3 Reasons To Talk To An Estate Attorney Whether Your Estate Is Large Or Small
Even if you don't have a lot of assets or children, it's still a good idea to talk to an estate attorney about your final affairs. Once you pass away, the things you have and the money you have left must be dealt with properly, especially if you have a lot of debt or a lot of money. Setting up a will also protects you while you're still living when it comes to your wishes for life support. Here's why talking to an estate attorney is important.
1. You Can Ensure The Care Of Your Children
When you create a will with the help of an estate attorney, you choose who will take custody of your children when you pass away. This gives you peace of mind, since otherwise, the court decides who can raise your children. Plus, whether your children are young or adults, you'll want them to receive their fair share of your estate. An attorney can shield your estate from creditors as best possible, so there is more money and property for your heirs.
2. You Can Name Someone To Manage Your Affairs
An important aspect of creating a will is that you can also name someone to make medical decisions for you if you become incapacitated or develop dementia. Your loved one may have difficulty managing your bank accounts, medical treatments, life insurance, or other important things if they are not made with power of attorney before you become incapacitated.
This person can also be the executor of your will after you pass away, so you are at ease your estate will be distributed as you like. An estate attorney can create all the documents you need to make sure your estate is protected before and after your death.
If you've been diagnosed with a terminal illness or some sort of dementia, it's important to see an attorney to complete all the directives and documents for creating your will while you're still in fairly good health and have good cognition. Otherwise, the court may have to appoint a guardian to approve your medical care and an executor to handle your final wishes.
3. You Can Build Your Estate
If you see an attorney when you're younger, you can get advice on retirement planning, insurance investing, and even tax advice so your estate is protected from unnecessary taxes. This advice can help you grow your estate and help you leave more for your heirs.
An estate attorney knows laws that pertain to estates, so they can help you set up your estate so it grows and provides you with funds for retirement too. If you have a lot of money and own high-end property, an estate attorney is essential for helping you manage your assets properly. If you don't own much or have a lot of savings, it's still beneficial to let an estate attorney advise you on setting up a will for the sake of your spouse and kids.
For more info, contact a local estate attorney.