There are those that question the value of an estate planning attorney. Why should you pay a lawyer to handle something that is pretty simple at its core? All you have to do is draw up a will when you are old and gray, and you have taken care of this responsibility.
In fact, this is a shortsighted point of view, though it may be understandable to some extent. In this post, we will look at some of the reasons why you should consider engaging an estate planning attorney when you plan your estate.
Plan Design
Most people assume that a simple will is the only document you need unless you are super wealthy. In fact, some of the most common concerns that people have can be more effectively addressed through the utilization of a trust.
The ideal way to proceed will depend on the circumstances. As a layperson, you would have no reason to understand the options that are available to you and why you may choose one instead of another.
On the other hand, when you work with an attorney, your options will be explained to you. At the end of the day, your plan will be carefully crafted to suit your specific needs.
This is important, because every situation is different, and there is no cookie-cutter estate plan that is right for everyone.
Proper Execution
Another thing to think about is the execution of the documents. There are laws that must be followed, and you can be certain that your plan will be constructed in accordance with these guidelines when you secure legal counsel.
Matters You May Never Consider
Your estate plan should also cover the events that can take place toward the end of your life. You should execute incapacity planning documents to assert your choices and empower representatives to handle your affairs if necessary.
Estate Plan Updates
The first estate plan that you put in place will reflect your life circumstances at the time it was created. As time goes on, things will probably change, and some of these events can trigger the need for estate plan updates.
These would include additions and subtractions to the family, changes in marital status, and an improvement in your financial position.
There are also statutory changes that can enter the picture. For example, the federal estate tax is applicable on the portion of an estate that exceeds $13.61 million at this time. This figure is going down to $5.49 million indexed for inflation in 2026.
In addition, there have been major changes to the rules that govern individual retirement accounts over recent years.
A good attorney will always be apprised of the current state of affairs on this level. You simply set up an estate plan review and your lawyer will make the necessary adjustments.
Digital Estate Planning Component
Digital estate planning is a crucial yet often overlooked aspect of comprehensive estate planning. With the increasing digitization of our lives, ensuring that your digital assets are managed appropriately after your death is essential.
Here’s how an attorney can assist you in this critical component of your estate plan.
Identify and Catalog Digital Assets
An attorney can help you identify and catalog all of your digital assets. These include online banking accounts, social media profiles, email accounts, and digital files stored on various devices or cloud services.
Proper identification ensures that no valuable digital asset is overlooked and left unmanaged.
Create a Digital Inventory
Once identified, an attorney can assist in creating a detailed digital inventory. This inventory will list all your digital assets, including login credentials, passwords, and any necessary access information.
Having this comprehensive inventory will facilitate the smooth management of these assets by your chosen executor or beneficiary.
Drafting Legal Documents
A lawyer can draft the necessary legal documents to ensure your digital assets are handled according to your wishes. These documents can include specific instructions on who should have access to your digital assets, how they should be managed, and what should happen to them after your death.
These instructions will provide clear guidance and help avoid any potential legal issues or disputes among your heirs.
Ensuring Compliance with Laws and Policies
Digital assets are subject to various laws and service provider policies. An attorney can ensure that your digital estate plan complies with all relevant laws.
This compliance is crucial to ensure that your wishes are legally enforceable and respected by service providers.
Protecting Your Digital Legacy
By working with an attorney, you can protect your digital legacy. This includes ensuring that important personal information, family photos, and other sentimental digital assets are preserved and passed on to your loved ones.
An attorney can provide the necessary legal support to safeguard these invaluable memories.
Estate Administration Assistance
Your family members probably don’t have any experience with estate administration. It can be complicated for them, but you can make it easy.
When you work with an attorney, you can arrange for them to assist your family during the estate administration phase. A simple phone call is all it will take to receive the necessary guidance.
Attend a Free Seminar!
If you are interested in learning more about estate planning, we urge you to join us at an upcoming seminar. These sessions cover all the most important topics, and they are offered free of charge.
To obtain more information, visit our seminar schedule page. If you decide to join us, please follow the instructions to register we can reserve your spot.
Schedule a Consultation Today!
Today is the day for action if you are going through life without an estate plan. You can schedule a consultation at our Chico, CA estate planning office if you call us at 530-343-3454, and you use our contact form to send us a message.