Life is unpredictable, and while nothing is in control, you can have your wishes known. In simple words, estate planning is the process of deciding who gets your assets after you are gone. This may also mean deciding about an uncertain future, where you could be incapacitated and unable to care for yourself. An estate lawyer helps clients with estate planning matters. Some lawyers specialize in specific things, like business succession, while others deal in generic estate matters. If you are looking for an attorney, you can get help here. In this post, we are sharing more about the reasons for hiring an estate lawyer.
- When you are a small business owner or need help with planning the succession of your business. If you are joining a partnership or quitting one, you may need advice about your interests in your business.
- When you have scattered assets. If you own assets in other states, you definitely need to know the various legal aspects of passing your assets after your death. The same is true if you own assets in other countries. In such cases, you may have to consider your options to find the right executor.
- When you want to disinherit someone. There are circumstances when one may be compelled to disinherit the family from their estate. In such circumstances, an attorney can guide you on if and how you can take such decisions. For example, when it comes to community or marital properties, ousting your spouse can be hard.
- When you have unique circumstances. If you have half-siblings or a stepchild, you should ideally have a will for your estate because these people may not get anything without your instructions. The court will follow the standard procedures, which may not be the same as you wished for. An attorney can lead you on how you can plan your estate in such situations.
- You have someone dependent. For example, if you are responsible for providing care for your disabled sister, you may want to plan your estate accordingly so that they can get your assets. It is often necessary to decide on guardianship in such circumstances, especially if the concerned person is incapable of caring for themselves.
You may need an estate lawyer for things related to Medicate, Medicaid, or setting up an irrevocable trust. You don’t have to wait until your 60s to decide on estate planning. Also, you can always change or modify a will as needed.