It's been reported that only a little over half of Canadians have wills, with most of them being citizens aged 65 years or older. While it seems like something you can put off until later in your life, it's a good idea to start planning early.
If you're starting to put your estate together, who should you turn to for help? Many hire lawyers for estate planning, but are they really necessary?
That's what we're here to look at today. Read on to find out more about the 5 reasons why you need to hire an estate lawyer.
1. AVOID LONG PROBATE PROCESS
The probate process is when a the executor of the will is confirmed for the administration and distribution of the estate. This might sound simple but can actually take a long time if you don't have the right system set up. It can also be very expensive.
As such, avoiding a long, protracted probate process is preferred by most clients. An estate lawyer helps you sort these instances out to make sure every family member receives your estate.
Probate processes can also be shortened exponentially if all of your assets are assigned to a specific person from the outset. A lawyer often helps out in those instances as well.
2. DO AWAY WITH COSTLY MISTAKES
Hiring an estate lawyer means planning everything far ahead of time. It also means ensuring all of your documents are in order and reflect all the right information.
Things like naming your beneficiaries are crucial given some of the tax implications. Other small things like writing incorrect numbers down or not updating information are avoided when a lawyer looks everything over.
3. LAWYERS KNOW HOW TO PROTECT ASSETS
Speaking of planning, an estate lawyer organizes all the right information to create a plan specifically for protecting your family and your assets. This plan includes the power of attorney, the will, and other things.
More importantly, these plans name who will be getting what. If you're worried about whether your children and grandchildren will receive your estate, hiring a lawyer is a must.
4. CATER ESTATE TO YOUR NEEDS
Every family is different but estate lawyers make sure everyone is taken care of all the same. If someone has a special needs child or someone with a disability, estates can be arranged to reflect their needs.
The best law firms ensure you work with lawyers with expertise in special needs law or another field that reflect your situation. Without an estate lawyer, you'll end up figuring these logistics out on your own.
5. EASY UPDATES TO DOCUMENTS
When you sort out your estate relatively early in your life, you'll find that life can get in the way of a few plans you've had in store. An estate lawyer will ensure that these plans aren't completely derailed by small changes.
Legal documents can be updated when life events occur, putting you at peace of mind. It's crucial that your estate reflects your needs no matter what, and lawyers help facilitate that.
CONSULT AN ESTATE LAWYER
Making your will and planning your estate can be a stressful, confusing process. Lawyers are here to make everything that much easier.
Looking for reliable wills and estate lawyers in NW Calgary? Contact Dukeshire Law Office to book a consultation.