When You Should Absolutely Hire an Estate Planning Attorney
We’ve discussed the pros and cons in general terms, but sometimes you need a clear, definitive sign that the DIY path is too risky. While a lawyer can be beneficial for anyone seeking peace of mind, there are specific life situations where attempting to create a will without professional legal guidance is highly inadvisable.
If one or more of the following “red flags” apply to you, the cost of hiring an attorney should be viewed as a necessary investment to protect your assets and your family. This is the point when you should hire an estate planning attorney without hesitation.
Consider professional legal help your default option if:
- You have a large estate. If your assets are near or above the threshold for federal or state estate taxes, an attorney can use sophisticated strategies (like trusts) to minimize the tax burden on your heirs. The tax laws are complex and constantly changing, and the potential savings can far exceed the attorney’s fees.
- You own a business. A business is a complex asset. An estate plan needs to include a business succession plan that addresses who will take over, how it will be valued, and how your family will be compensated. A simple will cannot accomplish this.
- You have a “blended” family. If you are married and have children from a previous relationship, or your spouse does, a DIY will is often inadequate. An attorney can help you structure your plan, often using a trust, to provide for your current spouse for their lifetime while ensuring your children ultimately receive their intended inheritance.
- You want to disinherit a direct heir. If you plan to leave your spouse or one of your children out of your will, you must do so with extreme legal precision. Disinheritance is a common reason for will contests, and an attorney will know the exact language to use to make your intentions clear and defendable in court.
- You have a beneficiary with special needs. As mentioned earlier, a direct inheritance can jeopardize the government benefits that a person with a disability relies on. An attorney is needed to create a Special Needs Trust, a specific legal tool that holds the inheritance for the beneficiary’s benefit without counting as their personal asset for benefits eligibility.
- You own property in multiple states or another country. Each state has its own probate laws. Owning real estate outside of your primary state of residence can subject your estate to a secondary probate process called “ancillary probate.” An attorney can help you structure ownership of these properties, perhaps through a trust, to simplify or avoid this complicated process.
- You believe your will might be contested. If you anticipate that a family member may be unhappy with your decisions and could challenge the will after you are gone, having an attorney draft the document and supervise its execution provides a powerful layer of defense. The lawyer can document your mental state and rationale, creating a record that is difficult to dispute.
- You simply want the ultimate peace of mind. For many, the most compelling reason to hire a lawyer is the assurance that the job has been done correctly by an expert. This allows you to put the matter to rest, confident that you have done everything possible to make a difficult time easier for your loved ones.
