4 Signs You Need an Estate Planning Lawyer
Have you ever made a Will? According to a Gallup poll, only about 44% of Americans have done so. That’s unfortunate, because every adult needs an estate plan, now more than ever. And in our everchanging world, you need an estate planning lawyer to help you prepare the best estate plan possible. Though there are many reasons to prepare your estate plan, we will look at four signs you need an estate planning lawyer.
You’ve Been Married More Than Once
Marriage brings with it a host of legal and financial issues. This is particularly true if one or both of the newlyweds have been married before. When blended families include children, succession and inheritance may become tangled.
For example, Chris and Leslie each have children from previous marriages. When Chris dies, he wants his children to benefit from his life’s work, but also wants to support Leslie for the rest of her life. An estate planning lawyer may suggest solutions like establishing a QTIP trust. An estate plan ensures your property goes where you want it to go after you are gone.
You Have Minor Children – You Need An Estate Planning Lawyer
With minor children, estate plans usually address the following:
- Guardianship: A Will typically names at least one guardian to raise the kids if something happens to the parents.
- Balancing Bequests: Parents may want to leave equal amounts to each of their children. Strategies suggested by your estate planning lawyer can help make that happen.
- Protecting an inheritance: It’s painful, but sometimes you realize your children just are not ready to inherit an estate. An estate planning attorney can suggest methods that protect assets from unwise spending habits, creditor claims, and civil judgments.
You Own Firearms
Transferring guns and related accessories can be tricky. If done incorrectly, you and your heirs may violate the National Firearms Act of 1934 and its revisions. Creating a gun trust can allow for your firearms to transfer to heirs confidentially and legally. An estate planning lawyer can help.
You Own Valuable Property
If you own expensive collections, boats, real estate, jewelry, and other valuables, an estate plan is a must. Without one, your assets will pass through probate. However, an estate planning lawyer can suggest options that help you avoid probate and pass your property to the right people.
It’s Simple. You Need an Estate Planning Lawyer.
Planning your estate is more complicated than you realize. Trying to do it on your own is usually not the best option.
As a Florida attorney board certified attorney in Wills, Trusts & Estates, Attorney John Mangan offers effective estate planning to his clients. To schedule an appointment, call us at 772-324-9050 or fill out our Contact Form. Our office is conveniently located in Palm City, Florida.