subject: Reasons to Hire an Estate Planning Attorney [print this page] Reasons to Hire an Estate Planning Attorney
An estate planning attorney is an essential element of developing plans to protect inheritance property. Attorneys specializing in this field can help individuals establish a last will and testament, trusts, healthcare proxy, and durable power of attorney.
Retaining the services of an estate planning attorney can help individuals avoid probate or keep certain assets from having to undergo the probate process. Probate is required within the U.S. to ensure estates are settled according to state probate law and that rightful heirs receive bequeathed inheritance gifts.
The probate process can be lengthy and leave the estate vulnerable to heirs contesting the validity of the last Will. When heirs contest a Will, probate can be prolonged for several months. Trusts allow estates to avoid probate, but this type of protection is usually reserved for estates valued over $100,000.
Individuals with small estates can engage in estate planning strategies to avoid probate. These can include assigning transfer-on-death beneficiaries to financial portfolios and assigning payable-on-death beneficiaries to checking and savings accounts and life insurance policies.
The average duration of probate is 6 months. When decedents die without leaving a Will (intestate), probate generally requires 6 to 9 months to settle. Must depends on court caseload, estate value, type of inheritance property, and how well family members get along.
Hiring an estate planning attorney can be especially helpful when family discord exists. Sadly, death often brings out the worst in people. It is not uncommon for heirs to dispute over who should receive family heirlooms and valuable property. Heirs who feel slighted can contest the Will which in turn prolongs the probate process and adds additional expenses to the estate.
When heirs contest a last will and testament, the estate must retain a defense lawyer. If the plaintiff wins the lawsuit, the estate is usually required to make restitution of legal fees. Contesting a Will can quickly bankrupt small estates and leave nothing for designated beneficiaries. Hiring an estate planning attorney to settle the estate can lessen the potential for having heirs contest the Will.
In most cases, family members are appointed as the estate administrator. This normally isn't a problem when family members get along. However, when family strife exists the designated estate administrator may find their self in the midst of a family feud. Having a neutral party manage the estate can reduce family strife and expedite the probate process.
At minimum, individuals should execute a legal Will, healthcare proxy, and power of attorney. The last will and testament is used to appoint an estate administrator, establish guardianship for minor children, and bequeath inheritance property.
When estates are valued over $100,000, individuals should consider establishing a trust. Several types of trusts exist. Each offers advantages and disadvantages. Estate planning lawyers can help individuals determine which trust is best suited for their needs.
It is recommended to engage in estate planning while in good health. Establishing a last Will after being diagnosed with terminal illness could leave the estate vulnerable to having the Will contested. Heirs can claim decedents were not of sound mind because of their illness or state they were under the influence of another person when designating beneficiaries.
Some estate planning attorneys offer complimentary consultations to discuss available services and fees. Ask family and friends for referrals or locate estate planners through phone directories, lawyer referral networks, or the American Bar Association website at abanet.org.
