Wills and Trusts
Many people who don’t have a lot of assets feel that they don’t need an estate lawyer.
After all, you can buy will forms at the office supply store-why pay a professional to create your will for you?
If that’s the question you’re asking, you should probably back up a step.
The first question you should be asking is whether or not a will is the best way to ensure the right disposition of your property. It’s one way that people plan gifts beyond their lifetimes, but there are also trusts, living trusts, planned lifetime giving, and possibly other options as well. All of these options have different consequences associated with them in terms of the procedures required to transfer property, the time at which property can be transferred, and the taxes associated with the transfer.
An estate lawyer can help you determine which option is best for your circumstances.
An estate lawyer can also help ensure that you’ve thought of everything; you might be surprised at how often people overlook or take for granted property or obligations that should be addressed in estate planning.