The Importance of Estate Planning Lawyers in Safeguarding Your Legacy
Planning for the future is crucial for everyone, whether or not the person has a lot of money to hand down to their children if they die. It is important to make sure everything is done properly and that there are plans for everything, which is where an estate planning lawyer can help. Some of the ways they will help include the following.
Make Sure Everything is Legally Sound
One of the reasons to work with an estate planning lawyer like one from Ruelas Andino Law is to ensure everything is legally sound. Some parts of a will may be unenforceable or may not hold up in court, so it’s important to prevent mistakes like these. Working with a lawyer can help to minimize potential issues after the person is gone and protect their wishes.
Set Up Where Funds and Assets Will Go
Estate planning lawyers can help with determining how to arrange where the funds and assets will go if a person dies. This is important, as it is necessary to include all potential heirs in the will and to make sure everything is divided the way the person wants. If the person wants to give more to one person, they will need to make sure that is in the will.
Determine What Will Happen to Minors
It is important to consider who will become the new guardians of any minors if the parent dies before the children turn 18 or the age of majority. This is something that should be done by the parent to ensure their child is taken care of the way they would want and that the child will have the love and care they need as they grow up. An estate planning lawyer can help with appointing the new guardians in the will.
Prevent Potential Taxes on Inheritance
There are taxes on inheritance that the heirs must pay, and it can end up being quite a bit of money. An estate planning lawyer will know what to do to minimize this and to help protect the wealth when it goes to the heir or heirs. Depending on the funds or assets and how they’re set up when the person dies, it may be possible to significantly reduce the tax burden.
Reduce the Potential for Fights
It’s common for fights and misunderstandings to occur when someone dies, as family members will want to have special items from the person’s home or may believe they should inherent part of the person’s legacy. When the person works with an estate planning lawyer to set up a will, it can help reduce the potential for fights, as there will be clear instructions for how everything should be handled and who should get what.
Handle Lawsuits that Might Occur
When someone feels they were left out of the will or didn’t get their fair share of the inheritance, they may file a lawsuit. If the person worked with an estate planning lawyer, the potential for the lawsuit to mean changes in how everything is distributed can be minimized.
If you’d like to make sure you’re prepared for the future, start talking to an estate planning lawyer today. They can help you plan for everything that might happen, including what will happen to your legacy if you pass away. Schedule a consultation now to see how they can help.
