Why You Need An Attorney For Estate Planning
If you think that the estate plan is something that you could do yourself it is a good idea to reconsider. The legislation allowing estate tax relief of December 2010 increased the amount of property that can be left untaxed by estate tax for an individual to $5 million after inflation every year.
Another important change was to reduce the estate tax which is the most tax-effective federal rate to 40. What they aren't aware of is that Arizona estate planning can be a difficult business. It's as simple as one mistake in a signature or word to change the trust's contents.
In the end, many people would prefer not to pay fees to an attorney in this kind of legal matter. Read on to learn three reasons that prove it's essential to employ an attorney to assist with estate planning.
State-specific laws
Each state has different rules in determining who is eligible to be included in a trust will or medical power of attorney and financial powers of attorney.
Caveat Emptor
This is a classic Latin saying that says "buyer take care." The development in the use of the Internet has created an abundance of legal documents readily available online. This can make legal representation appear to be unnecessary.
Whatever research you've done no matter how thorough your research is, you're likely to have a lack of legal expertise which could be expensive.
If you're unwilling to spend money on an estate planning lawyer to save money, it's likely that your family will be spending three times more on the back end.