Don’t Attempt Estate Planning On Your Own: 6 Ways An Estate Planning Attorney Can Help

Remember this when deciding whether you ought to hire an estate planning attorney – estate planning is not a piece of cake. The entire purpose of an estate plan can be affected by one wrong term, one missed signature or one wrong decision. To prepare your legal papers, it is natural to be tempted by the ready-made templates online. This might, however, result in your estate plan not doing what you want it to do, as estate planning is not a one-size-fits-all thing.

An estate planning attorney would have the know-how and expertise to help you build a strategy that represents the needs and expectations of your estate, from setting up your estate to prevent undue tax consequences to using a trust to place the property in a succession line so it is distinct from the business lineage.

For several years, the estate planning lawyers at the Leydorf Law Firm have been supporting individuals and families in Michigan through the complex problems of trusts, wills, estate taxes, elder law, and avoid probate. Our experts will tell you in this article why DIY estate planning is a bad idea.

Why should you consider Estate planning with a Michigan Estate Planning Attorney?

When challenging a Will, trying to save a few hundred bucks in up-front costs of the estate plan will probably cost the estate thousands of dollars. Concise and properly conducted by a professional Michigan Estate Planning attorney, estate planning documents may decrease the degree of stress that arises when a loved one dies.

If you want to ensure the documents are legally binding and well crafted, it might not be the best idea to skip the attorney’s office. An experienced Michigan Estate Planning attorney can you in the following ways:

Professionally Drafted Documents

An experienced attorney will build your will and other significant documents. Think of the fill-in-the-blank papers you’ll find online. They are not much more than a sort of letter of type. You should be assured when you engage an attorney that the documents are tailored to your unique interests and wishes. Your lawyer will assist you with any major measures that many individuals are dealing with, such as choosing an executor or arranging guardianship for small children. To be official, it is important to witness and notarize your papers, and your attorney will arrange this for you.

Understanding State Laws

In your state, your estate plan must comply with the laws. Laws about probate and trust vary from state to state, and over time they change. Your seasoned attorney for estate planning knows your state laws and keeps up to date with changes. This gives an assurance that your documents comply with your state.

Directing Your Wishes

In the right legal terms, the documents will express your exact preferences. It should be no surprise that the correct legal language for estate documents can be confusing. Many who take a DIY approach to wills and other paperwork do not know for sure if their documents actually state what they want them to say. And when will there be any errors found? After your death, most probably, when it is not possible to correct the papers. Your attorney, on the other hand, will explore your priorities extensively and would like to explain them. To express your desires and ensure that the documents correctly represent those wishes, your estate planning attorney also knows the relevant legal language.

Keeping your Plan Up-to-Date

Keep up to date with your estate plan. A proper estate plan looks years forward to the end of your life, and any transition or change-of-heart that might arise cannot be expected. These should be living records that are revisited and revised at specific moments as your priorities and wishes can change. Your attorney will have a comprehensive analysis and will advise you about what modifications will be best and in what form the improvements should be made. This raises the likelihood of an extension or codicil compared to a new estate plan. You can be directed by your attorney in a way that no DIY service can do.

Being Someone You Trust

When you work with an attorney you work with someone who you and your family can trust. You have a trusted partner that can address your questions when you have a relationship with an estate attorney. Most significantly, whether you become incapacitated, or after you have passed away, your attorney would be someone your family should refer to. Although your loved ones through being upset and mourning, your estate planning lawyer is someone to help them through a division of property.

Preparing the Correct Estate planning Documents

  • Last will and testament: This document is important for planning how your assets will be divided upon your death. Assets will be distributed in accordance with the Intestacy laws without the existence of a Will.
  • Power of attorney: Power of Attorney authorizes a person of choice to act on your behalf and make decisions. There are a variety of types of powers of attorney, which can be tailored to fit the needs of a particular situation.
  • Health care advocate: While Michigan does not recognize living wills, if the person who signed the document is unable to do so, it authorizes the medical powers of attorneys that grant another person the right to make health care decisions.
  • Trust documents: There may be several reasons why a trust can be formed. Many people want a trust to avoid probate.
  • Special needs trust: A special needs trust allows individuals to hold an unlimited amount of assets in trust for an individual with special needs precipitated by some illnesses or physical or mental disabilities.

Always hire an Estate Planning Attorney

Hiring an estate planning attorney to prepare and help execute your legal documents is a smart decision for a variety of reasons discussed above.

If you’re based in Michigan and seeking a competent estate planning attorney, you may contact the Leydorf Law Firm which is located in Lansing, Michigan. Call us today at 517-388-6800 or visit us online.