Five Situations That Require an Estate Planning Lawyer

Many people assume that they will only need an estate planning lawyer to create their will. However, many different situations require an estate planning lawyer. Perhaps you have been named as an executor or a trustee, and you need help with filling your duties. Or, you may be a potential beneficiary to a will, and you have questions about how to pursue your interest. No matter your estate planning concerns, it is wise to seek legal advice as soon as possible from a knowledgeable estate planning attorney.

Sometimes people think that after they have created an estate plan, they do not need to do anything else to prepare for the future. However, you may be required to change your estate plan any time you experience a life change. For example, if you get divorced, remarried, have more children, or move, you may need to update your estate plan. Each state has its own estate planning laws.

If you move to another state, you could become disadvantaged if you do not update your plan. The last thing you consider when you move or have another child is rewriting your will. Keeping in touch with your estate planning lawyer can help you understand when you need to update your estate plan.

None of us has the time to keep up with all of the changes in the law that affect retirement and estate planning. However, legal changes can have an extensive impact on your estate plan. For example, Congress recently passed the CARES Act to deal with the coronavirus pandemic. This law contains significant changes dealing with when you can withdraw money from your retirement accounts penalty-free.

At Arnold & Smith, PLLC, our estate planning lawyers stay up-to-date on North Carolina and federal laws that affect your estate planning and retirement. We keep track of tax-related changes to help you limit your tax liability as it relates to your estate plan. Our clients can rest assured that we are staying up abreast of all legal changes that will affect them.

Many people think they can create a will on an online website without the help of an attorney to save money. However, using a generic boilerplate service for your will cannot replace the value of working with an estate planning lawyer. Most people's finances, assets, families, and life do not fit neatly into a mass-produced template for a last will and testament. The template may not cover an important aspect of estate planning that you need to protect yourself. If you need to change a provision in your template, you run the risk of invalidating that provision or possibly your entire will. It is better to work with an experienced lawyer who can draft your important estate planning documents from scratch and tailor them to your situation.

Our estate planning lawyers stay on top of all changes in the law related to tax liability. We can help you create an estate plan that decreases your tax liability so your loved ones can enjoy more of your assets. You have worked hard for your access, and the last thing your beneficiaries need is to have to pay a significant portion of your estate to the government.

There are many different tools available for estate planners. If you have a relatively simple financial situation, creating a will can be beneficial. In other cases, it is beneficial to create a trust-based estate plan. After thoroughly evaluating your situation, we will help you determine which type of estate planning documents will help you and your family.

Are you intimidated by the estate planning process? Are you unsure how an estate planning lawyer can help you? If so, we recommend reaching out to the experience and understanding estate planning lawyers at Arnold & Smith, PLLC. We have helped many Charlotte-area clients create an ineffective estate plan tailored to their needs and goals. Our estate planning lawyers will patiently answer your questions and help you understand how we can help you create an estate plan or update your estate plan. Contact us today to schedule your free initial consultation.