Who Needs An Estate Planning Attorney?

Law Blog

Once upon a time, estate planning was something reserved for the rich and famous. However, most people who have property or assets to leave behind to friends and family, today, can benefit from consulting an estate planning attorney. You might be surprised to learn that your family can benefit from the tactics and advise your estate planning attorney providers. So, who needs an estate planning attorney? Chances are, you do!

What is an Estate?

An estate is, essentially, anything you leave to your heirs. If you fail to designate which heirs get what from your assets and property, the state will do so on your behalf. And they'll happily collect a large chunk of your assets, or the value of your assets, for taxes and other fees in the process. While an estate planning attorney can't eliminate all "death" taxes, your attorney can help you eliminate some of the sting taxes will take out of your family's bequeathments. Assets may include any or all of the following:

  • Real estate
  • Bank accounts
  • Automobiles
  • Personal property
  • Arts
  • Collectibles

When you hire an estate planning attorney, your lawyer can help you determine which assets are part of your estate and help you determine how to allocate them to your heirs for maximum impact. More importantly, your estate planning attorney can help ensure that the documentation of your wishes is legal and binding in your state.

Other Ways Estate Planning Attorneys Can Help

While allocating your estate and making sure your wishes are legally binding are big parts of their job, your attorney can help with other areas of estate planning as well. This includes the following sensitive issues.

  • Creating a durable power of attorney.
  • Appointing someone to speak for your health needs if you are unable to do so.
  • Craft a living will that outlines your wishes for "end-of-life" treatment and care.
  • Create trusts to care for minor children, special needs adult children, or incapacitated parents.
  • Define wishes for charitable gifts and donations.

As you can see, there is something an estate planning attorney can do that works for practically everyone in today's society. You don't need to own a massive estate to benefit from the advice, guidance, and services an estate planning attorney can deliver. The more complex your concerns, the greater the benefit you can gain from bringing an attorney into the picture sooner, rather than later. Consider the reasons listed above, and many more, to determine if you need an estate planning attorney.


25 August 2021