Examples of When to Hire an Estate Lawyer
Estate lawyers are most often used to handle any matters pertaining to your assets after you have passed away. In other cases, they are often used to help you plan for a time in your life when you can no longer care for yourself.
Almost everybody can benefit from hiring an estate lawyer, but there are some situations where you might not need one. For example, if you give all your assets to a single person, you probably don’t need a lawyer. If you have a larger estate with multiple beneficiaries, you do.
Here are just a few examples of when it would be beneficial to hire an estate lawyer.
Own a Small Business
Whether you are a single business owner or are involved in a partnership, you want to hire an estate lawyer in Parramatta to ensure that things are done right. When you own all or part of a business, you have to plan for your business’s succession after you pass away.
Family Members with Special Needs
If you provide care for a family member who cannot care for themselves, you must ensure that they are fully cared for after you die. In your estate planning documents, you are going to want to appoint somebody as their guardian. When determining who to name as guardian, put some thought into it because it is a serious job.
This person will not only be making decisions on behalf of your family member, but they will also be controlling their finances, end-of-life care, and other healthcare. A good estate lawyer will help you create a guardianship plan that outlines your desires and needs for your family member.
The most important thing to know about an irrevocable trust is that there is no closing it or changing it once it’s created. If you consider setting one of these up, it’s best to first talk with an estate attorney to determine if it’s the right choice.
Leaving Assets to Blended Family Members
There are many blended families out there, but when the time comes to deal with the estate, the stepchildren are often overlooked. If you wish to leave any assets to any half-siblings, stepchildren, or other family members, you must plan for that ahead of time.
An estate attorney can help you set up a will that will leave clear instructions that fall within the confines of the law. This ensures the correct distribution of your assets.