Instances To Hire An Estate Planning Lawyer
Planning your demise can be difficult. However, it is essential to protect yourself and your loved ones when you die or otherwise become incapacitated. For instance, planning your estate guarantees you peace among your relatives when you pass away.
Though drafting an estate plan might feel like a waste of money and time, it averts wrangles among your family members. More importantly, it ensures that your hard-earned assets fall into the right hands. But some estates are more complicated to plan than others, requiring the intervention of an estate planning attorney. They include the following:
If You Have Out-of-State Property
If you have assets in different states, it can be hard to pass on your inheritance to another person. That is because certain laws and tax codes differ from one country to another. Luckily, a lawyer knows the steps to take when performing such a transfer. They also understand the legal requirements in such transactions, making the process practically seamless.
If Your Beneficiary Is Not a Citizen
If you wish to leave your estate to a non-citizen, you may have problems with the law. For instance, they need to have a tax ID for tax compliance purposes. A lawyer knows all the hurdles of a non-resident executor. Therefore, enlisting the services of a lawyer ensures that your beneficiary gets the inheritance if you follow the requirements.
If a Blended Family Is Involved
If you have a blended family, dying without a will can bring a lot of contention. This is because the law only acknowledges the division of assets among immediate blood relatives. If you wish to make your stepchildren or step-siblings your benefactors, you'll need to draft a will. Here, your estate planning attorney guides you on the procedures required in adding members to your will.
If You Have a Business
If you own a business, your demise can lead to its end. However, a well-crafted succession plan can salvage your business from falling. So hire a lawyer to help you plan the succession of your business. Remember that your family will need it once you are gone.
If You Don't Want your Immediate Family to Inherit Your Assets
You might want to exclude your family member from the inheritance of your assets for one reason or another. You can use the help of an attorney to create a plan to disinherit them. But in some states, doing this can be difficult if you and your wife share ownership over some properties.
An estate planning lawyer is a valuable partner in passing over your property. They will minimize the disputes that may arise in your family due to property division. Contact a local estate planning attorney to learn more.