3 Reasons Having An Estate Planning Attorney Is Crucial

It is an unfortunate fact that many people ignore the importance of estate planning until it is too late. They may assume that they have sufficient time to plan their estate, only to be struck by a sudden illness. It may also be the case that they are confused about how to go about planning their estate, or that they feel too busy with other responsibilities to do so. Regardless of the reason given, estate planning should always be a priority no matter what age you are, and the best way to effectively plan an estate is by contacting an estate planning attorney. Take a look below for a few of the most important ways they assist their clients. 

Designating Beneficiaries 

Perhaps the most important part of estate planning is identifying those who will be your beneficiaries — the individuals or institutions to whom you will pass on all of the assets that make up your estate. Doing estate planning on your own can result in the omission of vital information or other mistakes. This can, in turn, mean that your intended beneficiaries are not provided for in the way that you had hoped. Conversely, an estate planning lawyer can ensure that no mistakes are made and that your will and other directives are followed to the letter.

Reducing Taxes

Even if you believe there will be no issues designating your beneficiaries, an estate planning attorney can still prove to be invaluable. Estate taxes can significantly reduce the value of assets you leave behind, but a lawyer can advise you on specific ways to lessen the burden of these taxes. Some methods of doing so may include giving gifts to family members, making charitable donations, or setting up a family trust. 

Avoiding Probate

No matter your net worth or the number of beneficiaries your estate plan includes, it is always good to work with a lawyer if for no other reason than to avoid the complications of the probate process. This is a process whereby the government — in the absence of an estate plan — evaluates an individual's assets and then designates beneficiaries. When an individual has multiple children, an ex-spouse, or connections to charitable institutions, matters can become so complicated that assets are not distributed for years. Rather than risk having your entire estate fall into the hands of the government upon your passing, it is best to hire an estate planning attorney to avoid probate.

To learn more, visit a site like https://www.linskylaw.com.