A qualified estate planning attorney can discuss several ways by which you can decrease your estate through trusts, but there are factors which are to be considered before taking that step to hire a law firm Adelaide.
The Factors To Consider Are The Following
- Are you establishing a trust? An appropriately formed trust can allow its assets to pass to its beneficiaries without incurring the cost of legalization or without being subject to estate tax. These benefits only apply to trusts that meet specific requirements, and it is, therefore, essential that a lawyer who is versed in the law of trusts and estates write the documents.
- Do you have any particular family circumstances? Extraordinary family circumstances can make it vital for you to consult with a lawyer. For example, if you have a child with special needs and you want to make sure that the child benefits from your estate even if your child is not trained to manage the inherited money, then you should consult a lawyer. Likewise, if you have had multiple marriages or if you are looking to disinherit a child, seek the advice of a consultant.
- Do you understand the legal requirements of wills, and can you fulfil them? Each State has its requirements for the proper execution of the wills. Some states allow holographic testaments that are written in their letter and do not need to be witnessed. If you type your will, follow the instructions in a “Do-it-yourself” package, or have a friend write the document for you, then you will need to make sure that the will is executed correctly by state law.
- How Calm Are You? Finally, you should consider your tolerance for mistakes. You will not be able to change things once you have passed away and your heirs will not be able to change things either. Consequently, if it is essential for you to ensure that your estate is distributed according to your wishes, then you should consult a lawyer.
Although not every will requires a lawyer, you should carefully consider all the factors described above before deciding if it is a good idea to hire a lawyer about the planning of your estate.
Only a lawyer in estate planning who regularly exercises in the fields of wills, trusts, legalization and estate planning, can provide you with reliable legal advice when you want to plan your estate.