The very first question to start with is if you ever made a will under your name? Unfortunately, this number is very less. According to surveys, the percentage of people who have done so is just 44%. In this everchanging world, every adult must have an estate plan. With the dynamicity around us, having an estate plan ensures that the assets are rightly distributed after you pass away. And for that, you will be needing an adept and experienced lawyer.
So here are the signs that indicate you must hire an estate planning lawyer:
You have been married more than once
With marriage, there will come a lot of issues, both financial as well as legal. This is even more true if any of the newlyweds already had a prior wedding. In case of blended families, the issues of succession, children, and the inheritance may get tangled. Some might get the benefits while others might be deprived of their rights. So having an estate plan will ensure your property gets distributed as planned.
You own firearms
The issues related to the ownership and transfer of guns and their related accessories can be a lot tricky. It is very much possible for your heir and you to violate the National Firearms Act and any of its revisions. If you are creating a gun trust, you might be able to transfer the firearms to your heirs in confidentiality and by following legal terms. You can be best helped by an estate planning lawyer in this scenario.
You own valuable properties
You might be having expensive collections, real estate, jewelry, boats, airplanes, or other valuable belongings. In such a scenario, it is must to have an estate plan. Without an estate plan, you will have your entire assets passed through probate. However, with an estate planning lawyer by your side, you will get better options that will help you avoid probate and your property will be passed on to the right people.
You have minor children
In scenarios where children are minor, estate planning addresses the following:
- Guardianship: At least one guardian is mentioned in the will who will raise the children after the parents.
- Balancing Bequests: Equal amounts will be left for each child by their parents.
- Protecting an inheritance: When you realize your children are not the right choice for your estate and you look for other methods to protect your assets.
It is better to plan things right with Litvack Dessureault LLP avocat succession.