Estate planning is an important process to undertake, as these documents can ensure your assets are securely distributed among your loved ones. Since drafting the proper documentation can be lengthy, enlisting the help of an attorney is the best way to ensure all legal paperwork is completed thoroughly and efficiently. After scheduling an appointment with a lawyer, the information below can help you better understand estate planning.
Common Estate Planning Questions Answered
When should I create an estate plan?
You might associate estate planning with old age or illness; however, it’s never too early to draft a will. Young parents are encouraged to draft wills to ensure their children are cared for in the event of a sudden death. Estate planning allows parents to appoint a suitable guardian and distribute assets among their children.
Can I change my estate plan?
Some people are hesitant to take a proactive approach to estate planning because they're unsure of what they want. You may also postpone drafting a will if you anticipate major changes in your family dynamic or financial situation. Excluding irrevocable trusts, modifying estate documents as needed is simple. After making arrangements, it’s important to review them periodically to ensure they still reflect your wishes.
Are there ways to avoid probate?
Probate has a reputation for being a long and arduous process. Fortunately, there are ways to bypass it when distributing assets. For example, you could transfer property to a trust while still alive. You could also establish joint tenancy with a right of survivorship. A seasoned attorney can evaluate the situation and help you determine the best strategies for avoiding probate.
Do I have to hire a lawyer to draft a will?
Although you can find a variety of templates for last wills online, it’s best to seek legal counsel. After all, everyone’s situation is different, and there is no guarantee that the template you choose will take into account the specifics of your case. If you’re determined to write your own will, it’s wise to hire an attorney to review it. A lawyer will ensure its terms are both unambiguous and legally binding.
If you’re ready to start estate planning or need to modify existing arrangements, turn to the knowledgeable team at PoindexterHill, P.C. in Waynesboro, VA. Since 1976, this firm has provided strategic legal counsel for clients throughout the Shenandoah Valley. In addition to estate planning, the attorneys practice business law, criminal defense, civil litigation, personal injury law, probate administration, and real estate law. To learn more about the services they provide, check out their website. To schedule a meeting with a lawyer on their team, call (540) 943-1118.