As estate attorneys, one of the most common questions our clients ask us is if they really need an estate plan. While everyone is in a different situation with varying life circumstances, it’s beneficial for everyone to work with an estate attorney when putting together their estate plan.
When should you start working on your estate plan? Although it is never too early or too late to begin, it is critical to start the process if you have minor beneficiaries or beneficiaries who have special needs. Although it is likely that your adult children will be able to work out the details of your estate, even if this involves a costly and time-consuming probate process, minor children must have protections in place.
For example, many parents write a will that transfers the estate to a child when they reach the age of 18. However, most teenagers could not manage an estate at this age. A trust can be a beneficial option that can include directions that an executor or trustee will manage the estate until the child reaches a certain age, such as 25 or 30.
Even if you do not have minor children, it is worth it to work with an estate attorney to put together your estate simply to avoid probate. Probate is the formal process of administering someone’s estate after death, and this process can be time consuming and expensive.
Ultimately, working with an estate attorney to finalize your estate planning documents can ensure the transition of property and wealth in a smooth manner. For more information about creating a will, establishing a trust, or moving forward with another aspect of estate planning, contact us today.