You don’t need to be a billionaire to think about creating a will and needing an Attorney! A will is an important document for anyone who owns assets. It is a vital part of your estate plan that helps to ensure that your final wishes will be fulfilled. If you own a house, vacation and investment properties, vehicles, boats, securities, and other valuable assets, it becomes imperative to think about your will seriously.
If a will is missing, the Court will decide how your Estate is distributed upon your death.
A properly documented will is not the same as a trust. Even though a Trust and Will are part of an estate plan, a Trust is a private document that comes into effect immediately for managing your assets during life, incapacity, and death.
A Will, on the other hand, is also a legal document but it helps you distribute your assets among loved ones after you pass away. It also specifies details of who will raise your children (if they are minors) and your other wishes. This document comes into effect upon your death and through the court probate process.
When it comes to creating these legal documents, you may find hundreds of templates and free how-to tutorial videos online. It is possible to draft your
Will but unless you’re familiar with the legal technicalities, a DIY Will can be risky. If you want your wishes to be fulfilled after your death and want a smooth transfer of assets, the safest option is to hire an estate planning lawyer.
With that in mind, here are some smart reasons to hire an attorney when creating a Will.
Avoid Legal Mistakes
When you hire an experienced attorney for drafting your Will, you can avoid serious legal mistakes. Estate planning lawyers have years of experience in creating wills. Your lawyer can help you achieve your specific goals and you don’t have to worry about learning the complex legal terms. The Will drafted by a professional lawyer meets all requirements and is legal binding.
Even if you have drafted a Will by yourself, an attorney can carefully review your document and ensure that the document will hold up in court. A lawyer specializing in creating Wills can help you identify all the components that should be included in your document such as guardianship of any minor children, name the executor of your estate, and more.
Navigate Complicated Family Dynamics
Creating a Will is not a straightforward process. You need to consider a lot of factors and in the future, some members of your family may contest the Will. If you were married before or have children with your ex-partner, it is important to consider all the potential heirs. Only a qualified estate planning attorney can create a plan that suits your complicated family dynamics and can even update the Will if your current circumstances change. If not created properly, your ex-partner can contest the Will on the ground that the distribution of your properties is unfair to them. To handle all such legal complexities, make sure to find a competent Wills and Estate Planning lawyer.
Protect Your Own Interests & Your Loved Ones
If your Will is not properly worded, it could be challenged when passing through probate court. Besides helping you ensure that your wishes are fulfilled after your death, your Will attorney can also help you protect your interest during life. Sometimes, your Will comes into effect before death.
This happens in the case of chronic illness when the person becomes incapacitated. For situations like this, you can authorize someone to make important medical and financial decisions on your behalf. Besides protecting your own interest, your attorney can help minimize the tax burden of beneficiaries.
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