In our previous blog post, we reviewed some ways a lawyer can assist you with estate planning. However, as we also mentioned, estate planning is a complex process. There are more aspects than we could cover in a single post, so we’re continuing the discussion in this month’s post. Hiring an attorney is an essential part of estate planning to ensure your family is provided for and assets are distributed correctly.
An attorney from Feniger, Uliasz & Stacey can assist you with many aspects of estate planning. Here are some more key areas.
Make Guardianship Arrangements
If you have minor children or other dependents, you want to provide for their care if something happens to you. Arranging guardianship involves more than just naming who you would like to care for your children or dependents. It also includes securing funding for their schooling, medical care, and other needs. An attorney can help you protect those funds to ensure they are used for their intended purpose.
Review and Update Your Will
Life circumstances change, and your estate plan will change with them. An attorney will help you change your will and other legal documents to reflect changes to your circumstances. Common changes include births, deaths, marriages, and loss or acquisition of assets.
Navigating Complex Situations
Many people at varying levels of wealth have complex estates. If your assets are distributed across multiple properties, stocks, and other sources of income, an attorney will ensure they are properly distributed. Complex estates also complicate the paying of estate taxes, so an attorney will assist your family and help them avoid any tax-related pitfalls.
Handle Probate and Estate Administration
If you are an executor or administrator of an estate, a lawyer can guide you through the probate process, help with filing necessary documents, and manage any legal disputes that arise. When you are drafting your will, an attorney can help you choose an executor or determine if you need more than one executor. If you have a complex estate, you can select multiple executors to handle different aspects of your estate. Estate planning also involves various legal documents and requirements. A lawyer ensures that all documents are properly drafted, executed, and in compliance with state laws.