Whether you have children or hope to put together a plan for the future, there’s no denying that you need an estate attorney (also called a probate attorney). An estate attorney is a state-licensed attorney representing executors and estate beneficiaries. But what is an estate, exactly? Many people, especially younger individuals, falsely assume an estate has to deal exclusively with real estate. However, everyone has an estate, even if you don’t have a home.
An estate comprises everything you own, from your checking and saving account balances to your real estate to your car and furniture. When you engage in estate planning, you work through the kinks of what will happen to your belongings when you pass away. Waiting too long to handle this can become disastrous for the loved ones you leave behind. And with that in mind, here are six reasons you need an estate attorney:
Your Will is Just a Part of Your Estate Plan
Again, there are many people who confuse the terminology under the estate planning umbrella. Your Last Will and Testament is just a tiny piece of a larger puzzle. Think of your Will as a set of instructions, while the Estate Plan carries those instructions out through a legal probate process. In layman’s terms, your Will tells the State what to do with your possessions, and your estate plan makes it happen. It’s the difference between saying and doing. In other words, your estate plan contains much more than your Will or Living Trust. It also details an advanced directive, power of attorney, and much more.
They Might Be Necessary
State laws dictate multiple areas of estate planning, such as who can and cannot be included and who is permissible to serve as a personal representative. There are also certain formalities that must be in order during the signing of a will or trust. “If you don’t have thorough legal knowledge, understanding what’s acceptable can quickly become confusing,” says Walser Law, an estate attorney in South Florida. “For example, in Florida, personal representatives must be a state resident, and preferably a relative.” Those who do not fully understand the complexities are likely to make costly mistakes.
Voice of Reason
As you move through the motions of planning your estate, it’s easy to get lost in a sea of emotions. You start taking inventory of what’s yours and the possessions that matter most to you, and you’re also thinking of the loved ones that will live on after you’re gone. This can be a very emotional process for anyone, regardless of age. An estate attorney can help offer you voice of reason where you may be lacking.
There have been some pretty strange estates in the past, and some have had ambitious goals. Take the anonymous donor who left the state of Britain half a million pounds (now more £350 million) in 1928, but with one caveat—it must only be used if it can clear the national debt. However, Britain’s current national debt is £1.78 trillion; a far cry from what’s needed for the donation to be of use. Surely, the anonymous donor didn’t think this through, and nearly 100 years later, no one has benefited from the large sum he left behind.
It Will Save You Money
Without an estate plan, you could end up spending more money in court costs, professional fees, and taxes. By working with a lawyer early on, you’ll benefit with long-term economic advantage. The truth is, there’s a cost associated with getting it done right the first time. Sure, you or your loved ones could always fix any errors or get a new attorney later down the line, but you could save yourself the headache and dollars by making the right moves early on.
You Can’t DIY Your Estate
Many individuals in the process of planning their estate attempt to cut corners by using forms found online or purchasing a do-it-yourself estate book and following a couple instructions. But the problem is, estate attorneys have spent years learning laws and legal jargon; it would be futile to try and cram years’ worth of material into a couple days of DIY work.
If you attempt to handle your estate on your own, your loved ones might be the ones who pay the ultimate price when they realize that most or all of the paperwork you completed in invalid in your state. Fixing those mistakes can cost double the price and half the time you would spend going directly to a probate attorney.
Complicated Situations
Planning your estate can be made even more complicated if there are extenuating circumstances in your particular situation. For instance, if you own multiple businesses, have been married more than once, don’t have any children or currently have children who are minors, chances are you need someone that can maneuver this complexities. An estate planning attorney will craft documents based on your specific needs and current situation.