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The Importance of Family Lawyers in Estate Planning and Wills
Wills and estate planning are very important and the best way of ensuring that your property and wealth is distributed as you would wish after you are gone.
Though it may seem very basic, the legal procedures that are involved make it almost a herculean task for several individuals.
This is the area of the family legal issues where the services of the family lawyers are most useful.
It is a family lawyer who doesn’t only help you with the procedures of the law but also make sure that your estate plan is complete, legal, and wishful.
Understanding Estate Planning
Estate planning is not as limited as merely making a will. It is a process of developing a comprehensive strategy which outlines how your property will be divided, who will look after your children if you have any, how your debts and tax liabilities will be met after your death.
Also included in the estate planning process are putting in place of trusts, giving to charity, and planning for an individual’s incapacity by using documents such as living wills and powers of attorney.
If there is no proper planning done, then the property that you have accumulated may not go to the intended beneficiaries and there may be conflicts among the family members.
Also, the lack of a proper plan may lead to your estate being charged unnecessary taxes or other legal problems which may reduce the value of your wealth to be passed on.
The Role of Family Lawyers in Estate Planning
An intimate example of the role that a family lawyer can have in estate planning is providing legal services adapted to the case.
This helps in avoiding the provision of incorrect legal documents to clients and hence reduce on possible litigations that may arise in future.
- Expert Legal Guidance: Family lawyers are conversant with the laws that govern estates and can advise you on the steps you need to take in order to secure your property.
They assist you in identifying the legal instruments including Wills, Trusts and Powers of Attorney amongst others, and which out of them is suitable for you.
- Drafting a Legally Sound Will: Of all the legal documents that are needed in estate planning, one of the most important is the will.
A family lawyer will help to make sure that your will is legal, comprehensible and that you have included all relevant clauses.
This entails identifying the individual who will benefit from the property and assets of the deceased, the person who will be in charge of the administration of the will and trust and how issues to do with payments of the deceased’s debts and taxes shall be made.
- Minimizing Tax Liabilities: It is therefore important that you come up with a good estate plan so as to reduce the tax implications on the estate.
Family lawyers are familiar with the tax effects on different estate planning strategies and will be able to guide you on the best way to arrange your estate so as to minimise the tax that is payable, thus passing on more of your estate to your intended heirs.
- Handling Complex Family Dynamics: Family lawyers are conversant with the social relations which may exist in families which makes it difficult in estate planning.
It can address issues to do with step parents, re-marriages, or even dysfunctional family members, and make sure that your will and other legal documents are in line with your desires and requirements.
- Planning for Incapacity: This area of planning is not limited to planning for the distribution of assets after one’s death but also for the event of disability.
Family lawyers can assist in drafting the living wills, powers of attorney and the healthcare directives thus providing the right guidelines to be followed in case of your incapacitation.
- Updating Your Estate Plan: It is a well known fact that we cannot control what is going to happen in our lives and situations may arise at any given time.
Family lawyers help in reviewing and updating the estate plan from time to time to accommodate the new changes in your life such as having a child, divorce or any other major change in one’s wealth status.
The Consequences of Poor Estate Planning
There are many pitfalls with estate planning and these are only highlighted if one does not work with a family lawyer.
Due to weak consideration of legal aspects while preparing the will, the will may be contested and this results to a number of court battles between the family members.
Also, lack of a clear guide to follow with regards to your assets and dependents means that your assets may end up being divided in a way that you did not wish for, which in turn could cause conflict within your family.
Conclusion
Family lawyers are very vital in cases of estate planning and drawing of wills.
Their experience means that your property is safeguarded, your last will is followed and your family is supported in the manner you have desired.
It is, therefore, very useful to have a family lawyer in the estate planning process so that you can be assured that your wishes and assets will be handled with the necessary care and decency.