Can you expect an engineer to do the job of a doctor? A doctor can’t perform the job of an architect and a painter can’t fix faulty electrical. There are professionals for every job and when an inexperienced person tries something new, there is a high chance of making serious errors. Just as an engineer can’t perform surgery, an inexperienced person can’t handle legal matters. All areas of law, including estate planning law, are complex. People think that reading a few articles and watching some videos can help them grasp legal terms. However, writing your Will without professional assistance is a serious mistake that only creates trouble for your loved ones in the future. When your beloved car breakdown or laptop stops working, you find a professional mechanic and computer repair technician to do the job. When you don’t take any risk with your car or laptop, then why risk the future of your heirs?
Why Hire an Estate Planning Professional?
These days, it’s possible to do almost anything online. The DIY methods can help you save money on fixing minor issues like leaking taps or painting a wall. However, this DIY approach should be avoided when preparing wills, trusts, powers of professional, healthcare directives, and other documents. Legal matters should never be taken lightly, especially when it involves your wealth and fulfilling your last wishes. Finding a good estate planning lawyer is the best option to protect your assets and loved ones. Working with a professional gives peace of mind because it helps in arranging for your loved ones so that you can enjoy life to the fullest. An estate plan created by a professional determines how your assets will be distributed after your death and how your medical or financial affairs will be handled in the event of disability. Estate planning professionals specialize in creating Will and other related legal documents. Here are the key benefits of hiring an estate planning professional instead of writing your own Will.
1. Protect Your Beneficiaries
As you know, after your death, all your assets and wealth get distributed among your heirs. Without a detailed estate plan, your beneficiaries might have to face a complicated and long probate process in which a court distributes a deceased person’s assets to the heirs. People who die without leaving a Will only make things difficult for the heirs. Also, DIY Wills are often challenged in court due to legal errors. But with the help of an estate planning professional, you can decide who gets what and how much. This prevents family disputes and confusion later that can lead to court cases.
2. More than Assets Distribution
Estate planning is not just about transferring your wealth to your heirs. Your professional can prepare an estate plan that includes multiple documents such as medical directives, trusts, power of professional, and more. This document can be used during your life, as well as after your death. With the help of an estate planner, you can decide how financial or medical matters should be handled if you become incapacitated. Moreover, your will or trust doesn’t automatically cover all of your assets such as retirement accounts and life insurance that automatically gets transferred to designated beneficiaries. But your professional can review your assets and help in re-titling accounts and changing beneficiary designations. In addition to this, you can name guardians for your minor kids.
3. Update Documents
Estate planning is not a one-time process. Over the years, your business expands, your family situation changes, and your wealth increases. You can’t create Will, trusts, and other estate planning documents once and forget about it. Your professional can review it from time to time and make updates to ensure that your current goals are fulfilled.