Are you interested in getting a will created, but are not sure who to turn to? The best bet for a will that can hold up in court, and meet your requirements you should seek out an estate planning lawyer. Such lawyers specialise in wills and asset management, which means they can handle the transfer of your assets to the parties that you want to leave them to. If you are undecided regarding whether an estate planning lawyer is the right choice for you, then read on for reasons to hire one to create a will.
Tax Efficient Asset Transfers
A competent estate planning lawyer can transfer your real estate and other assets in such a way that the amount of taxes they incur will be minimal. Tax efficient transfers can be achieved by making sure any laws that allow for tax reductions are taken advantage of. This typically involves placing the asset transfers in the correct tax brackets. For instance, a house that is worth more will incur higher taxes, and vice-versa.
In some cases taxes can be reduced by changing the way the property is defined. For example, what might appear to be a 3 bedroom house could in fact be classified as a 2 bedroom house with a storage room – it all depends on the dimensions of the rooms, and how they were used. An estate planning lawyer can help classify the real estate in such a way that taxes are reduced.
A Will Should Be Legally Tight
The point of a will is to have a document that could be used to transfer the assets of a person who has passed away to the intended party without anyone else having any say in the matter. However, if a will is not legally solid then it could be challenged in the court, which means the wishes of the person who has passed away will not be met. By hiring an estate planning lawyer you can have the peace of mind that a will is created which can stand up in court against legal scrutiny.
Changes In Status
After creating a will, your life situation might change – for example assets that you once had might have grown in value or decreased. This could happen as a result of a divorce, business merger, growth in the size of a business or you might acquire new assets. Such changes must be reflected in a will, and a real estate planning lawyer can make those changes regardless of how complicated the legality of the assets are.
Talk to experts like Stimpson & Associates PC for more information.
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