There are software programs that provide generic estate planning forms. However, they’re not personalized to the individual’s specific needs. Also, the language used in these forms can be complex, and if misunderstood, it will lead to confusion for your surviving loved ones. With the help of an attorney, your estate plan will be comprehensive and precise. 

How Do Attorneys Help With the Estate Planning Process? 

1. Preparation of Documents

An estate plan contains several legal documents, including a will, health care and financial power of attorney forms, and disposition of personal property and remains forms. For some, more legal documents will also need to be provided to complete the plan. 

Attorneys sort out the paperwork and streamline the estate plan's wording so there are no vague terms or potential loopholes that lead to misunderstandings. 

2. Increased Financial Savings

Without an established plan, your estate will go into uncertainty after you pass. By the time it’s sorted, the estate will incur substantial fees, along with potentially increased taxes. 

By using an attorney, the estate will not go into disarray. Experienced attorneys know what questions to ask during the process and where to look in the plan to secure additional financial benefits. They will also work to minimize or eliminate estate taxes within the current regulatory guidelines. 

Some of the services provided by estate planning attorneys are tax-deductible. When given an invoice, attorneys detail the specific services rendered. Check with a tax professional to determine what can be claimed. 

3. Making Future Changes

Births, deaths, marriages, divorces, income changes, property sales and purchases, as well as moving to another state will require updates to the will, trusts, and other estate planning documents you may currently have in place. 

In some cases, a minor codicil to the will or an amendment to the trust will be enough to update the plan. In other situations, the changes will require a complete re-evaluation of the estate plan to make certain the new wishes are followed, probate is still prevented, and estate taxes are minimized. 

4. Complete Legal Compliance 

Federal and state laws on probate and trusts continuously change, as do the policies of the court system and agencies like the IRS. 

Learning these rules and applying them to an estate plan is challenging to do alone. One mistake can void the plan. Attorneys stay updated with the constant changes in laws and policies, ensuring the estate plan remains updated and legally binding. 

Do you currently have a plan? 

With the help of an attorney, your estate plan will be clear, representative of your wishes, and binding. When it’s time to prepare the paperwork, reach out to Pepping, Balk, Kincaid & Olson Ltd. in Silvis, IL. With 75 years of combined experience, their estate planning attorneys will ensure that your assets are placed in the right hands and that your family’s needs will be fulfilled even after you’re gone. For more information on their practice areas, visit their website. To schedule a consultation, call (309) 755-5096.