While 76% of US adults believe that an estate plan is important, 57% do not have one. Perhaps the reason many people put off estate planning is that they think it’s too complicated. For some, the thought of writing a will forces them to face their mortality, which they find uncomfortable.
But estate planning is something that everyone should do, regardless of age or health. But is an estate planning attorney a necessity when making an estate plan? Yes, but it’s generally a good idea to hire one, especially if the following is true of you:
1. You Need Help With Business Succession Planning
If you have a family business, it’s important to have a succession plan in place. This plan will lay out what happens to the business when you retire or die. Without a plan, your family could end up fighting over the business, and the business could eventually be sold.
Hiring estate planning attorneys can help ensure the smooth transition of your business to the next generation.
2. You Own Foreign Property
Buying property overseas can be an exciting venture, but dealing with such property when it comes to estate planning can be complicated. There are different tax laws that apply to foreign property, and if you don’t have a plan in place, your family could end up paying a lot of taxes on the property.
An estate planner can help you create a plan for your foreign property so that your family knows what to do with it when you’re gone.
3. You Have a Blended Family
Having a blended family presents unique challenges when it comes to estate planning. Often, there are disagreements about who should inherit what.
An estate planning attorney can help you create a plan that will take into account all of the different members of your blended family. This will ensure that everyone is treated fairly after you’re gone.
4. You Wish to Disinherit a Family Member
Sometimes, people want to disinherit their family members. The reasons for this may be many and varied. No matter what has led to this decision, navigating the process of disinheritance can be messy.
An estate planning lawyer helps make sure that your wishes are carried out after you’re gone and that there are no surprises for your family members.
5. You Need to Set Up an Irrevocable Trust
An irrevocable trust is a type of trust that cannot be changed or revoked. It’s one of the estate planning options that allow you to pass on your assets without worrying about estate taxes.
Hiring a lawyer helps you set up this type of trust so that you can be sure your assets will be taken care of after you’re gone.
Use an Attorney for All Your Estate Planning Needs
No matter what your situation is, it’s important to have an estate plan in place. An estate planning attorney can help you create a plan that will meet your specific needs and guarantee that your loved ones are taken care of.
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