Create directives for how you want your affairs and assets handled throughout your life and after you pass away. This is essential in preserving your legacy, however, many avoid preparing for unfortunate events like incapacity and death because of the discomfort that often comes with discussing such topics. Moreover, estate planning involves intricacies that discourage people from taking the first step.
This is where the expertise and guidance of an estate planning lawyer come into play. Wiles Law Firm, LLC can help you navigate the ins and outs of estate planning and wealth preservation, so you can safeguard your hard-earned fortune and leave a lasting legacy for your family.
What Does an Estate Planning Lawyer Do?
An estate planning lawyer specializes in end-of-life planning and educates clients on the strategies and tools they can use to preserve their estate. They are knowledgeable about the laws governing the transfer, disbursement, and taxation of assets. With their expertise, they coordinate with financial advisors and tax professionals to create an estate plan tailored to their client’s unique needs.
Estate planning attorneys can perform the following duties to help you formalize your wishes:
- Create and implement wills and other estate planning documents
- Set up trusts to help protect your assets during your lifetime and transfer them to your beneficiaries after your death
- Create healthcare directives for your long-term care
- Identify your beneficiaries
- Establish durable, non-durable or limited powers of attorney (POA)
- Discover ways to reduce or avoid estate tax burdens wherever possible
- Organize and arrange the transfer of your assets to the rightful heirs.
They also guide you in creating legal documents that give you control over what happens to your estate in case of your incapacity or death. These documents include the following:
- Wills and other similar documents
- Revocable and irrevocable trusts
- Powers of attorney
- Documents naming guardians for minor children or dependent adults
How Consulting an Estate Planning Lawyer Can Benefit You
You are free to plan and prepare your estate on your own. However, doing this alone means navigating the complex estate and inheritance laws without expert guidance.
On the other hand, estate planning for wealth preservation with an attorney helps ensure you have a solid and comprehensive plan to safeguard your hard-earned assets. Ultimately, their guidance allows you to eliminate unnecessary emotional stress, confusion, and conflict that often comes with inadequate estate plans.
Here are some of the many benefits you can gain from consulting an estate planning attorney:
- A detailed estate plan tailored to your needs and wishes
- Invaluable insights on the state and federal laws that may affect your estate plan
- Access to a professional who can answer all your questions and concerns
- Personalized assistance for changing and updating your will and trusts
- Guidance for the fiduciary, executor or attorneys-in-fact you appoint after your incapacitation or death.
It’s possible to complete your estate planning documents using online templates or will-making software. However, if you want to maximize tax benefits and legal protections, it’s best to work with an estate planning attorney.
Do You Need an Estate Planning Attorney?
Whether or not you need an estate planning attorney depends on your unique situation, but you will likely benefit from their legal expertise if any of the following circumstances resonate with you.
If You Have Kids
The best way to ensure your children or dependents receive your hard-earned assets is to put safeguards like trusts in place. However, setting one up is often more complex than writing a will, making the help of a legal professional crucial.
If You’re Overwhelmed with the Legal Process
Working on estate planning documents involves encountering confusing and even overwhelming legal terms. An estate planning lawyer can simplify concepts for you or answer any questions you may have to ensure you’re on the right track.
If You’re at Risk for Incapacity
If there is likely a time when you can no longer make decisions yourself, an attorney can help you set up the appropriate documents in advance to determine your long-term care. These estate planning tools can also ensure your wishes for legal and financial matters are honored.
If You Want To Reduce Family Conflict
The death of a loved one can bring out intense emotions that can get in the way when the time comes to manage the assets left behind. A comprehensive estate plan can help reduce and possibly avoid family conflict, allowing your loved ones to move on without undue emotional stress.
If You Want To Protect Your Legacy
A well-rounded estate plan includes other helpful documents besides your will, such as a trust, advance medical directive, and power of attorney. Meeting with a knowledgeable and experienced attorney can help ensure you have all these documents – and that they’re set up correctly.
Estate Planning and Wealth Preservation Are for Everyone
Finally, it’s worth stressing that estate planning for wealth preservation isn’t only for the wealthy. Instead, it’s for anyone with personal belongings they would like to be distributed in a specific way after they pass away. It’s also a crucial tool for those who want to ensure their dependents’ financial stability after they’re gone, whether aging parents, minor children or loved ones with special needs.
Whether you’re just starting with your estate plan or want to update an existing one, the wealth preservation planning professionals at Wiles Law are here for you. One of the best things you can do for your loved ones is to safeguard their financial future and protect them from overwhelming taxes, even after you pass away. Let us help you take the first step in building a lasting legacy; contact us at (843) 718-0232 to get started.