Estate planning is a crucial part of life that ensures our assets are distributed according to our wishes after we pass away. However, not everyone considers the importance of estate planning, and some people may choose to do it without the assistance of an estate planning attorney. While it may seem like a cost-effective solution, the truth is that estate planning without an attorney can lead to significant problems down the road. In this blog post, we will explore what can happen without an estate planning attorney and why seeking professional help is important.
Your Will Might Not Hold Up in Court
Creating a will is an essential part of estate planning. It’s a legal document that outlines your wishes for how your assets should be distributed after you pass away. Without an estate planning attorney, it’s possible that your will may not hold up in court. This could happen if the will is not properly executed or if there are issues with its contents. When this happens, the court may disregard your wishes and distribute your assets according to state law, which may not align with your intentions.
Your Beneficiary Designations May Be Incorrect
In addition to a will, you may also have beneficiary designations for your retirement accounts, life insurance policies, and other assets. These designations specify who should receive these assets after you pass away. However, if you don’t have an estate planning attorney, it’s possible that you may have incorrect or outdated beneficiary designations. This can lead to confusion and disputes among your loved ones, which can be stressful and time-consuming to resolve.
Your Estate May Face Unnecessary Taxes and Fees
Estate planning attorneys can help you minimize the taxes and fees that your estate may face after you pass away. Without an attorney, you may not be aware of all the options available to you to reduce these costs. This can lead to unnecessary expenses for your loved ones and a smaller inheritance for your beneficiaries.
Your Estate May Be Subject to Probate
Probate is the legal process that occurs after someone passes away. It involves proving the validity of the will, identifying and valuing assets, paying debts and taxes, and distributing assets to beneficiaries. If you don’t have an estate planning attorney, your estate may be subject to probate, which can be a lengthy and expensive process. Additionally, probate is a public process, which means that your financial information and other personal details will become part of the public record.
Your Estate May Not Be Managed According to Your Wishes
Finally, without an estate planning attorney, it’s possible that your estate may not be managed according to your wishes. This can happen if you become incapacitated and are unable to make decisions about your medical care and finances. Without a power of attorney or other legal documents in place, your loved ones may not know how to manage your affairs. Additionally, without a trust, your assets may not be managed or distributed according to your wishes.
Estate planning is an essential part of life that ensures your assets are distributed according to your wishes after you pass away. While it may be tempting to save money by doing it yourself, the truth is that estate planning without an attorney can lead to significant problems down the road. Your will may not hold up in court, your beneficiary designations may be incorrect, your estate may face unnecessary taxes and fees, and your estate may be subject to probate. Additionally, without an estate planning attorney, your estate may not be managed according to your wishes. To ensure that your estate is managed properly and your wishes are respected, it’s important to seek the help of an asset protection attorney.
