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Why Do I Need an Estate Planning Attorney?

Why do I need an Estate Planning Attorney
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These are among the things an estate attorney can help you with planning. That’s why it’s essential to ensure you have one by your side, if you’re leaving an inheritance behind.

Pennsylvania News Today’s recent article entitled “Top 7 Reasons You Need An Estate Lawyer says that when you think about hiring an estate planning lawyer, it might seem a little unsettling. However, let’s look at these reasons and why you might require them.

Estate Planning. You might not want to consider this, but everyone passes away. Your family must be ready for this. An experienced estate planning attorney can help you through this process and make sure everything is prepared. You should have a will. This document says what should happen with your assets when you pass away.

Trusts. A trust helps manage assets before someone dies. If you only have one or two assets you want to be given to someone, a will is adequate. However, if you own extensive property, ask an experienced estate planning attorney about setting up a trust. A trust will help your family keep living in your home, even after you’re gone, without worrying about it being sold out from under them.

Probate. The probate court oversees the distribution of a person’s estate according to the instructions in their will. Probate can be a lengthy and expensive process, depending on where you live and the complexity of your assets or family situation. An estate planning attorney can help you with strategies to avoid it. A probate attorney can help you, so your family doesn’t have to worry about dealing with that stress or spending the vast amount of money necessary to do this correctly.

Guardianship. Guardianships are used when parents pass away and leave minor children behind. You can designate a guardian for your minor children in your will.

Elder Law Services. Seniors frequently need help managing finances and health care decisions. An experienced estate planning attorney or elder law attorney can help your loved ones through these complicated matters.

Estate Investments. An experienced attorney can also advise you on making the correct beneficiary designations and other investments to care for your loved ones or protect your estate.

Tax Issues. You may owe taxes on estates worth more than five million dollars. The taxes can make it hard for heirs who don’t have much money upfront. An estate planning attorney can help you avoid taxes so your family doesn’t have to deal with this problem.

Estate planning is a process that you should start as soon as possible. You’ll need an estate planning lawyer who is knowledgeable and experienced to help.

Reference: Pennsylvania News Today (Nov. 11, 2021) “Top 7 Reasons You Need An Estate Lawyer”