In 2022, about 54% of Americans with postgraduate degrees have a will or estate plan.
Estate planning is not a topic that many want to address, but it’s one that you can’t ignore. If you die without a will, the probate process can open your personal information and estate to your family, friends, and the public. You need an estate planning attorney if you don’t want your family to fight over your possessions or your information to become public knowledge.
Read on for a guide that can help you recognize the signs that it’s time to consult an estate planning lawyer.
1. Getting an Estate Planning Attorney for Taxes
When you die, your taxes are not magically paid. Your estate is responsible for any taxes due at the time of your death. It includes federal income taxes, state taxes, and even property taxes.
If you don’t have a plan, your loved ones will be responsible for figuring out how to pay your taxes. An experienced estate planning attorney can help you create a plan to minimize your tax burden.
You would surely want some assurance from the lawyer you are going to hire, as estate planning can affect the future of your family and your assets. Visit this link for more tips and advice on hiring estate planning attorneys. Doing more research can help you find an attorney that you can trust.
2. Financial Security for Minors
An estate planning attorney can help you create a comprehensive plan for your family’s financial future. If you have young children, an attorney can help you establish a trust to provide for their education and other expenses. Without a plan, your children could end up in the foster care system.
3. Keeping Up with State Laws
You may need to hire an estate planning attorney if you have a lot of assets or property in different states. It can be tricky to keep up with the various state laws regarding estate planning, so an attorney can help ensure everything is properly taken care of.
If you have a complex financial situation, an attorney can also help you plan for that. If you have any questions about estate planning or are unsure what to do, an attorney can provide guidance and answer any questions.
4. Avoiding Probate
If you have a large estate, are a business owner, or have complex financial assets, you should consider hiring an attorney. An attorney can help you create a comprehensive plan to minimize your family’s exposure to probate.
Additionally, if you have been named as the executor of an estate, you may need to hire an attorney to help you manage the probate process. Hiring an attorney is a big decision, but it is often the best way to protect your family and assets.
5. You Need Help with Business Succession Planning
If you are a business owner, you may need to create a business succession plan to ensure that your business can continue to operate if you can no longer do so. An estate planning attorney can help you create a plan to protect your business and provide for your family during your death or disability.
Protect Your Assets by Hiring a Lawyer
If you have any significant assets, are married, have children, or own a business, you should consider hiring an estate planning attorney. An estate planning attorney can help you create a comprehensive plan to protect your assets and loved ones. Don’t wait until it’s too late – get started today!
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