When preparing to write your last will, you have to ensure that you’re not missing any important information because this legal document describes how your properties, money, and other assets will be distributed when you die. It should include provisions so you can set up a trust for your children, including their guardianship or custody.
But do you need to hire a will and estate lawyer when preparing your will?
In this post, you’ll learn how a will and estate lawyer can help you prepare your will.
Avoids Confusion And Misinterpretation
While a will doesn’t necessarily need to follow any format of a legal document, hiring a will and estate lawyer will help you ensure that nothing on your last will and testament will become a source of misinterpretation. Everything you want to happen to your assets should be clearly stated and that you sign all documents appropriately.
Sometimes a will is misinterpreted as a living will. However, a living will is a different document that takes effect while you’re still alive. It describes your desires or wishes for medical treatment or healthcare if you’re unable to speak or in a terminal condition. On the other hand, a will takes into effect once you die. A will and estate lawyer will ensure that any confusion or misrepresentation in creating a will and estate plan will be avoided.
Ensures That All Significant People Are Included In Your Will
When creating a will, you have to name the “executor” or the person who has the responsibility of taking care of everything you own when you die. The executor will gather your assets and secure them and will assign and distribute your investments and assets according to your will’s instructions. Also, your executor will be responsible for filing your year-end taxes and for other paperwork.
A will and estate lawyer will help you ensure that all the names of the significant people, including your executor and heirs are present in your will. It would also include names of charity organizations or groups you want a portion of your assets to go to.
A Lawyer Prepares Your Estate Plan
When you own several properties or valuable assets, you need to hire a will and estate lawyer who will help you in creating an estate plan. More than a will, you need to have an estate plan, as the two are different. An estate plan refers to a set of legal documents that are compiled by a lawyer to prepare for your disability or death. And a will is one of the most important legal documents that your estate plan needs to have.
Without any form of an estate plan, there could be more expenses when it comes to taxes, professional fees, and court costs. By hiring a lawyer, you’ll just need to pay a flat rate, which is more straightforward and economically more advantageous in the long run.
Educate Yourself About The Law
Estate laws change every now and then. The federal government, the IRS, and courts at every level change the rules. A will and estate lawyer always keeps track of any changes or added provisions in estate planning.
An estate plan also needs revisions and updates following applicable legislative and life changes. With the help of a will and estate attorney, you can easily carry out making changes as necessary. Talking to a lawyer allows you to hear an objective idea with respect to creating your will.
Ensures The Legal Validity Of Your Will
After you die, the best person who will attest to the validity of your will is a lawyer. State judges will review your legal documents for your estate plan, and they’ll determine if your documents meet the right estate plan requirements. Hiring a will and estate lawyer early on to prepare your will is important to ensure that it is valid and will be accepted and honored.
You can always update your will as many times as you like while you’re still alive by drafting a new will or making amendments. When making amendments or “codicil,” the form and structure of your full will should be followed, and it should be witnessed and properly signed. Writing codicil can be confusing, so hiring a will and estate lawyer can clear things for you and ensure that any amendment is valid.
As compared to creating a will on your own, hiring a will and estate lawyer is highly recommended. A will and estate lawyer provides sound advice about estate planning and can help you ensure that your will is valid regardless of how many times you change it. By doing so, you’ll be more confident that your wealth will be distributed according to your wants. A will and estate lawyer can help you create an estate plan and attest to the validity of your last will and testament.