The term “estate planning” is something not a lot of people are familiar with or are genuinely concerned about. Yes, it sounds complicated but it is done countless times and is in fact a lot more common than you think. But since you’re reading this post, it means you probably are already aware what it is and maybe you’re even considering getting your estate planned. We will not be talking about the specifics of estate planning; instead, we’ll focus on why you need to hire a lawyer in planning your estate.
But first, we won’t deny the fact that in planning an estate, there are times when someone can do it without the benefit of hiring a lawyer. This is because majority of the forms used for it are easily found and readily available online. But then again, if you are totally clueless about how it’s done or maybe there is some area that is a bit more complicated to handle, then you need to embrace the reality that your estate is better off planned by a competent and experienced Business Planning Attorney.
So, if you’re torn between hiring one and doing estate planning on your own, these reasons we listed below might help you decide.
1 – If you are worth at least $5 million, then that’s an automatic decision to call in the services of estate planning attorney. The primary reason is because your estate is likely to be subjected to estate tax, and when that happens, any amount that is over the existing estate tax exemption will be hit with the estate tax. If you don’t hire an estate planning consultant the earliest time possible, you might find yourself giving a huge percentage of you fortune to the government.
2 – If you own a real property, you also must consider hiring a lawyer for estate planning. The main reason is because it’s going to be a very challenging process handling real property once you leave this world. Keep in mind that title may be held in different ways and considering that thought, it only means various legal technicalities can spring out in owning a property. In fact, you may not know it yet but once you talk to a lawyer about it, you’ll realize that there in fact are so many technicalities in your ownership that you’re not aware of.
3 – Finally, if there happens to be special circumstances involved in your estate, it means you need someone who’s an expert in guiding you through the entire process. Special circumstances could include a child with special needs, owning foreign property, and having foreign heirs. In all those cases, it’ll be of great help to have an experience estate planning lawyer by your side.