Estate Planning | Pros And Cons Of Working With A Lawyer
Estate Planning | Estate planning is important regardless of your age or state of health. Life is unpredictable. If something happens
to you, and you have no estate plan, your loved ones will have to sort things out. This can create problems and
legal expenses for family members that can be avoided if you have an estate plan in place.
What Should Be Included In A Will
Your estate plan should include instructions for your loved ones should you become unable to make decisions for
yourself. A living will and power of attorney should be created so your family can honor your final requests. You
should name beneficiaries for all investments, insurance policies and retirement accounts. You might also wish to
designate someone to handle your estate after you pass.
When To Consult An Estate Planning Lawyer
Not everyone needs a lawyer to plan their estate. However, there are certain conditions under which the help
of an attorney would be best:
o Your estate exceeds $1,000,000.
o You have substantial debt and want to protect your assets from creditors.
o You have children from multiple partners.
o Your estate is subject to taxes.
o Your estate includes businesses.
o You have property in different states or countries.
o You have minor children, or your estate would be left to a minor, irresponsible person, or someone with a mental
illness.
When Hiring An Estate Lawyer Is Optional
Online wills are fairly easy to prepare and can work out very well. Just remember that a will you’ve created yourself
can be improperly executed and not legally upheld. There can also be problems if you give an untrustworthy
person power of attorney over your affairs. Here are some situations in which you might consider an online will:
o You’re single, have no children or grandchildren, and your assets are minimal.
o You have no substantial debt, and you own no property.
o Your heirs are adults of sound mind.
A DIY will is better than no will at all. But if you want to be certain that your last wishes are honored, it’s best to
consult an attorney. Be sure to keep your estate planning information up to date. A good rule of thumb is to review
and update your estate information every year.
