Estate law is a field of law that encompasses an individual’s personal finances and other assets, as well as what will happen with these at the time of their death. While some people choose to make these important decisions without the help of legal counsel, doing so may be against your best interests. Here are two reasons why you should hire an estate attorney instead:
1. Navigate Estate Taxes
Although you will simply be transferring ownership of your estate upon your passing, this exchange of assets can still be taxed by the Internal Revenue Service according to the tax guidelines. And like other forms of taxation in the United States, estate tax rules, as set forth by the IRS, can be maddeningly complex. A skilled attorney can ensure that you abide by all regulations in order to avoid any future fines and penalties.
2. Avoid Probate
Probate is a process that occurs at the end of a person’s life, in which a court determines the value of the deceased’s property, ensures that all debts and taxes are paid off, and distributes it according to the terms of the will. It is extremely expensive though (it can reduce an estate due to court costs and attorney fees), and can actually be avoided by careful planning during life. An experienced attorney can help you make sure that your will is comprehensive in order to protect your beneficiaries from this headache in the future.
Find an Estate Attorney for You
There are multiple reasons further as to why hiring an attorney is beneficial. If you want to create a plan for the future of your assets, contact a skilled attorney today to begin.