We are unable to plan many aspects of our life. We cannot predict how long we will live, or whether we will become ill or disabled in any way. We are, however, able to control what happens to our estate in the event that we become unable to manage it ourselves. Although Estate Planning is an important, and arguably necessary process, it can also be a complex and confusing process.
Having the internet at our fingertips makes it tempting to search out and settle for the do-it-yourself Estate Planning options that are available. However, there are many reasons that you should hire an experienced Estate Planning professional.
The first benefit of hiring an Estate Planning Attorney is the peace in mind that your documents will comply with current law. State law rules estate planning, and the law is typically very particular, and has been known to frequently change. Using the wrong language, skipping over a formality, or leaving something out of a document, could potentially invalidate part, or even the entire instrument.
When thinking of Estate Planning documents, typically people only think of a Will. In actuality, an Estate Plan is a set of legal documents that develop a plan in case of your death or disability. Your Estate Plan will likely include a Will, a Durable Power of Attorney, and an Advance Care Directive. It may also be to your benefit to have a Trust. This means that you will not only need to draft one document perfectly, but several. It would save you time and energy to hire an Attorney who specializes in this drafting instead of trying to attack this task on your own.
Hiring an Estate Planning Attorney can save you money in the long run. If you do not have a valid Estate Plan, it may cost you or your Estate more money for things like professional fees, court costs, and taxes. It is typically more economical and straightforward to pay a flat rate with an Attorney that will safeguard your Estate from unanticipated fees.
Another benefit to hiring an Estate Planning Attorney, is that Attorneys are able to provide objectivity. Family or financial situations can be complex and tricky to sort out. Because of this, the Estate Planning process can often be an emotional one. An experienced Estate Attorney will help you sort out the best plan for you based on your particular family and financial dynamics.
Finally, an Estate Planning Attorney will be able to update your documents when necessary. An Estate Plan must be able to adapt as your life and the law changes. There is a high probability that your Estate Plan will need to be revised at some point between when it was created, and the time that you will actually need to use it. An attorney will be able to help you address this.
To get in touch with one of our Estate Planning Attorneys at Hartsfield & Egbert, you can call (405)285-6858, or visit our website www.helawedmond.com and ask your question in the comment box.