Estate planning is not always at the forefront of our minds. However, it's important to have a plan set for when you pass away. According to Advance Capital Management, only 10% of people without a will or trust have consulted with an estate planning attorney. If you're thinking of getting an estate plan set up, working with an estate planning lawyer will provide many benefits and help you make sure you have a will or trust that satisfies your final wishes.

What Is an Estate Planning Lawyer?

Estate planning lawyers help their clients set up wills, trusts, and the necessary documents to enact a plan after the client passes away or becomes incommunicable. They are different from probate lawyers, who are responsible for the probate process that follows after a person dies. Estate attorneys help to set up the plans before the probate process so that things go smoothly.

Estate attorneys help write the final will or trust. They will make sure all of their client's wishes are represented in the pertinent documents. They will also help the client minimize the portion of their assets seized by inheritance taxes and other costs associated with the probate process. The benefits of working with an estate planning lawyer are wide-ranging.

Updating Documents

An estate lawyer can help you change and update the document as time passes and your wishes change. Life events, changes in your financial situation, and more can all impact the assets you have and the way you wish to distribute them. An estate planning lawyer will advise you on changes you want to make and offer suggestions about other amendments he or she believes you should take. The ultimate decision is always up to you, but it's helpful to have an unbiased pair of expert eyes to review your decision.

Compliance

The expert eyes of an estate attorney aren't only good for future changes to the document. They will also make sure the will or trust is compliant with the law. Probate laws vary state to state, so it's important to hire a local lawyer to handle your estate plan. They will be well-versed in the intricacies of the laws and the way the probate process is carried out. They will continue to advise you as the laws change down the line.

Avoid Additional Costs

Speaking of the probate process, there are a lot of costs that your estate can end up paying if you don't formulate your will or trust with an expert. An estate lawyer can help avoid the probate process entirely. The most common way is to use a trust, as wills still fall under the auspices of the probate court. If you prefer a will, there's no need to worry. Many estate lawyers are experienced in tax law and know how to get you around state seizures of your assets.

Choosing Executors, Agents, and Beneficiaries

There are a few basic terms to know when you are going through the estate planning process:

• Grantor/Testator - The grantor is the creator of a trust. The testator is the creator of a will.
• Executor - The executor is the person who is in charge of carrying out the wishes of the testator that are left in a will.
• Agent - An agent is specific to trusts. They handle the grantor's assets in the best possible way.
• Beneficiary - A beneficiary is a person who receives asset(s) from the will or trust.
• As the grantor, you will work with the estate planning attorney to designate an executor or agent as well as all of the beneficiaries. You need someone you can trust who is familiar with the process.

Future Support

An estate planning attorney's job does not end when you pass away. They will help with the distribution of assets and advise your loved ones on the steps to take and any other matters they need help with.

An estate planning attorney is a guide. They will help you plan your estate, maintain the plan and change it as needed, and support your loved ones after you pass away. If you're looking for an estate planning attorney in Rockford, IL, contact the experts at Hampilos and Associates. We will offer professional services coupled with genuine care for your wishes. Visit our website for more information or call to schedule a free initial consult today.