When people think about the future, they often picture vacations, important milestones and family reunions. The less glamorous but equally important aspect of planning for the future is getting all your ducks in line with an estate attorney. This man behind the scenes is crucial to ensuring that you and those closest to you are at peace. Here’s why you should hire an estate planning attorney to help with your plans.
Imagine a monday morning. With a coffee in your hand, you feel ready to conquer the entire world. Life can be unpredictable. You may have wondered who would manage your assets should you suddenly become incapacitated. The issue is not simply about having a simple will that divides up your collection of vintage coins. The whole dance involves wills. trusts. powers of attorneys. healthcare directives. It’s here that an estate planning lawyer comes into play, not only to help you navigate these waters but also chart the best path for your specific situation.
Think of an estate planner as a chef skilled at blending legal knowledge with the client’s needs to create a foolproof estate plan. You can avoid disasters, such as family fights over inheritance and unexpected taxes that devour your assets.
Imagine you have an original Picasso in your home. How do you make sure that (without using the term “ensure”), your art-savvy child inherits it and not cause a World War III between your children? This is where things get a little jiggy. Your attorney may fine-tune your will or create a trust so that you can avoid the public probate, which could be as nosy your next-door neighbour.
Talking about trusts, it’s not just the Rockefellers who use them. A trust can be set up to care for a child with special needs or a high-maintenance poodle. Your attorney will create a special trust, just like grandma’s pie recipe. You can be sure that all of your wishes will be carried out.
And oh, too! What happens if you die in the middle binge-watching a favorite series? This is funny, but it also highlights a very important tool that you should have in your planning arsenal: the Power of Attorney (POA). When you’re unable to drive, it’s the same as handing over the steering wheel of your car to a trusted family member. In the event of incapacitation, it is better to have someone with a level head manage your affairs than to leave everything to chance or Bob’s less reliable cousin.
Let’s now talk about the real update to your estate planning. As with updating your wardrobe, because neon windbreakers and other 90’s fashions aren’t coming back, your estate plan also needs to be refreshed in order for it to reflect the ever-changing scenarios of life. Marriage, divorces, births and even moving into a different state that has quirky laws, can all cause havoc with the best-laid estate plans.
You could compare hiring an estate planner to buying the front row seats at your favorite concert. It’s possible to stand at the rear and catch a glance, but aren’t the front seats better? It’s like having an insider in your corner, gaining direct insight that cuts through the legalese.
It is said that a robust laugh is good medicine for the soul. This is also true of a hearty conversation with your estate planning attorney. A relationship with an attorney should not feel cold and transactional. It should be casual, like a conversation with a friend about preparing a winning touchdown strategy. But this is the game that determines whether you can pass your life work on to the next generations.