Top Signs You Should Hire an Estate Planning Lawyer
Estate planning is a complicated process, and it’s one that you should take seriously. It can be difficult to know when you need legal advice, especially if you don’t have much experience with the legal system. However, there are some situations in which hiring an estate planning lawyer is essential.
Business Succession Planning
If you run a family business, it’s important to develop a succession plan so that it doesn’t fall apart when you retire. You should also have a plan for what happens if you become incapacitated or pass away, as this can affect the future of your business. If you don’t have an estate plan, many things could go wrong concerning your business. A business owner can avoid such circumstances by working with experts such as Lulich & Attorneys.
In addition to helping you decide on an appropriate successor, an estate planning lawyer can help you create a plan. They would ensure that the necessary parties follow your wishes after your death. An estate planning lawyer can help you decide who should inherit your business.
Owns Foreign Property
Buying an overseas property might seem like a lucrative venture, but the complexity of tax laws needs an estate planning lawyer. The laws on foreign property are complex and can change at any time. An estate planning lawyer will ensure you’re aware of the tax implications and help you find ways to ensure your overseas property is not subject to double taxation.
Need to Disinherit an Individual
Disinheritance may seem like a harsh decision, but it’s one of the most important aspects of estate planning. An individual not included in your will can make claims on your estate, which can lead to expensive legal battles. However, you should consult a lawyer before making any decisions. A good estate planning lawyer will ensure that you will legally bind your beneficiaries.
The lawyer will also help you ensure the will is valid and enforceable. A valid will complies with the law. For instance, an individual with the necessary legal capacity should have made it. The decision also prevents multiple wills, leading to confusion about who should inherit what. It also reduces the chances of legal battles, which could harm business.
Setting an Irrevocable Trust
In most cases, an irrevocable trust applies when a family member has special needs, or you have children from previous relationships. The estate planning attorney ensures the trust is irrevocable under any circumstances. An irrevocable trust allows you to ensure your assets are protected and helps reduce the tax burden on your estate.
An irrevocable trust can only be set up by a person who is deemed legally competent. This means that you must have the mental capacity to understand what an irrevocable trust is and why you need one in order for it to be valid.
A terminal illness is a common reason people decide to make a will. If you are terminally ill, your wishes must be known and respected when you pass away. A lawyer can help ensure this happens by drawing up a will that lists all the assets you wish to pass on. If there are any disputes over who should inherit what, the details in the will would clarify the issue.
Estate planning lawyers have a lot of experience and knowledge of the law. Therefore, consult with one if you face any of the above scenarios. A good attorney will guide you through estate planning to ensure you make the best decisions. They will outline what the law requires and guide you on the best action to safeguard your assets.