Why do you need an estate planning attorney?
Entrusting a delicate matter to a professional has numerous advantages. Just as an engineer attempting a doctor’s job will likely make significant errors, handling estate planning without the right expertise can lead to serious mistakes.
Having an experienced estate planning attorney design your estate plan gives you the assurance and peace of mind that everything is thoroughly addressed. An estate lawyer is particularly crucial for identifying the vulnerabilities in your estate plan and devising strategies to ensure comprehensive protection for all your assets and future contingencies.
Ensuring financial stability for children
You might assume that your minors (children under 18) can easily inherit and use your property after you pass away, but this isn’t the case. If you leave a spouse behind, your possessions will go to them and your adult children, not your minors.
To ensure that your minors are cared for according to your wishes, it’s crucial to have a trust as well as a guardian who will follow your instructions until they reach the age to claim their inheritance. An estate planning attorney can help you address these considerations properly.
Transparent about payments and fees
Legal fees related to the death of a loved one can be substantial. With an estate planning lawyer’s assistance, these fees can be managed, clearly explained, and paid in an organized manner. You’ll understand the costs and the details of where they originate.
Your Virginia Beach estate planning lawyer will collaborate with the family to identify the sources of funds and justify each charge. They will guide your family through all bills and fees that might not have been previously considered.
Empathy for the circumstances
Choosing an estate lawyer requires considering their compassion. The right lawyer will empathize with your grief and connect with you emotionally. A lawyer should understand and support a grieving family while finalizing plans and honoring a loved one’s wishes. An effective lawyer will acknowledge your sorrow and guide you through settling the estate. Ensure you choose a lawyer who will move at the family’s pace.
You desire a distinct or intricate estate plan
Blended families, including minor and adult children from previous marriages or relationships, are quite common today, but common does not mean typical. An estate plan for your entire family may involve a unique type of trust designed to ensure that one partner’s assets are held in trust for the other partner and then distributed to the children after the second partner’s death.
Some estate plans contain complex provisions such as multiple distributions based on the children’s ages or incentives for attending college or pursuing specific professions. Although these arrangements might seem straightforward, going about them the right way and ensuring that they are enforceable after death usually requires the expertise of an experienced estate planning attorney.
Updating documents
An estate lawyer can assist you in revising and updating your documents as your preferences and circumstances change over time. Events in life, fluctuations in your financial situation, and other factors can affect your assets and how you wish to distribute them.
An estate planning attorney will guide you on the adjustments you want to make and may recommend additional changes they deem beneficial. Although the final choice is yours, having an impartial expert review your decisions can be extremely valuable.
Endnote
To create a comprehensive, effective, and legally sound estate plan, consult with an estate planning law firm. This will allow you to develop an estate plan that meets your needs and wishes while ensuring legal validity and effectiveness.