When it comes to figuring out your last will and testament, it is rather important to make sure that you have an estate planning attorney by your side. If you are unsure as to why this is, you might want to take a few small moments to checks out the following reasons. This way, you can make the most informed decision for how you are going to complete your last will and testament.
Help Figuring Real Estate Gifts
If you have decided that you have real estate that you would like to leave to one or more people, you will need a little help with the planning. In many cases, those who receive the property are going to be subject to inheritance tax on that real estate. You might not like the idea of straddling someone with that kind of debt. Maybe you feel that they would not be able to afford it and therefore could lose the property that you wanted them to have. In such cases, your estate planning attorney can help you figure out ways to settle such problems. For example, your attorney can get a rough estimate of how much that tax will be, and then you can take out a life insurance policy specifically for the purpose of covering that expense.
Ensures No Future Fighting
If you are not careful with the wording of your last will and testament, there is always the chance that a relative will later dispute the validity of that document with the courts. Since you will not be around to voice your wishes at that time, you need to make things extremely clear in the documents that you are preparing now. In fact, simply making sure that you have an estate planning attorney could prevent future problems from ever arising. This is because your attorney will look for holes or potential claims of ill will and make sure that your last will and testament becomes bullet proof.
Notes Child Guardianship Order
It is important to make sure that you are not just naming someone to care for your children should something happen to you while they are under the legal age of adulthood, but who would step in if the named person is unable or unwilling to take on the responsibility. Your attorney can help you come up with the right wording so it is clear as to who is to end up with the children and in what order.
As you can see, there are many reasons to hire an estate planning attorney like Stuart W. Moskowitz, Esq., CPA. With his or her help, you will be able to complete a last will and testament with confidence.