In the past year, we’ve seen the largest increase in younger families creating an estate plan than ever before. With such a huge surge in interest, it’s important that we talk about what estate planning is and how to correctly go about it.
An estate plan goes far beyond creating a will and selecting an executor. A solid estate plan ensures that every single one of your assets is accounted for and that your wishes will be carried out to a T.
One question people often ask is, what is an estate planning attorney? What roles do they perform and do you need one?
Read on to learn the basics of what estate planning attorneys do and why you should hire one today.
What Does Estate Planning Cover?
As we mentioned earlier, estate planning goes well beyond the creation of a will (although wills are a large part of estate planning).
Many of your assets must be accounted for in ways other than drafting a will. For example, you may have investments that allow you to designate a beneficiary that you may not be able to include in your will. These investments include retirement accounts such as IRAs or 401ks, life insurance policies, stocks and bonds, and more.
Estate planning also ensures that your wishes will be carried out by the people of your choosing. When creating your estate plan, you will typically select a medical power of attorney, financial power of attorney, executor, and guardian(s) of any of your children who are under the age of 18.
What Is an Estate Planning Attorney?
As you can imagine, getting all of these details in order can get tricky. There is quite a bit of paperwork that goes into estate planning and important laws that may dictate what you can and cannot do with your assets.
Plus, there are a lot of unexpected hiccups that your beneficiaries may face after your passing.
Estate planning attorneys can protect your assets from falling into the hands of any predators or creditors your inheritors may be dealing with. Estate planning attorneys can also put in measures to keep your inheritors from dealing with the probate process, which can tie up their inheritance for years–and cost quite a bit of money. (Learn more about probate to understand why it’s in your best interest to prevent this from happening.)
When you work with an estate planning attorney, you can rest assured that your assets–and your executor, inheritors, and wishes–are legally protected.
Protect Your Estate With an Estate Planning Attorney
If you’ve recently become interested in estate planning, you may have wondered, “What is an estate planning attorney? Do I need one?” We hope that our quick guide has given you the insight you need to approach the estate planning process carefully–and with the help of an attorney.
Do you want to know more about the ways in which finance and law intersect? Take a look at our finance and law section and find out how you can grow and protect your finances today, in the future, and after your passing.