While you can always choose the DIY route, many individuals have found out from experience that they should have hired an estate planning attorney. Not having a plan in place can cause problems for families down the road. For example, more than a third of U.S. adults say that they or someone they know has experienced familial conflict because of poorly executed estate planning.
Many times, the estate will need to go into probate, which can take months or years to resolve and can result in a 10% loss of the estate. Interestingly, only about a third of people have a will in place. Those without a will cite the expense, their lack of knowledge, or not having enough assets to warrant creating a will. Age and wealth are important factors in identifying those who have a will.
Nearly 80% of those with an estimated wealth of over $1 million do have an estate plan, will, or trust in place. Many individuals find they need to create a will only when a serious life event has occurred. Unfortunately, the top reason for starting or revisiting a will is a change in one’s own health, with 29% reporting this as a motivating factor.
If you aren’t already convinced that consulting an estate planning attorney is the best way forward, here are some important reasons that may help you change your viewpoint:
Avoiding common estate planning mistakes
An experienced attorney is there to help you avoid common mistakes that have serious consequences. These pitfalls include unclear language in wills, improper asset titling, or failure to update documents after significant life events like marriage, divorce, or the birth of a child. In any of these examples, you do not want to leave the door open to interpretation. These mistakes can result in your wishes not being carried out as planned.
Understanding tax implications
Tax laws are ever-changing, and it is the attorney’s responsibility to stay current and help their clients minimize tax liabilities for their heirs. He or she can guide you toward the best strategy for estate tax reduction, gift tax considerations, and income tax issues related to inheritance. For example, there is a federal estate tax exemption that allows a portion of your estate to pass tax-free. Similarly, your attorney can help you set up a gift-giving strategy that allows you to transfer your assets to your heirs without incurring tax liabilities.
Receiving ongoing legal support
As you travel through life, your financial situation is likely to change. Think in terms of getting married, becoming divorced, becoming a parent or grandparent, gaining an inheritance, or moving to another state. All these are events that will require adjusting an existing estate plan. Again, your attorney is there to see you through these life-changing events that impact your financial situation.
Resolving Conflict
It is not unusual for conflict to arise among family members during the distribution of assets, especially if language is ambiguous or poorly written. An attorney will guide you through clearly communicating your wishes to your heirs so conflicts do not arise. However, should conflicts arise, your attorney is there to carry out your wishes and to help mediate any disputes.
Having Peace of Mind
Knowing that you have done all you can to make sure your affairs are in order is likely to bring you a sense of peace. Beyond preparing all the legal documentation required, your attorney is there to take you through the process step by step. You can rest easy knowing that your decisions were sound ones.
Hiring a knowledgeable estate planning attorney is one way to ensure that you are making the best possible financial decisions for yourself and your family. You do not want your heirs to have to face challenges during an already difficult time by not planning ahead. If you are ready to set up an estate plan, or have one that you need to bring up to date, contact our Petaluma, CA law office today.
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