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How Guardianship Lawyers Can Make The Estate Planning Process Easier

How Guardianship Lawyers Can Make The Estate Planning Process Easier
How Guardianship Lawyers Can Make The Estate Planning Process Easier - Estate planning is a vital part of getting older. Although many people believe they only need to create a plan if they're extremely wealthy, this isn't the case. If you have children, retirement accounts such as a 401K or IRA, life insurance or other assets, you need an estate plan before you die. Many people think they can handle this process themselves, however this is an extremely bad decision. By trying to plan what happens after you die yourself, you could miss out on an important document or increase your loved one's tax liability unnecessarily.

Know What Documents You Need

Do you know what a power of attorney is? How about a will? What's the difference between a will and a living will? An estate planning or guardianship attorney will know which documents are appropriate in your situation and will be able to help direct you toward the right ones. Recently, document preparation sites have popped up all over the Internet. While you might be tempted to use one of these, this is usually a bad idea. These document services are okay if you know exactly what you need, but most people can become easily confused by the different types of documents available and find that they need to consult an attorney anyway.

Reduce Your Tax Liability -- Legally

After you die, the taxes levied on your loved ones can be steep. An attorney will be able to help you disperse your wealth before you die, which minimizes the amount that your loved ones will need to pay upon your death. The laws and regulations that can allow you to reduce the tax liability can be confusing, so it's a good idea to have an attorney help you with this process. After all, if you disperse your wealth incorrectly, your loved ones could be required to pay even more in taxes, which is the opposite of what you're trying to do.

Guardianship Lawyers Can Help With Both Children And Adults

Guardianship lawyers can also help with determining what happens to both minor children and dependent adults. People today live longer and are having children later in life, which means that it's sometimes necessary to consider both minor children and elderly parents when working with a lawyer. A guardianship attorney will be able to draw up the right kind of paperwork, which protects your children and parents against having your wishes contested by guardianship lawyers working for other family members. Before having your guardianship lawyer name a specific person in the estate planning documents, make sure you talk to whomever you want to name as the responsible person. You don't want this to be a surprise sprung on them after your death.

Using an attorney to prepare for your death isn't just smart - it's a gift to give your loved ones. With so many different things to consider when planning what happens to your estate after you pass, hiring an estate planning or guardianship lawyer is an intelligent decision.