5 Reasons You Need an Attorney for Estate Planning
Many people think that the term estate planning is one that is complicated and complex. However, estate planning is something that is basic and also something everyone should have. While everyone should have an estate plan, not everyone needs an estate planning attorney. Here are 5 reasons you need an attorney for estate planning.
You have a net worth that is over $5 million
If you have a net worth that is more than $5 million, this usually means that your estate has the potential to be subject to an estate tax. If this is the case, any dollar amount that is above and beyond the current estate tax, will get hit with the estate tax. So, if your plan is to give your favorite aunt a good chunk of your estate, think again because Uncle Sam is likely to be the recipient of that money. This is why you need to talk to an estate planning attorney.
You own actual property
In the event of your death, it can be difficult to try and divide up your property. The reason for this is that there are several ways in which the title to the estate may be held. Also, there are legal technical issues that go along with being a property owner that you may not know. For instance, there are some cases where you can’t give away joint property. This is where you need the assistance of an estate planning attorney.
You have a serious illness
If you have recently been diagnosed with a serious illness, the last thing you probably want to do is to have a consultation with an estate planning attorney. However, now is the time that this really needs to be done. In the event that you become incapacitated, you will need to ensure that you have a power of attorney and other health care documents in place.
You want to protect your heirs
When you pass one, the last thing you are going to want is for your loved ones to be fighting over what happens to your estate. Also, you don’t want everyone to endure the stress of probate court, where a judge will ultimately decide what happens to your estate. An estate planning attorney can help you sort all this out ahead of time.
You are engaged to be married
An engagement is a happy time in your life. However, an estate planning attorney can be a great source of help at this time too. If you have a great deal of money, property or assets, a prenuptial agreement should be considered. This agreement is designed to control your money, property or assets in the event of a divorce or death in the future.
Contact Our Estate Planning Attorneys
Even if you don’t have one of these five reasons to support you, there is nothing wrong with investing in an attorney to help with your estate planning. Contact Waitz & Downer today to speak with an estate planning attorney to help you with your estate.