When to Hire an Estate Planning Attorney

An estate planning attorney is not just a professional to hire when you are thinking about retiring or your goals for after you are gone. Rather, this person is someone to work with throughout your life to help establish the type of plan that will accomplish any goals you have. What many people do not realize is this professional not only helps with managing finances, but also helping you to achieve your goals in the time leading up to that point. Do not put off working with this lawyer.

Your Retirement

During your retirement, you may want to travel the world or help fund a charity you believe in. You may just want to have enough money in the bank not to worry each day. When you work with an estate planning attorney, the goal will be to set up the financial means necessary to help you to achieve your retirement goals. The right investments will help that to happen. In addition, you will need to ensure that at any time, if you should die, that a plan is in place to accomplish your goals.

What Can They Do?

Hiring an estate planning attorney is one of the most financially sound decisions you can make. The reason for this is simple. With the help of this professional, you can reduce the risk that if you should die, your money will go to the wrong people or businesses.

With this lawyer, you can set up a trust fund to pay for any of the goals you have. Use them to care for your pet's needs after you die. Use it to fund your grandchildren's education. A trust helps to minimize the financial impact of taxes after death.

Keep your estate out of probate. Probate court is one of the most detrimental aspects to a person's property after death. However, with a lawyer's help, you can reduce this risk or even avoid probate altogether.

You can help ensure your family has access to funds to pay for immediate needs. For example, you may put in place a life insurance policy that pays out at the time of your death. Rather than waiting months or even a year for probate to determine the outcome of your financial affairs, they have money on hand right away. Life insurance does not pass through probate.

These are just a few of the things that an estate planning attorney can do. Of course, he or she can also ensure all of your last will and testaments are heard and managed to the best level possible. Without this type of person, though, you are risking allowing the court to decide what happens with your properly. That is rarely a good thing.