Why Estate Planning Is Not Just About Writing A Will

An estate planning lawyer is often used interchangeably for someone who can simply write a will, but that is not the case in practice at all. An estate planning lawyer covers the distribution of all manner of your belongings, whatever form they may be in, after your death. While writing a will is certainly part of that, there are other services in which an estate planning lawyer is more useful than simply typing up a legal document. Here are three additional ways in which an estate planning lawyer can help you get the most value out of your belongings.

Tax Efficiency 

There are a number of different taxes that relate to different types of property in the event of someone passing away, especially if items like stocks or real estate portfolios are liquified straight away. An estate planning lawyer can sit down with you and work out the best possible way for you to minimise the tax on what is, essentially, money that has already been taxed once. Don't let your death become a financial hardship for the rest of your family, especially if you know they could use every last cent now that you are no longer around to help them.

Protection From Lawsuits

Sometimes those left behind are not overly thrilled with one decision or another that you have made about how your belongings are distributed. This can lead to major infighting and, occasionally, lawsuits that dispute your will and other legal documents. To avoid this, an estate planning lawyer can make sure that your wishes are as legally binding as possible, which, in most cases, means that there is no chance for any other sort of interpretation and that there is no claim that you were not in the right state of mind when you made it. 

Preparation For Yourself

Not everything to do with your estate planning is relevant after your death, far from it. Often an estate planning lawyer will help you identify which person in your family or your immediate circle should be granted legal guardianship over you should you not be fully cognisant in your final few years. They will also put in place strict protections for anyone taking advantage of this so that there must be clear proof that you are in need of care before that power is transferred. This can make things very clear so that when this tough situation arrives, everyone knows what the plan is. 

To learn more, contact an estate planning lawyer