You don’t have to turn 60 to start planning your estate – A mistake that many Canadians make. Creating an estate plan allows you to have control over how your assets and money are utilized according to your wishes. With online services around, it may seem unnecessary to hire an attorney. However, working with an estate law firm has its merits, and in this post, we share the advantages of choosing a legal team.
- Avoiding probate: If you have a Will, it has to go through probate, which is the process of validating and executing a will. While this sounds simple on paper, the process can be exceptionally lengthy. An estate lawyer will help you sort this out by offering bespoke advice. You could consider assigning your assets to a person from the start if your circumstances permit.
- Avoiding mistakes: Hiring an estate lawyer also means you won’t make DIY mistakes. An experienced law firm will have a team in place, and the experts will share legal information and all the things you need to know. They will also ensure the documents are in order with no room for disputes and litigation.
- Protecting your assets: People also hire estate lawyers to protect their assets. For instance, they can tell you how to have a power of attorney to avoid confusion in case you are incapacitated. They can take steps to protect their minor children.
- Taking care of your loved ones: Do you have a child with a disability? Do you want to leave a part of your estate for your caretaker? Are you keen on disinheriting a spouse? Your estate lawyer can take care of these specific needs and ensure that the final plan considers the needs of those who matter to you.
- Updating your documents: You also need an estate lawyer to sort your documents from time to time. Remember that life is likely to change, and you may want to revisit the initial documents for which you will need advice. Law firms that specialize in estate planning know how to make changes so as not to derail your entire plan.
The truth is estate planning is for everyone. You need to take steps to manage every aspect of your wealth so that you have a comfortable life and your loved ones get what they deserve. Your estate lawyer can also guide you on some critical aspects, such as life insurance and estate planning.