Generally, estate planning is a challenging process. It forces you to contemplate all relevant fiscal matters that might occur while you are alive and after your death. Therefore, it’s important to ensure your properties and finances are managed prudently and that the right heirs inherit your wealth once you’re gone.
While you or your attorney can create a simple will for any straightforward situation, the creation of an estate plan involves more than just naming your 401(k) beneficiary. Indeed, you need an experienced Tacoma estate planning lawyer to help you create and keep your estate plan up-to-date. Here is why.
State laws rule estate plans, and these laws do change
Your country or state laws are specific about the contents of a will, medical power of attorney, trust, and financial power of attorney. Additionally, these laws are also specific about who can or can’t be your personal representative, health care surrogate, and trustee. Before you could designate the financial or medical power of attorney witness to your trust, will and more, you must understand both the relevant laws and formalities that must be observed when creating and signing a trust, will, and financial or medical power of attorney.
Fortunately, experienced estate planning lawyers have an in-depth understanding of estate laws and can offer you, legal counsel. Besides, they can review your current estate plan, spot errors or details that could create confusion, and help you perfect the estate plan. This ensures the relevant elements of your estate plan can be executed in case you get incapacitated or dead.
This is an old Latin saying that means buyer beware. It certainly applies in nearly every aspect of human life, and estate planning isn’t an exception. In case you think you will be saving money by filling in the estate planning forms found on the internet or read a DIY estate planning guide and then create your will, you’re making a big mistake.
Actually, your loved ones will be in for an awakening once they learn part of your trust, financial or medical power of attorney or will isn’t legally valid or can’t work as you planned. That means thousands of dollars might be spent in the legal process of getting your mistakes fixed. And this isn’t what you intend. Therefore, apply your DIY skills elsewhere, not estate planning.
Additionally, an estate planning attorney can help sort out various family issues related to your estate plan. These include;
- You own one or multiple businesses.
- You’re in your second marriage or intend to marry again in the future.
- You don’t have kids.
- There are properties and other assets in your name.
- You divorced recently.
- Some of your kids are minor.
- One of your family members is disabled.
- You intend to leave some of your assets to charity.
If any of these circumstances apply to you, seek the counsel of a good estate planning attorney. This will ensure your estate plan is prepared well.