Estate planning lawyers are attorneys that are backed by an extensive amount of time of mentoring, along with experience and continuing education, that understand the right way to advise their clients about their affairs. They also assist their clients in preparing for their eventual death or the possibilities associated with mental disabilities.
Estate planning involves more than just your Last Will and Testament. The lawyers that have a specialty within this field also draft what is known as living trusts, develop plans to avoid or mitigate estate taxes, along with working with your assets and life savings to make sure they are protected from creditors once you die.
The estate planning lawyers at James Stone Craven, LLC are able to prepare health-care directives and a power of attorney, and to arrange for a professional to handle your affairs should you become incapacitated mentally. They can also assist you with avoiding conservatorship or guardianship problems if you ever need another person to deal with your affairs.
Before deciding on whether you need your own estate planning attorney, it is important to understand that estate-planning should not be taken lightly. A missing signature or wrong wording could change the intent of your trust or will. In addition to this, here are the 3 top reasons that should be more than enough to persuade you to hire an experienced estate planning lawyer to assist you with drafting your estate-planning documentation.
1. Estate Attorneys Are Necessary Since The State Laws Rule Estate Plans
The state laws are highly specific when it comes to what can’t and can be in trust, will, or financial or medical power of attorney. These laws also cover who can’t and can serve in the form of a trustee, personal representative, attorney or health-care surrogate. It also governs who can’t and can be witnesses to a trust, will, or financial or medical power of attorney, along with the formalities that need to be observed upon signing a trust, will, or financial or medical power of attorney.
2. Buyers Must Beware
The Latin saying “Buyer Beware” or “Caveat Emptor”, is definitely applicable when it comes to your estate planning. If you are under the impression that you can save a bit of money when using downloaded forms you found on the web, or DIY forms in order to draft your estate planning documentation, you have made a mistake. Your family members and beneficiaries may be faced with an unwelcome surprise when they find out your entire or parts of your trust, will, or financial or medical power of attorney, is not valid legally, and will not work out as you might have anticipated. This could result in your family members spending a fortune to hire a qualified and experienced estate planning lawyer, once you have passed away in order to fix these mistakes.
3. Estate Attorneys in Greenville, SC Can Assist With Sorting Out Complicated Financial Or Family Situations
You should seriously consider your assets and your life to determine whether you match up to one or several of these categories:
• You own a business or businesses
• You are in a later or second marriage
• One of your family members is disabled
• You own properties in other states
• You have children that are minors
• One or more of your children have problems
• You do not have children
• You have recently gone through a divorce
• You have assets that are substantial in IRAs and/or 401(k)s
• You would like to leave all or a portion of your overall estate and assets to a charity
• You have recently lost a family member or spouse
If any of these scenarios are applicable to you, it is important to seek the advice and counseling of a skilled estate planning lawyer to assist you with creating your estate-planning documentation. If you don’t it might result in a probate attorney and the state’s Department of Revenue or/and the IRS that will end up receiving the biggest portion of your overall estate.
• The general practitioners do not always have the specialized knowledge and experience to guide you when it comes to your unique financial and family situations. It is important to find a lawyer that has devoted his or her practice to this specific law area.
• You should be able to feel confident and comfortable with sharing details about your life and any concerns that you may have. This will ensure that your estate plans are not falling short of what you need and expect.
• Your estate planning lawyer needs to know about the current laws that are specific to your state. If they don’t your estate plans may be viewed as invalid.
The legal fees are somewhat higher when it comes to having estate plans created, updated, and maintained by an attorney that specializes in this practice area. The costs involved cover the expertise that the lawyer has built up in his or her years of practice and working with various types of clients.
Your estate could lose a lot of money in the long term than the costs involved to pay an experienced lawyer now. If taxes on your estate become due which you could have avoided, or when a controversial probate process really drags out once you have died, which incurs a significant amount of legal and court fees, your family members could be losing out on what is rightly theirs.
The most important aspect of estate planning includes your peace-of-mind. There is no price-tag that can compare to know that once you pass away, things will go as you wanted them to when you have an experienced and skilled estate planning lawyer on your side.
Estate planning lawyers are able to advise you on the best strategies you should be using to transfer your assets and savings once you die. In the way of having the right plans for your estate, you are able to maximize its overall value by lowering taxes and doing away with court interferences and costs.