An estate lawyer is there to help you get all your affairs in order when you’re considering end of life, and what happens to the sum of your estate once you’ve gone.
Granted, it can be a somewhat morbid subject to dwell on sometimes, but a professional estate attorney in NJ with a great track record and reputation in the local area will be there to help you make sense of everything and better support your family, friends and loved ones in the years to come.
So, with all that in mind, how can using an estate lawyer benefit you?
Peace of mind
It might feel like the easier option to make a pretty basic Last WIll and Testament that divides your estate up fairly equally, and then call it finished. What could go wrong?
In situations like this, there’s a risk that minor family arguments over what they’ve been left could spiral and cause tension. Money that you’ve given for the sake of younger children’s college education, for example, could be squandered by family who don’t use your gift the way you intended. Or you may have some amount of debt still lingering, and the people who you owe money to could start harassing your family.
With the support of an estate lawyer, you can ensure that your money is used exactly as you intend, and that any claimants to any portion of your estate are dealt with in the correct manner.
For example, it might be that your estate lawyer suggests that you open up a Trust, instead of relying on a will. Financial gifts could then be given with stipulations that ensure your money is used the way you intended. By using an estate lawyer, you can feel reassured that all your assets are looked after in a safe, secure fashion, which can be immensely reassuring.
Getting the most out of your estate
When it comes to getting the most out of your estate, there’s a lot to consider. It might be that the many different types of tax around the country and in your state are a bit difficult to wrap your head around, especially when you’re trying to think of your legacy and quantifying all your belongings and earnings.
In situations like this, an estate lawyer will be able to advise you on how best to maximise what you leave behind, and minimise the tax burden. While you will be paying for their services, the expertise they provide during this time can be a critical way to view your estate from a different perspective and understand any loopholes that could reduce or eliminate tax paid.
For example, New Jersey have phased out their inheritance tax “on the estates of decedents who die on or after January 1, 2018.” While this isn’t exactly a loophole that an estate lawyer needs to walk you through, it does demonstrate the ways in which additional taxes after death could have chipped away at whatever you would have left behind prior to this date. The guidance of an expert estate lawyer just helps you find additional ways to bring the tax burden down further.
There’s not really all that much time in the day sometimes. There’s a lot to get done in a limited amount of time, and you might end up finding yourself stretched a bit thin before long if you try to handle everything by yourself.
Which is why it’s sometimes so helpful and so important to turn to the advice of a professional who knows everything there is to know about estate law. You can continue focussing on living your life, while the expert gets your estate and your affairs in order in the background.
So while it is a tough subject to face head-on, planning for the future with the support of an expert professional is a key way to ensure you’re as prepared as you can be for whatever comes your way.