Estate planning attorneys can be helpful in the distribution of your assets after death. They have a complete understanding of the laws on how the estate can be inventoried and valued. They can be of a great deal of assistance to you in other ways apart from helping you to avoid the probate process.
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Helps You Write Your Will
Hiring an estate planning attorney will ensure that your will is written in accordance to the state and federal laws. The lawyer can tell you what can or can be included in a will. He can also tell you who is qualified to serve as a legal personal representative. For example, many people make the mistake of choosing their friends or non-resident of the state as personal representatives which is not allowed in the law. The attorney can help you to avoid this costly mistake.
Protect You From Those Who Contest Your Will
Estate planning attorneys can offer protection if someone contests your will. They know what to do to prevent the people that want to contest your will so that they will not be able to get their hands on the assets. They will ensure that there is no delay in the disbursement of the assets to the intended beneficiaries. The lawyer can also manage your estate and give you advice in the event that you become incapacitated.
Act As Power Of Attorney
Estate planning attorney can act as the power of attorney in the event that you become incapacitated. As power of attorney, he can manage your financial affairs for example access your account to pay your bills when you are not well to do so. The attorney can also help you to sell your house and cars and operate your business. Without the power of attorney, you will have to attend a court proceeding to prove that you are not fit to do so. The estate planning attorney will compose the power of attorney document from scratch. It will be more effective to use a document that is written by an actual attorney than using a power of attorney form that is downloaded from the internet. You can dictate the POA document to have as broad or as narrow scope as you want.
Help You Set Up Trusts
Estate planning attorneys can help you to set up trusts and save money on taxes. The trust can protect your assets and help you to avoid probate while leaving the property to your loved ones. Estate planning attorneys can protect you if one of the beneficiaries decides to sue your estate. This type of lawsuit can result in the draining of the estate funds.
Cost To Hire An Estate Planning Attorney
It costs at least a few hundred dollars to over one thousand dollars to hire an estate planning attorney. It will cost more if you want to set up trusts. The cost can increase in a complex situation on the state planning. They usually charge a flat fee for the composing of the documents. However, an hourly fee is charged when you want to hire an estate planning attorney to assist you in other tasks such as managing your estate.