On behalf of The Law Office of Wickersham and Bowers posted in Estate Planning on Wednesday August 11th, 2021.
Planning an estate is both a sad time and a complicated time for many families. Depending on the size of the estate and beneficiaries involved, the entire process can feel overwhelming. While it is entirely possible to handle the planning of an estate on your own, there are dozens of legal matters that can come up that can make the entire process even more confusing and take much longer than it should.
Here are a few things to consider when deciding whether or not you need an estate lawyer on your side.
How Much Does the Executor Know About the Estate?
When putting together an estate, there is always someone who is put in charge of all the finances, the assets, and the distribution of the estate. This requires not only an understanding of any wills or other instructions left for the estate, but a deep understanding of the finances surrounding the estate and how best to manage and distribute wealth for all parties involved.
Because of tax laws surrounding inheritance, the age of the benefactors, and other issues, it is generally a good idea to have an estate lawyer there to assist with planning the estate.
Are There Minors Involved?
In the case where part of an estate is to be left to children under the age of 18 (or in some cases 21) then it is necessary for a conservator to be assigned. This person is responsible for managing the assets of the children until they reach legal age.
Depending on the size of the estate, the way monies are assigned and divided, this can be quite complex and requires the aid of a trained legal professional to execute properly.
Is Probate Necessary?
In instances where there is not a clear line of inheritance or when assets are discovered outside the purview of the will, it is generally necessary for these items to go through probate. It is always advised to have a legal representative handle these matters as they can help prevent delays and make sure everything is processed properly.
At Wickersham and Bowers we know how stress estate planning can be. That’s why we want to be there by your side to make the process as simple and easy as we can.
Contact us today for a consultation.