An estate comprises an array of personal possessions such as savings accounts, vehicles, houses, and furniture. You should determine how the estates will be distributed among your loved ones when you're still in a position to do it.
However, you need help from an estate lawyer when drafting the plan. This plan entails who receives the assets, what they receive, and when they should receive them. In short, your lawyer ensures your executor follows your wishes. Below are a few situations that require the services of an estate lawyer.
When Getting Married or Divorced
A marriage or divorce is a life-changing decision, which requires careful planning of future finances. Since most people combine their assets in the marriage, you need to decide what happens to your assets in case of death.
Through careful discussions with your lawyer, you should get a reasonable plan that suits everyone. In divorce cases, an estate lawyer from a reputable law firm can help you change the initial plan while explaining the implications of your actions to you and your spouse.
When You Get a New Born Baby
Every parent wishes for their child to live a comfortable life once they are gone. Therefore, delivering a baby brings the need for hiring an estate attorney. Your lawyer can help you plan a will including your new child as a beneficiary. An estate plan also shows guardianship of your children in case you and your spouse pass away while the kids are still young.
When You Have Just Been Diagnosed With a Serious Ailment
You should do something about the future of your loved ones after getting diagnosed with a severe ailment that could disable you or lead to death. As the sole owner of the estates, you need to decide how your family will share them. You may also want to draft a power of attorney if you wish your family to stop life care.
When You Become a Business Owner
A business is one of the possessions that require a proper succession plan should you pass on or become incapacitated. Planning eliminates the conflict between family members or business partners since the lawyer takes care of pending matters. Therefore, you should hire an estate lawyer from a reputable law firm to help you draft the succession plan.
Contrary to popular belief, an estate lawyer is not just for the wealthy, retired, or elderly. Everyone can benefit from their services. Therefore, you should start preparing for the future as soon as possible to eliminate possible disagreements over your estate.
For more information, contact a law firm.