Years of careful planning may have allowed you to save a significant amount of money and sizable assets. You want to be sure that all of them will be distributed according to your wishes after you die. You may want to bequeath certain people in your life with gifts of money and property by which to remember you.
Rather than leave the dispersal of your estate to your next of kin, you can put in writing the final intentions of your wealth. These are some reasons to hire an estate planning attorney to plan out and finalize your will.
Naming Your Estate's Heirs
One of the main reasons to hire an estate planning lawyer involves naming exactly who you want to benefit from your estate. Without a will in place after you die, you leave your estate vulnerable to being settled in probate court. The probate judge would have the leeway to determine who your next of kin is and who is entitled to receiving the bulk of your money and assets.
However, when you retain an estate planning attorney, you can name your heirs and prevent others from benefitting from your wealth. Your estate planning lawyer can clearly name your heirs in your will. They can also stipulate how much each one will receive and who, if anyone, in your family is exempt from receiving anything out of your estate.
Another reason to hire an estate planning attorney involves paying taxes out of your final estate. Even after you die, you are still legally obligated to pay taxes on your income and any property that you own during your last year of life. If you do not pay your taxes, you could leave your estate vulnerable to being levied or garnished.
You can direct your estate planning lawyer to use a certain portion of your wealth or life insurance money to pay your final taxes. Leaving money behind to pay these taxes can spare your family and heirs from having to settle your final tax bill for you.
These are some reasons to put an estate planning attorney on retainer. Your estate planning lawyer can ensure that your heirs are named in your final will. They can also ensure that your estate's taxes are paid and that your survivors avoid having to pay the taxes on their own out of their inheritances. Check out this website, https://www.linskylaw.com, or similar websites for more information.