You might acquire or own many things during your life, and it is up to you to decide who gets those acquisitions after you pass away. Most people do not even form a will or a trust, which can cause tussle amongst the family members over possession and lead to lengthy court cases.
Therefore, it is wise to form a living trust and hire an attorney to help you with your estate planning. This will make it easier for your family members to inherit the assets after your demise.
An estate plan does not only include all the assets and liabilities you have but also looks into how the assets would be dispersed amongst your family members. Herein, you can put in certain conditions for dispersion to ensure proper distribution as per your discretion.
To form a proper estate plan, you must hire an estate attorney to help you through the process. An attorney will guide you through all the laws and regulations about an estate plan in the best possible way.
Here are some things an estate attorney can do for you:
- Customize Your Existing Will
If you already have a will, then an estate attorney can look at it and make the necessary changes to it to make it a well-rounded legal document.
A will that you have made yourself might have a lot of discrepancies that can render it null and void in the court of law. In such a case, your trust or a will not be enforceable, which could create some trouble for your family in claiming their inheritance or lead to a feud within the family.
- Avoid Probate
If you live in California, your estate might have to go through a lengthy probate process before your family can inherit it. But, if you have a well-made estate plan with all the necessary documents, then the six-step probate approach is not mandatory.
The lawyer might suggest you form a living trust as is it is considered the best legal maneuver to avoid probate.
- Help You in Determining the Best Strategy
Not every case of estate planning is the same, and the asset portfolio differs from person to person. An attorney will help you through the process by following the best strategy for your specific case. This will make the process simpler for your family and you.
An experienced attorney will advise you about the best legal instruments you can use, such as a will or a power of attorney, to help you safeguard your family.
- Update the Estate Plan
An estate plan from a decade ago must have some irrelevant documents now or need other documents for verification. Moreover, any changes in the asset portfolio, family dynamics, or the family structure calls for a change in estate planning. An estate planning attorney will help you in updating the plan timely.
In addition, the laws can change from time to time, and the attorney will ensure your plan is up to date with the current laws.
These are some functions that an estate planning attorney can perform for you.