If you're about to begin your estate planning and you've decided to go it alone, you might want to rethink that decision. While you might know how you want your estate to be divided – who gets what and why – you might not know how to avoid potential problems. Estate planning can be difficult and confusing, especially if you have a large estate to plan for. Before you decide to forego legal assistance, there are some issues you should be aware of. These issues can cause complications long after you're gone. Here are four reasons why you should consider hiring an attorney to help with the estate planning.
Potential Disputes Between Heirs
Whether you have a substantial estate or not, disputes can arise between heirs. This is particularly true if you don't plan on dividing your estate evenly amongst your heirs. If you plan on disinheriting a child, or giving the bulk of your estate to someone other than a blood relative, you should have your plans looked over by a legal professional. A lawyer can close the loopholes that disgruntled heirs may use to try and circumvent your final wishes.
Questions Regarding Your Beneficiary
Who you choose for the beneficiary, or personal representative to your estate, is your business. However, if your choice is going to leave certain individuals with hurt feelings, you should be sure that your choice is protected by the law. This is particularly true if you have close family members who don't approve of your particular choice, or if you have several family members fighting over the opportunity to be name beneficiary, or personal representative to the estate.
Possible Legal Proceedings Against the Estate
If you've accrued debt that you've been unable to pay off, your estate may be sued once you've passed away. Many creditors come forward to collect on debt once the will enters probate. In fact, during probate, creditors are encouraged to come forward and present their case for debt satisfaction. If you think your estate may be sued after your passing, you should have a lawyer take care of your estate planning for you. Your lawyer may be able to provide you with ways to protect your assets for your heirs, which may reduce the amount of money that creditors are able to take from your estate.
Now that it's time to plan how your estate will be handled, you need to make sure that everything is done correctly. The information provided here will help you avoid mistakes. If you have any questions or concerns, you should sit down with an attorney who specializes in estate planning.Share