10 Ways an Estate Planning Attorney Can Help You
When it comes to estate planning, there are a lot of things to think about. You have to make sure that your assets are distributed in the way you want after you die, and you also need to designate someone to take care of your affairs if you become incapacitated. That’s where an estate planning attorney comes in. An estate planning lawyer can help you draft a will, draft powers of attorneys for healthcare and finances, create trusts, and more. In this blog post, we will discuss ten ways an estate planning attorney can help you protect your future.
Attorney Paul Margerie of Margerie Law in Elm Grove helps people create custom estate plans that fit their unique needs. Whether you’re looking to get started on new documents, update your existing plans, or get answers to your questions, we are here. Contact Margerie Law today.
An estate planning attorney can help you in a number of ways, including:
Drafting a will: A will is a legal document that outlines how you want your assets to be distributed after you die. You can also use a will to appoint a guardian for your minor children. If you die without a will, your assets will be distributed according to state law, which may not be how you would have wanted. Learn more about how Margerie Law can help with your will.
Drafting durable powers of attorney for healthcare and finances: A durable power of attorney allows you to appoint someone to make decisions on your behalf if you become incapacitated. This can be used for financial decisions, such as paying bills and managing investments, or healthcare decisions, such as authorizing medical treatment. Learn more.
Navigating your options for trusts: Trusts are legal arrangements that can be used to hold assets on behalf of beneficiaries. There are different types of trusts, and an estate planning lawyer can help you choose the right one for your needs. Learn more.
Designating beneficiaries: When you open a bank account or investment account, you typically have to designate a beneficiary. This is the person who will receive the account assets after you die. You can also designate beneficiaries for life insurance policies and retirement accounts.
Avoiding probate: Probate is the legal process that is used to settle an estate after someone dies. It can be time-consuming and expensive, so many people try to avoid it if possible. An estate planning lawyer can help you do this by creating trusts or transferring ownership of assets before you die.
Understanding estate tax: If your estate is valued at over a certain amount, your heirs may have to pay estate taxes when they inherit your assets. An estate planning lawyer can help you understand the rules around estate taxes and how to minimize its impact.
Choosing an executor and guardian for minor children: The executor is the person who is responsible for managing your estate after you die. The guardian is the person who will take care of your minor children if you die or become incapacitated. You can appoint these people in your will, and an estate planning lawyer can help you choose the right people for these incredibly important jobs.
Taking a thorough inventory of your assets: It’s important to know what assets you have and how they are titled. This will help your heirs understand your estate and make it easier for them to settle it after you die. An estate planning lawyer can help you take inventory of your assets and determine how they should be titled.
Updating your estate plan: As your life changes, so should your estate plan. An estate planning lawyer can help you update your documents to reflect major life changes, such as getting married, having children, or buying a new home.
Putting your mind at ease about the future: Knowing that you have an estate plan in place can give you peace of mind. An estate planning lawyer can help you understand all of your options and make sure that your plans are carried out the way you want them to be.
If you’re looking for an estate planning lawyer in Elm Grove, look no further than Margerie Law. Attorney Paul Margerie has years of experience helping people craft custom estate plans that fit their unique needs. Contact us today to get started.
