While it is possible to create your own estate plan, you should not try to do it without the guidance of an experienced estate planning lawyer. The legal and financial implications of an estate plan can be complex and may have lasting effects on the lives of your loved ones.
The best estate plans don’t just prevent people from “running out” at the end of life, but also assist your family in navigating the process of your death and the management of your estate. In order to do that well, an estate plan needs to be tailored to your specific needs.
An estate planning lawyer can take the time to fully understand your goals, circumstances and concerns so that you can be sure that your estate plan addresses your concerns in the long term as well as in any potentially unexpected short term events.
How Can an Estate Planning Lawyer Help You?
1. Gather and Update All the Necessary Documents (Wills, Trusts, and More)
A trusted estate planning lawyer can help you collect and update all the necessary documents that you need to fully protect your estate.
Wills: If you have a Will, your estate planning lawyer can help you update it to fully disclose and protect your assets, including property, vehicles, investments, life insurance policies and other valuables. You may also want to give away certain items, like special heirlooms, to family or friends, and your estate planning lawyer can help you do that and ensure that the gift is properly documented.
Trusts: If you have a trust, your estate planning lawyer can review it and make sure it reflects your current desires, including naming guardians for your children, designating health care agents, and making sure your trust account names a trusted executor who is able to handle the management of your estate in the event that you cannot.
2. Ensure All Documents Comply with the Current Laws
Your estate planning lawyer can help ensure that all your documents comply with the current laws of your state.
This helps to protect you and your family by preventing financial or legal issues with your estate in the future. Your estate planning lawyer can also help you anticipate possible challenges to your estate plan, whether they be from a disgruntled family member, a malicious lawyer or another individual.
3. Ensure All Your Documents Accurately Accomplishes Your Goals
An estate planning lawyer can help you make sure your documents meet your current goals and circumstances.
They can help you fully understand the implications of each decision you make in regard to your estate, so that you can be sure that your estate plan provides you with the flexibility and control you need, in addition to the protection you want for your loved ones.
4. Provide Legal Advice Regarding Your Assets and Beneficiaries
An estate planning lawyer can help you decide what assets should be included in your estate plan and why. This includes helping you decide how to divide your property, how much life insurance coverage is appropriate, and whether or not you should name a trust instead of a will.
The Bottom Line: The Importance of Having an Estate Planning Lawyer
The right estate plan can make a huge difference in your life and the lives of your loved ones. An estate planning lawyer can help you create a plan that meets your goals and circumstances, as well as protect you from risks in the future.
If you are interested in creating an estate plan but are unsure of where to start, a consultation with an estate planning lawyer can help you design a plan that will benefit you and your family for years to come.
How Can We Help?
If you’re looking for the best solicitors in Australia that specialize in property and business conveyancing, succession planning, family law, and more, our expert lawyers at Springfield Legals help get you through this tough time. Get in touch with us today and see what we can do for you to keep you on the side of the law!