Living in today’s fast-paced world means being ready for life’s unexpected twists and turns. Just look at this from a recent survey: over 60% of adults in the United States don’t have a will. The share of Americans ages 18 to 34 who reported having a will jumped from 16% in 2020 to 27% in 2021. It’s a real wake-up call because having a plan in place is a way to protect yourself and your loved ones.
A will is a critical document because it allows you to establish how your assets will be handled after you die. If you do not have a designated recipient, state laws will dictate the distribution of your assets. This could potentially lead to complications and additional costs for your heirs as they navigate the process of claiming their inheritance.
And when it comes to creating a will, hiring an attorney is similar to having a trusted guide by your side where your wishes are properly documented, executed smoothly, and legally sound. Sure, DIY-ing your will might seem like a money-saver, but there’s the risk of disputes among heirs or delays in estate distribution—not exactly the legacy you want to leave behind.
Whether you’re drafting your first will or revising an existing one, a will lawyer near you can help you decide how you want to protect your assets. Consider these top reasons why you should hire an attorney when creating your will.
Expertise in Legal Requirements
When hiring an attorney to create a will, look for someone who possesses expertise in understanding and meeting the legal requirements specific to your situation. A knowledgeable attorney will be able to guide you through the estate planning laws and their finer details, ensuring that your will is valid and complies with all necessary regulations. They’ll help you with state-specific requirements, tax implications, and the proper execution of your will.
When you’re considering a will, you must know that there are pros and cons along with it. One of the cons of a will is that it will take a lot of time to be finalized. And it also has to go through probate, where the assets of the deceased person are formally transferred to their new owners. All of the assets left behind are referred to as the deceased person’s “estate.” The estate is settled during probate.
During this process, creditors and others can make claims against the estate and then remaining assets are transferred to new legal owners. If there was no will, then state intestacy laws will determine who assets transfer to during the probate process. But did you know that there’s another process of probate called ancillary probate, which is a special type of probate proceeding that takes place in addition to the primary probate proceeding. Ancillary probate often becomes required because the probate court in the home state does not have any legal jurisdiction over property that was owned by the decedent out-of-state.
Avoid Costly Errors
To ensure a seamless and accurate process in creating your will, it is important to be aware of potential expensive errors that can occur if not handled by an experienced attorney. Here are some common costly errors made when creating a will:
- Improper Execution: State laws have different approaches to how a will should be signed and witnessed. Failing to follow these requirements could render your will invalid and end up with lengthy and expensive probate processes or even your assets being distributed contrary to your wishes.
- Inadequate Language or Ambiguous Terms: Using vague language in your will can cause confusion and disputes among your beneficiaries, which may result in expensive legal battles that could deplete your estate. An attorney can help draft clear and precise terms that leave no room for interpretation.
- Overlooking Important Details: Updating beneficiaries or failing to account for all your assets can also result in costly errors. An attorney can assist you in considering all aspects of your estate and having your will accurately reflect your wishes to save you and your loved ones from unnecessary expenses and complications.
Tailored Estate Planning
A more personalized approach to structuring your estate involves consulting with an experienced attorney to tailor your estate planning according to your specific needs and goals. An attorney specializing in estate planning can give invaluable insights into creating a comprehensive plan that aligns with your wishes. By working with them, you can have the assurance that your assets will be distributed according to your exact desires while taking into account family dynamics, charitable giving, and tax implications.
Through tailored estate planning, you can also address unique circumstances, such as providing for family members with special needs, protecting assets from creditors, or planning for business succession. An attorney can help you through the strict legal requirements and draft documents that accurately reflect your intentions. They can also assist in updating your estate plan as your circumstances change for it to remain relevant and effective over time.
Minimize Family Disputes
When it comes to creating a will, emotions can run high, and family members may have differing opinions on how assets should be distributed. An attorney can act as a neutral third party, guiding you through the process and having your wishes clearly outlined in a legally binding document. By having a professional oversee the creation of your will, you can reduce the likelihood of misunderstandings or disagreements among your loved ones in the future.
An attorney can help you make informed decisions about how to divide your assets, taking into account factors such as tax implications and state laws. They can also assist in drafting specific language to prevent ambiguity or misinterpretation, which can often lead to family conflicts. Addressing potential sources of contention upfront and having your will comprehensive and legally sound can protect your family from unnecessary disputes during an already difficult time.
Validity and Compliance
Navigate potential hurdles by ensuring that your will meets all legal requirements and adheres to relevant regulations to guarantee its validity and compliance. When creating a will, you have to follow specific guidelines to have your wishes carried out as intended.
An attorney can help you through its legalities, making sure that your document is legally sound. Legal requirements for wills vary by jurisdiction, and an attorney can have your will comply with the laws in your state or country. Enlisting them can help you avoid common pitfalls that may invalidate your will. An attorney can also assist in addressing any special circumstances that may impact the validity of your will, such as blended families or international assets.
Conclusion
When creating a will, an attorney can have your wishes carried out smoothly and legally. Their expertise can help you with the legal requirements, avoid costly mistakes, and tailor your estate planning to your specific needs.
By minimizing family disputes and having them valid and complying, an attorney can offer peace of mind, knowing that your assets will be distributed according to your wishes.
