One of the most important things that you can do is to create a plan for the distribution of your assets once you pass away, mostly in order to make sure that your family members and loved ones are cared for once you are gone. However, this can be more than a little tricky when you consider the various laws and regulations that can affect your estate. Thankfully, estate planning attorneys are available and can help you out in a large number of ways, such as the two listed below.
Leave The Most Money Behind For Your Loved Ones
One of the biggest reasons to hire an estate planning attorney is to get legal assistance when it comes to leaving the most money behind for your loved ones. This is very important because, without a clear plan, there is a good chance that a large chunk of your estate could end up being taken away for taxes or some of your debts, which could leave your loved ones with far less money than you wanted them to have.
An estate planning attorney can help you determine various approaches that can help you minimize the tax impact on your estate. For example, an estate planning attorney could recommend that you put your money into an irrevocable trust before you pass away, which is useful because, in most cases, irrevocable trusts are not going to be taxed when you pass away.
Have Someone To Resolve Beneficiary Disputes Once You Are Gone
Another reason to hire an estate planning attorney is the fact that they can help resolve disputes between your beneficiaries once you pass away. This is vital because disputes amongst your beneficiaries can quickly result in a drained estate that is not really going to be able to provide much value for anyone after court costs and lengthy legal battles are over and done with.
One way that an estate planning attorney may be able to resolve these disputes quickly is by explaining why you chose to distribute your assets the way that you did. This is possible because an estate planning attorney will likely have spent a lot of time with you while creating your plan and would have discussed your reasoning and logic at length. In many cases, simply being able to provide the reasoning behind your wishes can be enough to stop the dispute before it goes to court.
Make an appointment with a local estate planning attorney today in order to discuss what they can do for you when it comes to correctly and legally creating a plan for your estate. You should consider hiring an estate planning attorney as they can help you leave the most money behind for your loved ones and resolve beneficiary disputes once you are gone.