When doing estate planning, you might wonder whether to hire an attorney or not. While doing it yourself or hiring an online provider to produce the documents might seem like the easiest and cheapest solutions, they are not your best options. That's because estate planning does not allow room for errors, and one missing signature might change the entire meaning of an estate plan. Read on to learn why hiring an estate planning attorney to guide you through the whole process is the best option.
Ensures Your Estate Plan Complies with State Laws
Each state has specific probate and trust laws that must be followed when creating an estate plan. Unfortunately, you may not be familiar with all these laws. In any case, these laws are constantly changing, so it's challenging to keep up with all the updates.
Estate planning attorneys have to be updated on all state laws to perform their duties. By engaging them, your plan will follow all due legal procedures.
Keeps Your Estate Plan Updated
You cannot predict future events when drawing an estate plan. After some time, you might have a change of heart regarding the dictates of your will. Alternatively, there might be property changes requiring you to update the plan.
An estate planning attorney will revisit the documents in your estate plan and make the necessary alterations. They will also advise you whether to draw a codicil or a new estate plan.
Guides You on Asset Titling
Your will or trust doesn't automatically cover all your assets. Things like life insurance plans and retirement accounts are independent of your estate plan unless you have made special plans to incorporate them.
Your estate planning attorney will retitle and change the beneficiary designations of the assets not initially included in the estate plan. This saves your beneficiaries from unnecessary probate cases upon your passing.
Gives You Confidence Your Estate Plan Communicates Your Wishes
You need an estate plan that communicates your true wishes. Unfortunately, this is not guaranteed if you choose to do it on your own or solely consult online providers. For instance, you might misinterpret a question in an online form, and fill in the wrong information. If this happens, your beneficiaries will follow the will or trust as it is, not aware of your mistake. Missing an important signature may also lead to your whole plan being declared void. Thanks to estate planning attorneys, your will or trust will be free from errors. They will ensure all the documents reflect your wishes.
Contact an estate planning attorney for more information.