Estate plans can have several objectives. At a minimum, an estate plan sets out what will occur to your assets after you die. Something you need to consider when creating your estate plan is the capacity for conflicts between your household members over your estate and how you can minimize that capacity. Hiring an estate planning attorney can decrease the potential for dispute.
If you develop your own estate plan from generic files that you find online or in a book, you will probably leave a lot of ambiguities in the plan. For instance, if you state that your two children must each inherit half of your properties, you might be leaving the gray area of what assets each son’s half entails. If your children both desire the same piece of property and you desire a specific piece of property to go to one, or the other, and you don’t spell it out, they may contest it.
When families battle over inheritances, it can quickly get expensive. The difference frequently winds up in Court of probate with each family member employing a lawyer. Prior to too long the cash you conserved by not working with an estate planning lawyer is gone to Court expenses and Lawyers’ fees.
Hire an attorney to draw up your estate plan. The cash you invest now is cash your household conserves later.