Reasons To Hire A Deceased Estates Lawyer
Most people underestimate the benefit of hiring a deceased estates lawyer. Unknown to them, the professional can significantly ease the estate planning process. Continue reading this piece to understand the benefits of hiring a deceased estates lawyer.
Asset Protection
The primary reason to hire a deceased estates lawyer is to protect your assets and interests once you die. Typically, the lawyer assesses your needs and develops a viable estate division strategy. In most cases, the lawyer uses a will to divide your assets among your beneficiaries. The professional ensures that the will is watertight to prevent disputes after you die. The lawyer can also devise intelligent strategies to protect property. For instance, they could advise you to create joint asset ownership with your preferred beneficiaries. Once you die, these assets pass on to your beneficiaries without the need for probate.
Creating Trusts
Trusts enable you to control how beneficiaries use their inheritance. For instance, you can determine the funds they receive annually. Besides, you could prevent a beneficiary from accessing estate funds until they meet a specific requirement (such as marrying or going for drug rehabilitation). Your deceased estates lawyer will recommend a trust that meets your needs. For instance, a family trust would be ideal if your spouse is the trustee. On the other hand, a unit trust protects the beneficiaries' interests since the trustee does not manage the trust.
Power of Attorney
A power of attorney (POA) is a document that allows a trusted individual to make financial and medical decisions if you are incapacitated. For instance, they could authorise surgery or ask the doctors to remove you from life support. Your lawyer will ensure the POA does not affect the running of your estate. For instance, they could limit the agent's financial authority to ensure they do not misuse the estate funds.
Handling Wills Disputes
Most testators are often worried about disputes after writing their wills. Your lawyer ensures that the will has clear instructions to avoid contradictions that could cause disputes. For example, they could ask you to include an explanation letter to justify how you shared property or why you left a beneficiary out of the will. In some cases, some family members might want to dispute the will if they feel that it is unfair. In this case, the lawyer explains the implications of disputing the document. For instance, the court could rule against them.
When hiring a deceased estates lawyer, consider their expertise, experience, licencing, and pricing. Besides, ensure the professional is reputable for high-quality services.