Writing a will is something that everyone should do to ensure that their estate is cared for on the event of their death. Unfortunately, all too many people these days are relying on generic “do it yourself” websites to complete their wills and this is causing numerous problems. That’s why today, we’re looking at why you need the advice of an estate planning attorney when it comes to completing your last will and testament.
Writing a Will: Why You Need an Estate Planning Attorney
An Estate Planning Attorney Can Assist With Unique Circ*mstances
There are more than a few websites out there that claim to be able to help you to complete your will online in seconds. The problem, however, is that these websites utilize generalized forms that do not cater to your individual circ*mstances.
In addition to each state having unique regulations for what is required of a valid last will and testament, it’s important that your will caters to your needs and circ*mstances. An estate planning attorney can go through your will with you and ensure that all of your estateis cared for on the event of your death and that each provision is made in accordance with state law.
Estate Planning Attorneys Can Help to Minimize Estate Taxes
When your assets are passed on to your heirs, they are required to pay estate taxes – that is, taxes that are assessed on your estate. There are methods of minimizing the amount of estate tax that your heirs will have to pay on your estate (these methods vary state by state) and your estate planning attorney will be able to help you to take advantage of as many of these benefits as possible so that your heirs get as much of their inheritance as possible and aren’t lumbered with huge estate tax bills!
Complicated Family Situations Can Get Tricky, Estate Planning Attorneys Can Help When it Comes to Writing a Will
Today, more than ever, our family situations have become more complicated. We have increased rates of divorce and remarriage, blended families, adoptions, you name it! While this increasing diversity in American families is great, it does make estate planning a little tricker.
Creating your own will using a generic form when you have a complicated family situation just gets confusing. Consulting an estate planning attorney means that you can explain your unique family dynamics and ensure that everyone is appropriately cared for in the event of your death.
An Estate Planner Can Help When Writing a Will For a Significant Estate
If you are in a position where you own a large amount of real estate, have a hefty estate, or have a large number of valuable assets, it’s worth investing in an estate planner. In this type of situation, your attorney can help you to take advantage of all opportunities to reduce your estate taxes, but they also ensure that everything necessary is accounted for in your will.
Help With Setting Up Trusts
In some circ*mstances, you may want to set up a trust to ensure that specific individuals are provided for on the event of your death. The purpose of doing this is to allocate money to minors who are not yet fiscally responsible enough to take possession of their inheritance, to provide for special needs heirs, to ensure that certain milestones are met before an heir receives their inheritance, etc. Essentially, it’s a way for what you leave your heirs to be managed for them. When you work with an estate planning attorney, they can ensure that each of your heirs is provided for in a way that ensures they are cared for but still manage the inheritance so that it is not squandered, misappropriated, or mismanaged by a guardian.
Complex Inheritance Can Be Accounted For By An Estate Attorney
Partly because of the complex family arrangements that many of us have today and partly because we can, many of us want to make more complex provisions in our last will and testament. For example, you may want to leave your estate to your spouse but stipulate that after your spouse’s death, the estate should be divided equally among your children. When you work with an estate planning attorney, you can ensure that this stipulation is accounted for in your will so that it does not get overlooked.
When You Own a Business, Estate Planning Can Be Complicated
If you are self-employed or partly or fully own a business (small or otherwise), it’s necessary to account for your share of or your entire business upon your death. Since not all businesses are the same and some have unique requirements, it’s best to consult with an estate planning attorney to ensure that when writing a will, your business is left in the hands of the right person or people. This also prevents any mishandling of your share of your business upon your death if you are a joint partner. Your attorney will also be able to ensure that should you wantto avoid passing your business on to a specific party, you can stipulate another individual as the recipient of your business or part of the business.
Looking for Help Writing a Will in the St Pete Area?
If you’re looking for help writing a will in the St. Pete area of Florida, Weidner Law can help! Just pick up the phone and give us a call at 727-954-8752 to get started with your estate planning process to make sure that your family is cared for in the event of your death.
