When an individual makes an estate plan, he or she does more than simply write a will. Estate planning is a comprehensive process that involves the distribution and protection of money and other assets as well as arrangements for end-of-life care and financial decision making. For most people, making an estate plan involves the services of an attorney. The following are some of the top benefits of hiring an Estate Planning Attorney in Columbus IN.
Getting Help With Decision Making
One of the benefits of hiring an estate planning lawyer is to get expert help in making difficult decisions. For most people, there is a lot of emotion tied up in making plans for the end of life, and it can be hard to decide how to divide assets among multiple beneficiaries. Lawyers can offer an objective opinion based on their experience in estate planning and give their clients more confidence in the plan they ultimately decide on.
Minimizing Taxes And Other Fees
Estate planning attorneys know the ins and outs of estate taxes and can help clients protect their estate so that their children or beneficiaries can get the greatest possible benefit from their inheritance. For example, setting up a trust fund is one way to pass on inheritance and protect the financial security of a child or grandchild. In addition, an expertly prepared estate plan will not have to be administered by the court, potentially saving thousands of dollars in court fees. Finally, an estate plan can eliminate the cost of guardianship proceedings.
Making Sure That All Wishes Are Known And Honored
While wills mainly deal with financial assets, an estate plan can also stipulate a person’s wishes regarding healthcare decision making and end-of-life care. Attorneys frequently include a power of attorney and a living will in a comprehensive estate plan. These documents designate individuals who will make medical and financial decisions on behalf of a person who is incapacitated.
People who hire an Estate Planning Attorney in Columbus IN can gain a great deal of peace of mind knowing that their affairs are settled and their assets are secure. To learn more about estate planning, click here to visit Alcorn Sage Schwartz & Magrath LLP.