Everyone has an estate that mostly consists of a car, home, real estate, furniture, savings accounts, investments, life insurance, and any other personal possessions. The question that comes up here is what happens to those items when one passes away? It will be good to assume that an individual will probably want to dictate how they would want their estate to be distributed to the people that they care about. It is here that the estate plan comes into play. Estate planning lawyers can relieve some of the stress that is associated with writing one’s own will and also securing the assets.
An estate plan can also alter one misspelled word or omitted signature. If one consults an estate planning attorney, one will be able to prevent mistakes from happening. Moreover, this will also ensure that the assets are placed in the right hands. The estate planning attorney will ensure that one creates a good estate plan without making any mistakes.
Helps one to avoid the lengthy and costly probate process
Probate is a court process in which the estate of a deceased person is transferred to the rightful heirs and beneficiaries. This is quite an expensive process and it might take up to two years. With probate, one will be able to get some sort of relief.
Good estate planning will protect an individual. His/her assets and family
A good estate plan will include several documents that will help in ensuring that one’s loved ones will not have to jump through hoops upon their passing. These are the things that you do at the time of planning an estate:
· Medical directive
· Will or Pour over Will
· Guardianship Nomination
· Power of Attorney
· General Assignment
Estate Planning Attorney will save Time and Energy and will prevent one from making mistakes
The estate planning lawyers help in organizing all the records and wishes. This will allow their family to easily find some important financial records, titles, and insurance policies, as well as the beneficiary designations upon the passing of an individual. Moreover, the planning process might also help one to find and resolve errors and mistakes while one is still alive and will be able to resolve them.
One of the most common mistakes is made during the process of designating beneficiaries. Other common mistakes an estate planning attorney can help one to avoid are:
· Creating an inadequate estate plan.
· Not updating the estate plan at a time when life changes.
· Not completing the process of estate planning.
· Not creating any kind of estate plan
· Leaving out certain assets or people
Estate planning lawyers can eliminate the strain on an individual by drafting up a complete estate plan, which might help him/her avoid paying more in professional fees, taxes and court costs. The minute one goes to the court to try to fix the estate plan, the savings one receives, by doing one’s estate plan or by using an online service are lost.