While it may seem like a morbid topic to discuss, estate planning is actually one of the most important things you can do to make sure your property and wealth are used in the way you intended them to be used after you pass away. An estate plan ensures that your family members and other loved ones are taken care of or that your life’s work is passed down to the right people. And even though people understand the importance of this plan, many people believe they can do it on their own – that they don’t need the help of a professional lawyer to write up their estate plan. Just because you can find a YouTube video on creating an estate plan, doesn’t mean you should. Here are four benefits to having a lawyer write your estate plan.
An estate plan is more than your will.
Many people will write their own will and think they are done with creating their estate plan. But the reality is that a will, while important, is only one part of your estate plan. An estate plan consists of making a plan for everything you own – homes, cars, insurance policies, belongings, savings accounts, etc. It’s designating who gets what and how it should be dispersed.
An estate plan generally consists of multiple legal documents. Typical Estate Planning documents include wills, financial powers of attorney, and healthcare powers of attorney. The financial power of attorney appoints an Agent. The Agent then has the legal authority to make monetary decisions on your behalf. The healthcare power of attorney appoints a Surrogate. The Surrogate is someone who will make medical decisions for you if you are unable. You can also incorporate a disposition of remains clause in your will or a separate document. This person is tasked with carrying out your wishes about cremation or other funeral arrangements.
These documents represent very important legal decisions Don’t leave the legality of these documents up to a court. Having a lawyer write these documents ensures your intent and wishes are respected. When the time comes for them to be implemented, you can be assured they are written correctly and legally binding.
Save Time and Money.
While it may seem counterintuitive to hire a lawyer to save money, the reality is that by having your estate plan written and set up correctly the first time will actually save you money in the long run. Writing up an estate plan is generally a flat fee for a lawyer. But if your estate plan is written incorrectly, you and your family could be facing hire legal and court fees trying to fix it.
Writing an estate plan takes time and effort. And it can be stressful if you don’t know what you are doing. By working with a professional lawyer, you can be confident knowing that everything is done correctly and you will save the time and headaches of trying to fill out legal documents on your own.
The Benefits of Having a Lawyer Write Your Estate Plan are Many.
An estate plan is too important of a document to leave to chance. It’s never too early to have an estate plan written. Reach out to an estate lawyer in Allentown, PA today for a consultation to discuss how they can help you write up your estate plan.
Call Klenk Law for more insight into estate planning and the benefits of hiring a lawyer.