Some people believe that estate planning is something that they can do on their own. However, you need to think about this issue carefully. The December 2010 legislation of tax relief left the property value that you can leave free of estate tax to $5 million adjusted for inflation every year. The other critical modification entailed the maximum estate tax rate to a high of 40%.
Due to these changes, there is a rise in the number of individuals who avoid paying for attorney services on this kind of law. What you may not realize is that the business of estate planning is a complex one. It may only take an incorrect wording or single missing signature to alter a will. In this article, we will be looking at three compelling reasons that make it a necessity to hire Weisinger Law Firm for estate planning.
- Specific State Laws
Each state has its laws regarding the determination if the person to be included and excluded in a financial power of attorney, medical power of attorney, will or trust. We also have variations between the formalities that citizens need to observe while signing the estate planning document. What you need to do is Florida may be the opposite of what people in Arizona are doing. For instance, in some states, you must be related to your representative by blood or marriage, if not they must be residents of the country. The implication of failing to meet such a criterion is that the law will not allow the individual to act as a personal representative.
- Caveat Emptor
The phrase is an old Latin saying that translates to mean ‘buyer beware.’ The emergence of the internet has resulted in an abundance of legal documents that you can get online. Some of them make you feel as if there is no need to have legal representation. The challenge is that you may happily fill in your legal form and you discover that some parts of even all your medical power of attorney, financial power of attorney, will, or trust does not work as per your expectations. In such a case, your family members may have to pay a vast sum of money to correct the error and will be forced to hire a real estate lawyer to handle the process.
The business of estate planning is complicated and if you are a business owner, are in a second marriage, don’t have kids or they are still minoring, or own real estate n a different state, you will require the advice of a real estate planning lawyer. There are several other situations in addition to the ones above that can get complex quickly.
You may carry out a lot of research, but this will not give you the legal expertise to handle real estate planning issues. If you are not willing to hire the services of a real estate planning lawyer, you may end up spending 3 to 5 times more case from the back-end. You can make things easier for your family and alleviate any stress you may go through by contacting a trustworthy real estate attorney to help you out.