There are many advantages when you have an attorney who specializes in estate planning. However, having one may not always be mandatory. Regardless, there are many situations where the need for an estate planning attorney would be beneficial so that their estate remains inclusive and its purpose is met.
Below are a few circumstances when an estate planning attorney should be involved so that you can avoid the hassle.
You Need Assistance with Succession
If you have assets or property that are out-of-state, then you may find the entire succession process to be complicated. This complication is especially true when the laws of each state may differ in estate taxes and the transfer process as a whole itself.
Your Assets or Property are in a Foreign Country
If you want to bequeath assets or property that are foreign, then it would be a good idea to hire an estate planning attorney who resides in the same country. This will eliminate the need for you to make trips back and forth dealing with the legalities and requirements that the foreign country deems necessary.
You´re Planning a Legacy
Leaving a legacy will require an estate planning attorney to open a trust for charitable purposes. This is great when a charitable tax break may be involved.
Disinheriting Others in your Family
When you feel the need to disinherit family members, it may seem a little difficult if you live in an area that recognizes community property. If that is the case, then disinheriting your spouse will not be possible.
Your Family is Blended
It is highly likely that your blended family members will not receive any inheritance. However, to guarantee that they will, you need to include specific instructions that outline their specific inheritance.
Family Members Requiring Specific Needs
Providing care for a loved one may require having a guardian assigned when you are no longer there. Your estate planning attorney can get the guardianship your loved one will need. They can also set up a trust for all of their special needs.
Preventing Medicaid From Making Claims
Receiving long-term care from Medicaid may cause a recovery if you have an estate. In order to prevent the Medicaid Recovery program from making a claim, you need to hire an estate planning attorney to write an estate plan that is solid so that your assets stay protected and your family receives what they are due.
Setting Up a Trust that is Irrevocable
Having your estate planning attorney open an irrevocable trust will allow it to never be changed or closed. It is crucial to have a complete understanding of this trust type, so talk to an attorney about it.
Conclusion
When you are deciding to have assets passed on to loved ones, you will love the fact that an estate planning attorney can alleviate the difficulties involved. If you need additional assistance with your estate planning, you should reach out to us today.