When Do You Actually Need an Estate Lawyer?

There are several situations that may require you to hire an estate lawyer. For instance, when you want to set up a trust. An estate lawyer can also help you decide on the best estate planning vehicle for you. According to Caring.com, in 2020, just 16% of people in the United States between the ages of 18 and 34 said they had a will or any other estate planning document. In 2022, the percentage rose by eight points. That’s an increase of 50% in a single year. If you are interested in estate planning or you need help with other aspects of estate law, you might want to know how an estate lawyer can help. Here are a few scenarios where you may need an estate lawyer

You Need Help With Business Succession Planning

If you run a business, it’s important to think about its future and who will run it in the event that you are no longer available to do so. An estate lawyer can help you plan the succession of your business. They can also help to implement the plan you made when you are no longer there. All you need to do is find a reputable estate lawyer, preferably one who has experience handling business succession plans. Then, you can sit with them and get some advice. They will tell you the best way to plan for the succession of your business.

Planning Your Estate With Extended Family

Do you have a stepchild, half-sibling, or stepparent? The estate planning process goes a little differently if you have a blended family. You need to take deliberate steps to ensure that you make provisions for your extended family members if you want them to get something when you pass away. An estate planning attorney can help you ensure that you create an estate plan that also includes them.

Setting Up an Irrevocable Trust

There are several reasons why you may need to set up an irrevocable trust. Some people use it to protect their assets from estate taxes, while others use it to protect their belongings from creditors and lawsuits. An irrevocable trust is not a light decision. Once you set it up, you won’t be able to close it or change it. This is why you need to sit with an estate lawyer to find out if this is the best option for you. If all you need is to avoid the probate process, the lawyer might advise you to create a revocable trust. These are some of the instances where you may need the services of an estate lawyer. If you have decided that you need one, it’s important to find the right lawyer for your needs. Get in touch with Twin Falls Estate Planning, PLLC if you need the services of an estate lawyer.