as you wish.
- Plan for your children’s future: You lawyer can help you ensure that your estate takes care of your children’s needs, especially if you leave them before they are grown. Not only can an estate lawyer devise a guardianship plan for children, but he can also put in place a trust to secure their finances.
- Create a comprehensive plan that will ease the transition for your family after your death: A comprehensive approach to estate planning is best. When you involve an experienced attorney, you ensure that every detail unique to your financial, legal, and familial situation is taken care of.
Your estate planning lawyer is on your side from the day you start to create a plan for your estate. Once you find a reliable estate planning attorney you trust, you can update your will and other estate planning instruments as circumstances change, knowing that they will advise you according to your long-term best interests. Your family will even have someone there to explain your wishes and reasoning after you’re gone. If you are looking for a trusted estate lawyer, let the legal team at the Law Offices of Michael D. Larsen serve you.