An estate planning attorney is someone who can help their clients with everything to do with writing wills, setting up trusts, seeing your property passes on to who you want and everything else to do with estate planning. It can be a complicated area, especially as families can get complicated too. Not seeing a lawyer can have some pretty disastrous consequences for those that you leave behind. Here are some things you want to avoid by using a lawyer.
Avoid putting the property in both your names
Sometimes parents will think it makes more sense to have their property placed in their own names along with one of their adult children. That way they get that property when you pass and you got to avoid attorney costs and inheritance costs. But there are problems with this approach so be careful.
If the unthinkable happens and the child dies first, then you still need to decide who to now leave your property to. Or what if something really sad happens like you and your child are in an accident together and both pass. Now the heirs have to face costs that are higher than they should otherwise deal with because your assets are in probate.
Another reason to avoid this approach and just see wills and estate planning lawyers San Diego or where you are is the issue of the debts your child may have. If their name is on your property and they have debt problems those creditors can use your property for collection.
Visiting an asset protection trust attorney is also a good idea.
Going through the process of proving it is yours not theirs and perhaps having to recover funds is difficult. Now costs are definitely higher than they would have been just getting an estate planning attorney to help with a Will.
Avoid leaving everything to just one child
Another idea parents have is to leave it all to one named child and they can then give everything out as they know what your wishes are. First of all of that child dies before you, again you are back to step one.
Also, you are making the assumption that the mix of grief, anger, money, and stress does not cause problems in your family. You might also consider all the stress and work you are putting on that child and whether they will be viewed as the favorite. Seeing an estate planning attorney helps you avoid this.
You need one to set up a Trust or Will
Some families set out to write their own Will but then fail to follow all the requirements that make it legal, and so it is invalid when you pass. If you are not very specific a court might decide what they think you wanted, and that might not be what you meant.
When there is any potential for ambiguity that can mean court visits and increased costs for those left behind. Find the best wills and estate planning lawyers San Diego has and you can get a document that is legal and expresses exactly what you want.
