The hidden importance of an estate attorney

A lot of people are of the opinion that hiring an estate attorney is a waste of money and time. The truth could not be further from that. It may look tempting to do stuff alone, but there are legal ramifications if the planning documents of the estate are in improper state or order.

The cost involved in hiring the services of an estate attorney is nominal when compared to the cost required to settle probate issues. On top of this, there is the advantage of lawyers advising you of different strategies to protect your assets during the course of your life. As an example you can arrange for a power of attorney in order to authorize a close friend or a relative to take care of your personal and private affairs as well as medical affairs if you, god forbid, are not in a position to make those decisions yourself.  

There are many things that can induce you to go for estate planning. Events like having children, getting ownership of a business that is family owned, ownership of real estate, and other significant life events may require the estate lawyer to adopt suitable strategies for your benefit.

Guardians and parents will have the health and safety of their minor kids in mind, and may want to make proper arrangements for their care in their absence, wherein a will is required to prove legal guardianship henceforth. Without a proper will, the child may have to be placed in the care of a state guardian till he/she turns 18. Thus relatives need to hire family lawyers to appear in court and appeal on their behalf for legal guardianship. While a judge will usually prefer that the child should stay with known faces, it may not be the outcome in all cases.

You, as a parent can also ensure the future of your child by setting up a trust in their name. These trusts are in the management of a Trustee, who has to agree to comply with the instructions as to in what manner the assets and the money will be used. On another note, if you have a small business that you have inherited, you will need a lawyer to help you navigate the twists and turns effectively or risk going down under. Also if you have real estate in another state, you could be looking at multiple probates.

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