Whether you need a highly experienced estate lawyer or a purchases lawyer in Sherwood Park, it is imperative that you seek out reputable legal experts near you for the best legal advice. While there are many different reasons why people may decide to meet with their estate planning lawyers, below we shall discover some reasons why attorneys believe you should engage them when you need to do estate planning or prepare a will for your beneficiaries.
- Protecting Beneficiaries
Most people resort to estate planning for two main reasons, which include:
- Protecting the minor beneficiaries
- Preventing the adult beneficiaries from dealing with the consequences of bad decisions, credit problems, divorcing spouses, and outside influences.
Consequently, you can avoid costly legal expenses and family discord by taking your time to appoint a trustee or guardian if you have minor beneficiaries. If the legal beneficiary is an adult but has a history of poor financial management and you fear that he or she will squander the inheritance, then you can take the vital steps to create an effective estate plan to protect beneficiaries from making bad decisions.
- Avoid Messy Situations
Many clients will often seek the professional advice of estate planning attorneys after witnessing or personally experiencing a friend or associate waste considerable time and money, due to the failure of a loved one to make a will or estate plan. Choosing a representative to be in charge in the event that you become incapacitated mentally or following your death is important, as it helps determine who gets what, how they get it, and when they get it when you are gone. This prevents family feuds and expensive probate court proceedings.
- An estate planning attorney gives you sound legal advice to reduce the chances that your will shall be contested by your heirs
The people closest to you have every right to contest your will, especially if they are not content or feel the distribution of properties was done in an unfair manner. Therefore, you should seek legal advice from your estate lawyer who will advise you accordingly to reduce the possibilities of your family members contesting your will.
The intricacies of past relationships with your wives or partners play a major aspect that determines whether your written will is going to be vulnerable to any challenges. For these reasons, you need to consult an attorney who specializes in Wills and Estate Planning.
- Protecting Your Assets from Unforeseen Creditors
Lately, more and more people are resorting to asset protection planning. Once you suspect or know that a lawsuit is coming your way, it will be too late for you to have a plan to safeguard your assets. You should instead start by developing a solid financial plan, combined with an estate plan that protects your assets, essentially benefiting you and your beneficiaries when you die. It is advisable that you meet with your estate lawyer. The legal expert will let you know how to go about it, including what steps you can take to protect your assets from unforeseen creditors.