Estate Plans Creation: 3 Situations That A Legal Advisor's Guidance Is Necessary
Do you have a will? If not, you should consider creating one. A legally binding estate plan will give you confidence that your beneficiaries will not fight over your belongings after your demise. In addition, your document will offer instructions on how to distribute your wealth and give directions on kids' guardianship, among other issues. Will creation is not complicated, and you can write one yourself. However, you need an estate lawyer to help you prepare the best estate plan possible. Legal guidance is particularly essential in the following situations.
You Have Had More Than One Marriage Partner
Getting married to another spouse may bring a host of legal and financial issues that might be challenging to navigate without legal representation. The situation might be more complicated if your new partner was married previously and you both have kids. In this case, deciding how to share assets between children from both marriages might be challenging. Your legal advisor will include all the children in your estate plan to prevent inheritance disagreements in the future. In addition, they will ensure that your personal belongings go where you want them to after your demise.
You Have Minor Children
Addressing children's issues in an estate plan requires legal guidance to ensure that you include all the necessary information in your document. For instance, your lawyer will advise you to name at least one guardian to raise your kids in case you and your spouse lose your lives. They will also suggest strategies you can use when sharing your assets to enable you to leave equal amounts to each child. Finally, your attorney will recommend effective methods you can use to protect your assets. Doing so will prevent unwise spending habits if you pass on before your children are ready to inherit your estate. In addition, it will protect your belongings from creditor claims and civil judgments.
You Own Valuable Property
If you own expensive property, you may not want them to pass through probate because they might end up with the wrong people. A legally binding estate plan can protect your boats, jewelry, and valuables. Your lawyer can propose ways to avoid probate to ensure that your belongings end up with the right people.
You don't have to hire a lawyer when creating an estate plan. However, having one by your side will ensure that you prepare a legally binding document that will provide a guide on your wishes. An attorney dealing with estate plans will offer the best guidance for the above issues and any other concern you want to include in your document. For more information, contact an estate planning attorney near you.