Estate planning is important because it allows family members to manage their assets after they pass away. According to grow.acorns.com, one-third of Americans without a will or living trust claim to lack enough assets to leave a legacy. This means that if they pass away all their property may be taken away by family members or sold at a public auction. That’s why you need an estate plan to ensure that your wishes are carried out.
Here are four reasons to work with an estate planning attorney as soon as you can.
1. Avoid Probate
An estate planning attorney knows how to navigate probate court when a client passes away without a valid will. Probate is expensive and time-consuming. Hiring a qualified estate planning attorney can reduce the costs of probating an estate.
2. Protect Family Members From Financial Distress
An estate planning lawyer helps to resolve disputes among family members. Family members often feel they deserve sizable portions of a deceased person’s estate. This feeling heightens when one member receives a large inheritance and another gets nothing. A qualified attorney can ensure fair treatment to all family members.
3. Manage Business Succession
If your loved one passes away and leaves their business in your hands, you probably don’t know how to proceed properly. When businesses are sold or merged, shareholders must distribute assets according to their respective shares. Improper distribution of assets could lead to lawsuits. Having an experienced estate planning lawyer helps ensure that this doesn’t happen.
4. Prepare Power of Attorney Forms
A power of attorney form allows someone else to act on behalf of a client during the client’s absence. An estate planning lawyer will explain the advantages of having a power of attorney form. This document protects a client against financial exploitation and allows the client to manage personal affairs while incapacitated. Whether you or a loved one is retaining power of attorney, a lawyer can help you figure it out.
Estate planning has become quite complex. Without the right lawyer to help you out, you might be missing out on something. This is why seeking a professional lawyer to handle your affairs is the best option. Contact Forefront Law today for advisement on how to structure your financial plans.