Why Do I Need An Estate Planning Attorney?

Regardless of your age, you need to start thinking about estate planning if you have any assets in your name. 

Without an estate plan in place, you have no control over what happens to your assets once you pass away, which is exactly why you need an estate planning attorney. A legal professional can assist you with putting together a strategy that perfectly aligns with your current needs and gives your family peace of mind regarding their financial future once you’re no longer able to provide for them. 

Understandably so, thinking about these matters can be emotionally draining and many individuals simply avoid the matter at hand altogether. As a result, estate planning is a topic a lot of people are unfamiliar with.

For example, many have questions like “do I need an estate plan” or “do I need an estate planning attorney”. In this post, we’ll go over everything you need to know.

What Is Estate Planning?

Estate planning is a process of making sure your estate is handled properly after you pass away or are incapacitated mentally or physically. It is not solely related to larger assets like real estate as it may also include all other types of property, such as (but not limited to):

• Cash
• Vehicles
• Jewelry
• Clothes
• Investments
• Savings
• Land
• Life insurance policies

Is It Too Early To Think About Estate Planning?

Before evaluating when do you need an estate planning attorney, it’s important to address whether you need an estate plan in the first place. In practically all cases, it’s never too early to think about what happens to your assets after you pass away. No matter if you’re a parent, grandparent, or you’ve just finished college, an estate plan will benefit your entire family.

A young person passing away is always tragic, but with an estate plan, the family will have an easier time paying for the funeral and accessing the rest of the deceased individual's assets, no matter how valuable those assets are. 

When it comes to a high-asset individual, estate planning can almost be considered a requirement, because without it, the family will be left battling in court to  even access these assets - something that’s completely preventable with an estate plan.

What Do Estate Planning Attorneys Do?

This type of attorney specializes in laws regarding estates, trusts, and probate. So if you’re wondering “do I need an estate planning attorney”, consider the fact that they can review your entire financial situation and create or edit your estate plan to see to it that your plan reflects your wishes.

Some of the key aspects an estate planning attorney can handle on your behalf include:

• Last will and testament

This document helps you share your wishes about your affairs upon death. In it, you can address which individuals are considered beneficiaries of your assets, as well as designate guardians for your children.

• Living will

As opposed to a last will, a living will is similar with the only difference being that it specifies what you want to do with your assets if you become ill or incapacitated. Furthermore, it also allows you to specify what you want in terms of different things like preferences for funeral arrangements. 

• Trusts

A crucial aspect of an estate plan, a trust can hold your assets, which allows trustees to manage the trust assets on behalf of the beneficiaries. By taking advantage of trusts, you can transfer the assets to your heirs without requiring probate - a lengthy and costly legal process of distributing the assets of a deceased individual.

Assets that go to probate are subject to state or federal taxes, thus making trusts an even more powerful option. There are different types available, which is why it’s important to consult an estate planning attorney to help minimize inheritance and estate taxes.

• Choosing beneficiaries

Some assets such as pension fans and 401(k)s typically don’t fit the regular estate plan and require alternative arrangements to avoid probate. This requires assigning beneficiaries to the accounts directly. 

• Power of attorney

These documents allow individuals to name who gets to make medical or financial decisions if you get incapacitated.

When Do You Need An Estate Planning Attorney

While it’s easy to conclude an estate plan is something you should have no matter what, when do you need an estate planning attorney depends on the circumstances.

You should hire an estate planning attorney if you:

• Have an extensive or a blended family
• Have an old estate plan but it’s outdated and doesn’t reflect your current circumstances
• Believe a family member will contest your will 
• Own a business or investment property
• Need to create the right kind of trust
• Own assets in foreign countries or other states
• Want to ensure your family avoids taxes

An estate planning attorney can guide your family after you pass away and the probate process starts. As we mentioned above, a family member may contest the will, in which case your family will require legal services anyway. Having the attorney who put together the estate plan will help save time, as your surviving family members won't have to look for a new attorney.

Start Taking Care Of Your Future With Jostock & Jostock

Your wishes and the security of your loved ones matter most. One day, you won’t be able to protect your family anymore, but you can make sure they’re protected by leaving them with an estate plan.

That way, your children and your spouse won’t see their inheritance eaten up by a court or divided between family members who are just there looking for a payday.

If you want to start planning for the future, reach out to attorneys at Jostock & Jostock. Founded in Naples, Florida, our law firm has helped protect the interests and rights of numerous individuals over the years. Our clients always come first and we’ll work with you tirelessly to create a plan that accurately reflects your wishes. 

Schedule a free consultation via our contact form or reach us by calling (239) 500-8822. 

Note: 

The information in this blog post is for reference only and not legal advice. As such, you should not make legal decisions based on the information in this blog post. Moreover, there is no lawyer-client relationship resulting from this blog post, nor should any such relationship be implied. If you need legal counsel, please consult a lawyer licensed to practice in your jurisdiction.