Are you thinking about revisiting your will? It may be a good idea to have an estate planning attorney take a second look. Having an updated will is an essential part of estate planning and ensuring that your family's financial future is secure. Life changes quickly, and it's important to ensure that your will still reflects your current wishes. That's why having an estate planning attorney periodically review your will is so important. Here are several good reasons you should have an estate planning attorney look over your will:
1. Life Changes
If you've gone through any major life changes since creating your will, it's important to ensure your wishes are still accurately reflected. This could include getting married, divorcing, having children, or experiencing a significant change in financial circumstances. An estate planning attorney can help ensure that your assets are distributed according to your current wishes.
If your estate is large or complex, it's especially important to have an experienced lawyer review your will. This is because there may be multiple beneficiaries and a variety of assets to consider, such as real estate, businesses, and investments. A lawyer can help ensure that your wishes are clearly stated and that all necessary legal steps are taken.
3. Avoid Probate Costs
It's important to note that the average cost of probate (the legal process of administering a deceased person's estate) is 3%–7% of the assets, depending on the size and complexity of the estate. Having an estate planning attorney review your will can save your loved ones time, stress, and money in the long run.
4. To Avoid Family Conflict
Unfortunately, disputes over wills and estates are not uncommon. Having an estate planning attorney review your will can help prevent disputes from arising in the first place. A lawyer can help ensure that your wishes are clearly stated and that your will is legally binding. It has the added benefit of maintaining family harmony.
5. To Take Advantage of Tax Planning Opportunities
An estate planning attorney can help you take advantage of tax planning opportunities that may not have been available when you first created your will. For example, if you have a large estate with assets that now attract higher taxes, a lawyer can help you set up trusts to minimize taxes and protect your assets against these adverse tax changes.
Overall, there are good reasons to have an estate planning attorney review your will. Whether you've experienced major life changes, have a complex estate, want to avoid disputes, take advantage of tax planning opportunities, or want to protect your loved ones, good legal counsel can help ensure that your wishes are carried out according to your desires. Don't let your will gather dust; consult an estate planning attorney — such as at https://www.linskylaw.com — to review and update it ASAP.