When you think about estate planning, what’s the first thing you think of? For most people, it’s probably the last will and testament. The will is surely the most commonplace and widely recognized estate planning document, yet it hardly represents the full scope of what estate planning law is about.
On the contrary, advanced estate planning offers plenty of ways for you to prepare for an uncertain future. As such, it may not be enough to work with a will planning attorney. Instead, we would recommend discussing your needs with an estate planning attorney, who can provide you with a wider range of expertise.
Going Beyond the Will
To be clear, having a will is not necessarily bad. It’s certainly better than having no estate plan at all! For many individuals, however, a will alone is insufficient.
What does a will do, exactly? As you are probably aware, a will is a legal document that allows you to outline where your assets go when you die; essentially, it answers the question of who gets what. Additionally, you may use your will to specify guardianship of your children, should you and the other parent both die at the same time.
These are important considerations, but, as any estate planning lawyer will tell you, they don’t represent the full extent of what estate planning can be. Indeed, estate planning law also allows you to minimize tax burdens, protect your privacy, avoid probate court, and more… all things that you can’t do with a will alone.
The Advantages of Working with an Estate Planning Law Firm
By working with an estate planning lawyer, as opposed to just a will planning lawyer, you can reap the full benefits of the law. Some examples:
- Keep your estate out of probate. If you die and leave only a will behind, there is a high chance that your entire estate will enter probate court. Not only will this delay your beneficiaries receiving their inheritance, but it may also cause them to incur some legal expenses and other headaches. You can avoid all of this with more advanced estate planning, such as the use of a trust.
- Conserve your privacy. When your estate enters probate court, its contents become a matter of public record. The good news is that, if you wish for the contents of your estate to remain confidential, there are ways of accomplishing that. Again, a trust may be useful.
- Plan for other issues. Estate planning isn’t just about your physical assets. It’s also an important way to ensure your wishes are upheld, even if you become incapacitated. For example, a power of attorney allows you to appoint someone to be your legal representative, should you ever fall into a coma or become otherwise unable to speak up for yourself. A power of attorney lawyer can really be invaluable.
- Minimize tax burdens. Finally, when you meet with a more advanced estate planning attorney, you can discuss strategies for minimizing taxation, allowing your heirs and beneficiaries to enjoy the full value of the estate.
These are just a few examples of what you can accomplish when you work with an advanced estate planning lawyer and go beyond the last will and testament.
Contact Singh Law Firm Today
To speak with an attorney from Singh Law Firm, reach out to us directly. We would love to fill you in on the benefits available to you through our knowledge of estate law. To schedule a consultation, please contact our estate planning law firm at your next opportunity.