A lot of people do not understand why an estate planning lawyer is necessary. All you have to do is download a will template from a website, right? In reality, this are many reasons why legal counsel can be invaluable, and we will look at four of them here.
Choosing the Right Asset Transfer Method
There are different ways to facilitate transfers after you pass away, and a will is not the right choice in many instances. First, there is the time factor. Do you want your loved ones to wait for close to a year to receive their inheritances even if there are no complications?
This is exactly what will happen if you assert your final wishes in a will. The executor that is named will administer the estate, and they will do so under the supervision of the probate court. The process will take eight or nine months at minimum, and the inheritors will have to wait it out.
When a will is used, the people that are named in it as beneficiaries receive lump sum inheritances. This can be concerning if you are going to be leaving a bequest to someone that is not good with money.
Special circumstances can enter the picture as well. People with disabilities often rely on Medicaid for health insurance. This is a need-based program, so a direct inheritance that is received through the terms of a will can cause a loss of eligibility.
We are just scratching the surface here with regard to the different situations that can exist. When you work with an attorney from our firm, we will gain an understanding of your family dynamic and your objectives. All of your options will be explained so you can make fully informed decisions.
Avoid Mistakes
It is possible to execute a legally binding will or trust using a generic boilerplate document that you get off the internet. However, experts have noted that laypeople can make mistakes when they use these downloads and worksheets without any legal knowledge.
When you plan your estate, you are arranging the transfer of everything that you have accumulated to the next generation. This is a pretty big deal, and there is a lot of money involved. DIY projects are great in some cases, but you have to know where to draw the line.
Become Apprised of Relevant Laws
Laws that impact the estate planning process are subject to change at all times. There have been significant changes to the individual retirement account parameters recently, and there are more on the way. The estate tax exclusion is also going to change considerably in 2026.
If you are not aware of the current state of affairs, you can make mistakes that yield unintended negative consequences. This is true if you are developing your first plan, and an existing plan can be out of date because of relevant changes that were never addressed.
Estate Plan Reviews
With the above in mind, the initial estate plan that is put in place will be based on circumstances at that time. Over the years, life changes and/or legislative mandates can render an existing estate plan obsolete. When you work with an attorney to review your plan, you can make the proper adjustments.
Attend a Complimentary Seminar!
Since you are here, you must be looking for information about estate planning, and you are making the ideal connection. We have a treasure trove of useful information on this site that you can access at no charge, and we also offer seminars on an ongoing basis.
These events are very well received, and they are held at nice, convenient locations in the areas we serve. You can see the dates if you visit our seminar page, and we ask that you register in advance if you decide to join us so we can reserve your spot.
Need Help Today?
If you would like to take action to put a plan in place sooner rather than later, we are here to help. You can call us at 860-548-1000 to set up a consultation appointment, and you can use our contact form to send us a message.
Mr. Florin is admitted to practice before the courts of the State of Connecticut and the State of New York. He is also a member of the American Academy of Estate Planning Attorneys, the National Academy of Elder Law Attorneys, the Connecticut Bar Association, and the Fairfield County Bar Association.