Estate Planning Attorney: 3 Situations When Hiring One Is Unavoidable
Estate planning is critical for many people, but most people shy away from it for various reasons. But as a parent or guardian, it's good to plan your estate because it helps you avoid serious family disputes when you are gone. Where possible, you should plan your estate while you are still sound and in good health to do it properly. Life situations change, and most of these changes may have a huge impact on your estate. However, planning your estate is easy when an estate planning attorney guides you. See when hiring one to help you plan your estate might not be optional.
You Need a Trust for a Disabled Loved One
If one of your loved ones is disabled, you may need to create an estate plan or revisit the previous one. You may also need to set up a trust for them to help them maximize their benefits. As you set the trust, you are expected to follow certain rules to make it effective. And because you want the beneficiary to benefit maximally, look for a reputable estate planning lawyer to help you set it. They know how to structure a trust for individuals with special needs and their allowable distributions. If the disabled beneficiary is entitled to some government benefits, the lawyer will set a trust that will protect their benefits.
You Had a Child
As you plan your estate, consider the kind of impact the plan will have on your children. Some people plan their estate while still hoping to have or adopt a child. This means they may have to revise the plan and update it when they have or adopt a child. In this case, hire an estate planning attorney to help you identify the changes you need to make. For instance, you may have to name the child or children as the beneficiary instead of the earlier mentioned person. Consider who could be your child's guardian in case both you and your spouse pass on.
You Recently Got Married
You sometimes have to make major decisions in life, and some are abrupt. However, don't forget that any decision you make could somehow impact your estate plan. For instance, you may need to combine your assets with your partner's when you get married. This means you need to update the previous estate plan, if you had any, to suit your current needs.
The two of you have to agree on how the estate will be distributed in case any of you dies. But because you may not know how to do it properly, it's good to involve an estate planning attorney to avoid devastating implications. In case of divorce, ensure you make the necessary estate plan changes to suit your needs.
To learn more, contact an estate planning service.
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