Life is full of unexpected things! Due to the uncertainty of life, wise individuals prepare their Last Will (an estate plan, last testament) in advance. Having this legal document in place will ensure the protection of your family and the rightful inheritance of your property in the event you pass away or become incapacitated. A Will is something that every person needs- even if you’re not a millionaire or hold several properties. An average person who owns a vehicle, a house, and a savings account also needs a will. Most people who don’t have property worth millions often think about do-it-yourself estate planning. But creating an estate plan without the assistance of a qualified attorney can be risky. A single mistake in this document can create serious problems in the future for your family.
The purpose of writing a will is to have a legal document in place that specifies the rightful distribution of your assets to the individuals you select. A will comes into effect when a person dies or becomes incapacitated. A proper document also mentions the name of the Executor to manage the process of transferring the assets to the beneficiaries. The online tools available for creating wills can be used to save a few bucks but no tool can guarantee that the final document will be error-proof. If you don’t want any trouble for your loved ones in the future, it’s best to get professional help.
Reasons to Hire a Lawyer for Writing Your Will
Are you still wondering why hire a professional to write your last wishes? Check out some convincing reasons to seek the assistance of a will lawyer.
- Avoid Error & Get a Legally Acceptable Document
When you write your own Will, chances are you might miss certain technical points. Most of the DIY wills are challenged in court because they are full of legal errors. But when you hire an attorney, this professional will consider your goals and family dynamics to include all the technical aspects in the document. Your attorney will include all components such as guardianship of a minor child, name the executor, assets for a charity, and more. A professionally created will helps in avoiding disputes during probate. The attorney will ensure that everything is up-to-date and meets all legal requirements to ensure that the document will hold up in court.
- Update the Will
The role of an attorney doesn’t end with creating a will. As your life changes, your last will also needs to be updated. The attorney will draft the document and update it as your life changes. Whether you got divorced or married again, your life changes should reflect in your estate plan. A will isn’t something you create once and forget. Over the years, you will have kids and grandchildren. You may also acquire more property and have new investments. Even if you have complicated family issues such as multiple marriages or custodial battles, your estate lawyer can evaluate all aspects of your life to create a document that is ideal for your present situation.
- Lower Tax Burden
Besides drafting a legally acceptable will, the estate planning lawyer will also assist your family during the probate. A qualified lawyer can help in lowering the tax burden on your loved ones. The tax imposed on the inheritance depends on the size of your estate. Your lawyer can formulate a strategy to reduce the tax. Moreover, your lawyer can also create a healthcare power of attorney to protect your own interest. This document will specify the name of an individual to make medical decisions on your behalf should you ever become incapacitated.
