The most common reason for having an estate planning attorney is to avoid probate. Most of the people have not dealt with probate but they know they want to avoid it at all costs. Without any plan, your estate might be subject to delay and excess fees. Hence making your assets a matter of public record.
Another reason for having an estate plan is to reduce the estate and income taxes. This is a great motivator as a good plan might get the maximum amount to your family and less to the government. By having an estate plan, you can have tax planning provision in your revocable trust.
Most of the people opt for estate planning attorney after experiencing a waste of time and money by planning estate plan themselves. It is better to have someone handle your property after your death. This will also avoid friction between your family members.
There are 2 reasons for protecting beneficiaries through estate planning. They tend to protect beneficiaries from making bad decisions, creditor problems, and outside influences. In case the beneficiary is a minor, you might have to appoint a guardian. The guardian will manage the needs and finances until the minor becomes a legal adult. On the other hand, if the beneficiary is an adult but is bad at managing money. The estate planning will protect from their own decisions.
An estate planning helps in providing enough money to the family to manage their expenses. If you have a child under the age of 18, it is best to appoint a guardian for your child. In case you fail to appoint any guardian, the state will determine the future of your child.
It is important to select competent trustees as you will be giving them the authority to save money, simplify administration of your estate and reduce the burden on your family after your death.
If you want to retire wealthy, you need a solid plan. You need an expert to formulate the estate plan.