With the use of an estate plan, you may foresee what will happen to your property post your demise or if you become unable to look after your own affairs.
Wills, trusts, and your local probate procedure can all be the subject of legal assistance from estate lawyers. Additionally, some estate attorneys also have specialised areas of practice, such as corporate succession planning.
An estate plan specifies who you wish to inherit your assets from, as well as what and when they should be distributed.
In this article, we shall discuss the different circumstances when you must consider hiring an estate planning lawyer.
When To Hire An Estate Planning Lawyer?
The primary function of an estate planning lawyer is to assist you in drafting the standard estate planning paperwork. The advice you receive from them will be specific to your needs and goals.
Given below are some of the circumstances where you must contact your estate planning lawyer—
When You Want To Leave A Legacy?
Ensuring that your intangible assets—your principles, beliefs, and philosophies—are also transmitted to future generations is the goal of legacy planning.
Consider what values, attitudes, and beliefs have contributed to the person you are now. What do you consider to be crucial in life? What guiding principles have you followed throughout your life?
Trust is one often used legacy planning instrument. As the trust’s Settlor, you have the power to incorporate elements of your legacy into the trust through the terms you draught.
For instance, if you really believe in the value of higher education, you may create an education trust. Moreover, a Letter of Instruction is an easy way to leave a lasting legacy as part of your estate strategy.
All this can be legally designed by an estate planning lawyer to help you carry your legacy through generations.
When You Want To Protect Your Assets For Your Family?
A trust is a formal agreement wherein one party maintains assets on behalf of another, known as the beneficiary. This agreement can ensure that your assets are kept secure for your family.
A trust’s level of protection might differ from state to state. Your family may face extreme difficulty and complexity if you pass away without leaving a will. A will must be submitted to the court before it may be deemed legitimate. All these activities come under the functions of an asset planning lawyer.
The majority of trust types permit assets to escape probate. It’s crucial to have enough life, vehicle, and house insurance to safeguard your possessions.
Additionally, you can appoint someone to decide on your medical treatment and end-of-life preferences using a power of attorney for health care. Family limited partnerships (FLPs) are effective tools for protecting assets.
When You Want To Reduce Tax Liability?
Creating an estate plan entails a number of issues and objectives, including making sure that there is enough money to pay off creditors and assuring succession for remaining family members.
Both federal and state governments impose estate and inheritance taxes, and tax planning can assist people in reducing their future tax obligations.
People who own more property than what is free from state and federal taxes should be aware that one of the objectives of estate planning is to minimise the amount of federal and state estate taxes due.
Although it’s crucial, lowering tax obligations shouldn’t be the only thing to take into account when creating an estate plan. Working with a skilled attorney may assist in guaranteeing that everything is done appropriately and in the person’s estate’s best interest.
An estate planning lawyer in Dubai, therefore, can guarantee that things are done appropriately and in the person’s estate’s best interest.
When You Want To Create A Business Succession Plan?
Careful preparation will guarantee the firm can continue operating whether you wish to sell it or retain it in the family.
If your company includes one or more co-owners, you could think about setting up a clause stating, in the event that any owner passes away, the other owners will take over ownership of that person’s stake.
In the event of your incapacity due to illness or accident, a power of attorney enables the person you have trusted to handle your business transactions and take care of your finances. All this can be successfully drafted and designed by an estate planning lawyer.
Small company owners should consider buying life insurance so that their family will have financial security in the event of their passing.
Selecting The Best Estate Planning Attorney?
You must select an estate planning lawyer who is licenced and lives somewhat close to you. This can guarantee untimely help in matters of dispute or confusion regarding your assets.
Hire an experienced estate planning attorney who can help you with all aspects of your estate plan, including identifying your beneficiaries and how you want your property distributed.
