2 Reasons To Employ An Estate Planning Attorney
Trying to navigate the various inheritance taxes and the estate planning process can be a bit daunting for quite a few people. However, an estate planning attorney is a good resource when it comes to making that process a bit less daunting. Here are a few services that an estate planning attorney can provide and their benefits to you.
They Can Provide Resources To Maximize The Value Of The Estate
A major concern that many people have when planning out their state is how they will be able to give the most amount of money or other assets to their beneficiaries. This is because there is always a lot of concern as to how much will have to be paid when it comes to the inheritance tax and how many of your assets will have to be used to pay off any debts that you may have. Thankfully, an estate planning attorney is well-versed in many different methods of finding ways to maximize the value of your estate and the assets that you leave behind for your beneficiaries.
One of the more common ways that an estate planning attorney can help you maximize the value of your estate is by having you surrender some of your property to your beneficiaries before you pass away, which can help you avoid the inheritance tax. Additionally, if you are willing to divest yourself of some of your assets and resources and place them into an irrevocable trust before you pass away, those assets and resources will often become immune to the inheritance tax as they technically no longer belong to you. Once you pass away, the items in the irrevocable trust will then be turned over to the specified beneficiary.
They Can Provide Mediation Services To Deal With Disputes
Another concern that an estate planning attorney can help you deal with is potential disputes amongst your beneficiaries once you pass away. Sadly, it is very common for individuals to be unhappy with what they received from the will of a friend or loved one and attempt to dispute the will. In that situation, the dispute can make it to court and end up costing the state a lot of money, which will lead to all of your beneficiaries receiving much less money or fewer assets.
The way that an estate planning attorney can help deal with this is by providing mediation services in an attempt to get your beneficiaries to deal with the dispute outside of court, often by agreeing to share or redistribute the assets amongst themselves. If this fails, the estate planning attorney can relate to a judge in court the various conversations that they had with you while planning the estate that will make your wishes clear as to why the assets were distributed in the manner that they were. They can also help prove that you were in your right mind when you created the will.
Make some time to sit down with an estate planning attorney today to get their assistance with planning out the distribution of your assets. Employing an estate planning attorney is very beneficial because they can provide resources to maximize the value of the estate and can provide mediation services to deal with disputes.