Why Hiring A Lawyer is Important in Estate Planning © Cynthia C. Rignanese
It is important to consider various aspects of estate planning that will help you and your family in the future. If done correctly, estate planning can provide peace of mind, protection, and financial security when the time comes. One of the best ways to ensure a successful estate planning process is to hire a lawyer who specializes in estate planning. Through the guidance of a lawyer, you can maximize the value, minimize the cost and protect your estate properly. In this article, I will discuss why hiring a lawyer is an important step in estate planning.
There are many reasons why estate planning is so important for individuals, particularly seniors. One of the most important reasons is that it can help you protect your assets and your family’s future. If you do not have a plan in place, your assets could be divided up in a way that is not beneficial to you or your family. By hiring a lawyer, you can ensure that your assets are protected and that your family will be taken care of in the future.
Another reason why estate planning is so important for seniors is that it can help you avoid probate. Probate is the legal process that is used to settle an estate after someone passes away. This process can be lengthy and expensive, and it can tie up your assets for months or even years. By having a plan in place, and using tools like a trust, you can avoid probate and ensure that your assets are distributed according to your wishes.
Estate planning is a specialty area of the law. To be the best at estate planning, the lawyer should be familiar with tax laws, for obvious reasons. The lawyer should also be knowledgeable about the assets their clients will own, such as real property holdings and businesses. So, not only does the lawyer need to know about estate planning, but also property and corporate law. So, that means the lawyer needs a wide knowledge base. Years of experience in this field is also key; a new lawyer will not have experienced the administration of estates, and know how to avoid pitfalls.
Your best selection of a lawyer will therefore be one with many years of experience in the fields of estate planning, probate, trust administration, business and property law. I personally have more than 30 years in these practice areas, and continue to love the practice of law!
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