There’s a common misconception that only the very wealthy need the help of an estate planning attorney. However, estate plans are about much more than who gets your assets after your death.
No matter your financial situation, you can benefit from the services of an estate planning lawyer. These are some of the most important tasks your lawyer can help with.
Creating a Will
When most people schedule their first appointment with an estate planning attorney, they want the attorney to help them write a will. Even if your estate plan includes a number of other documents, your will is still an essential element.
Don’t underestimate the importance of a will created by an attorney. Online will templates have become popular, but many of these templates use language that is vague enough to be accepted in every state. This can lead to difficulties with interpretation after your death.
Establishing a Trust
A trust is a legal entity established to hold assets. Depending on the type of trust, it can accomplish a number of different objectives:
- Keep assets out of probate
- Reduce your tax burden
- Establish an income stream for loved ones
- Protect assets from creditors
- Maintain privacy
Trust law is complicated, but a skilled estate planning lawyer can discuss your options in plain language and help you decide which trust best serves your needs.
Forming a Business
If you’re starting a business, your estate planning lawyer may help set you up for success. These are some of the most important services that new business owners can benefit from:
- Choosing the right business structure
- Finding the right insurance policies
- Drafting internal agreements
- Obtaining state and federal tax IDs
- Filing all necessary paperwork
Even if you already own your own business, your estate planning attorney can help you draft important documents to protect this major asset.
Establishing Power of Attorney (POA) and Advance Directives
No one likes to think of being incapacitated. However, when you have a power of attorney in place, a trusted person can seamlessly step in to handle your affairs. There are many types of POAs, and your lawyer can help you choose the right one.
In a similar vein, you may want to create an advance directive (sometimes called a living will). This document outlines what types of medical care you do and do not consent to if you are unable to communicate your wishes.
Our Estate Planning Attorneys Are Here to Help
Your estate planning lawyer can do far more than just help you draft a will. To make sure your estate plan meets your needs, find an attorney who will work with you to develop a comprehensive plan for your future.
The team at Mason Law and Planning Group is committed to seeing the big picture, and we’re ready to help you discover the peace of mind that comes only after you’re fully prepared for the future.
If you need to update your estate plan or you’re looking to create one for the first time, contact us to book a consultation today!