Are you in the process of planning your estate? If so, you want to work with an estate planning attorney in order to ensure that all of your paperwork is in order. If a legal issue does arise, an estate planning lawyer will be able to provide counsel accordingly.
According to Business Insider, it is important to have completed the following three legal documents:
- A will
- A living will
- A durable power of attorney
Depending on your situation, these documents may not take long to complete. Some wills, for example, can be drafted in 10-15 minutes. Others, however, may be more complicated. This may especially be the case when there are multiple beneficiaries, extensive property, and long-term healthcare issues.
There are a variety of reasons why it’s important to engage in estate planning at your earliest convenience. While it may seem like a complicated task, especially given the careful decision-making required, an estate planning attorney can assist you with this process.
It’s important to note that when your estate is in order, potential legal issues and other problems may be avoided or minimized. A recent survey reported that there were three prevalent reasons for estate planning:
- To avoid probate: 59%
- To minimize discord among beneficiaries: 57%
- To protect children from mismanaging their inheritances: 39%
When you haven’t appointed a trustee, probate may be necessary. This means that your will need to be presented to the court. If this occurs, fees may be incurred that amount to 2-3% of your estate’s value.
Probate can often be time-consuming. A simple will may take a minimum of six months to go through probate, while a complicated one may take over two years.
If you believe your beneficiaries may have an issue with your will, it is even more important to work with an aggressive attorney to draw up these important papers. Your attorney will specify your wishes and ensure that they are clearly delineated. Furthermore, when you are concerned about your children mismanaging their inheritance, your attorney will also be able to specify the conditions under which they will have access.
It’s also important to remember that if you need to make any changes to your existing will, an estate planning attorney can assist you with this. If you don’t have a will and want to begin the estate planning process, please contact our office today to schedule an appointment.