Planning for the future without you may not be your main priority; however, managing your estate will prepare you and your loved ones for the unexpected. Hiring an experienced estate lawyer in Ridgeland isn’t only for people with high net worth. Anyone can benefit from estate planning.
Making or updating an estate plan makes sure your wishes are honored when you pass away or become incapacitated. But this is only possible when you have your estate planning documents drafted by a reliable attorney. Here are reasons you must hire an estate planning lawyer:
Estate planning documents such as Trusts and Wills must be prepared and updated only by an estate planning lawyer. When life events take place or your financial situation changes, your estate plan and related documents must reflect your wishes. Depending on the situation, a simple trust amendment or a will codicil will suffice. But sometimes, it may be necessary to re-assess your plan, focusing on probate or reducing estate taxes.
Ensure Compliance with Current Law
Your estate planning lawyer will make sure your documents are made according to the current law in the state. Trust and probate laws are state-specific and may change. With an attorney working on your plan, you can have peace of mind knowing your plan complies with the law.
Make Sure Your Documents Accomplish Your Goals
Often, estate planning verbiage is complicated and confusing. So, if you try to do it on your own, you could only waste money on documents that do not reflect your wishes. Also, a lot of estate planning errors are only discovered when somebody dies. At this point, it can be too late to make corrections. But an estate planning lawyer will make sure your documents will achieve your goals. They will take into account different situations to create documents that accurately reflect what you want.
Get Legal Advice
Did you know that your trust or will does not automatically cover all your assets? Some kinds of beneficiary designations on assets and property ownership like life insurance and retirement accounts pass without being affected by the instructions in your will or trust. But they can work together when you take steps. Your lawyer will review all of your assets, make some recommendations, and offer assistance with accounts and property retitling. Also, they can help with changing beneficiary designations, ensuring your estate plan covers all your assets.