It might not seem pertinent to meet with an estate planning attorney if you are young. It might not seem pertinent to meet with an estate planning attorney even if you are coming up on retirement. But the truth is that meeting with an estate planning attorney to discuss legal issues can be extremely helpful and even necessary. Life is unpredictable, and without a will, trust, or other legal document outlining your last wishes, you will be leaving your loved ones with an incredible burden.
Already, approximately 72% of seniors in the U.S. have a living will, but that’s just one type of legal document involved in estate planning. Whether you need to write a will, establish a trust fund, or have no idea what you need, it’s crucial to invest in estate planning while you still can. Here are some other reasons it’s important to meet with estate planning lawyers.
Divorce
If you have worked with divorce lawyers on a complex split or have a blended family, estate planning attorneys should definitely be on the list of people you need to see. An unexpected divorce might drastically alter your final wishes, but that doesn’t mean your will is automatically altered accordingly. After any split or change in family circumstances, don’t forget to set an appointment with your estate planning lawyer. If you don’t already have one, start researching lawyers near you who are qualified to help.
You’ve Just Bought a Home
When you buy a home, the end of your 30-year mortgage can seem like a lifetime away. Hopefully, it is. No matter what, you will want a plan for passing on these assets to your loved ones. Without a legal document outlining your wishes, many families fall to infighting over valuable property.
Remarriage
Remarrying can be a wonderful experience, but it could cause issues in terms of guardianship, property ownership, and inheritance. In this case, both spouses will likely need to create new wills. Is your family blended? Do you have minor children with your new spouse? These are questions that an estate planning attorney can answer for you.
Excess Assets
If your assets exceed a certain amount — usually in the millions — it is a smart move to see an estate planning attorney. The more assets you have to your name, the more complex your last will and testament will be. Don’t leave your loved ones fighting over the best way to divide assets when you’re gone. Meet with a lawyer and have a legal document created right away.
Writing your last will and testament, in addition to estate planning, can be a long and complex process, especially if you are dealing with one of these four issues. In any case, seeing an estate planning attorney is a smart move, regardless of your situation.