- Estates law is complicated. Seemingly simple decisions can have far reaching consequences, resulting in a significant tax burden to the estate, or accidentally depriving a beneficiary of the gift that you intended them to have. A lawyer knows how to express your wishes, while making your will less vulnerable to challenges.
- Minimize taxes & avoid costly litigation. A lawyer can advise you on appropriate strategies to minimize probate fees and taxes to your estate. A lawyer can also advise you on how best to avoid conflicts between beneficiaries which can lead to costly litigation.
- Get good advice on how to choose trustees and guardians. The job of estate trustee (what many people call an “executor”) is increasingly complicated, and it is important to consider whether your intended trustee has the necessary skills. In some cases the best decision might be to appoint a professional such as a trust company.
- A lawyer will help you to protect the beneficiaries who are most in need of your support. There are special considerations when beneficiaries are minor children, or someone with a disability who receives government benefits. In those cases, the structure of your bequest is extremely important. You may want to ensure that a younger beneficiary receives their inheritance in stages, or that the gift you have planned for beneficiary with a disability does not disqualify them from receiving government support.
- A lawyer is your confidential guide. Making an estate plan and will means making dozens of decisions. Daunting if you are dealing with it on your own, but a smooth, easy to follow process when you work with a lawyer. Even signing a will is not a simple matter – there are legal requirements which are specific to wills and if not followed, the will is likely to be invalid.