Planning your estate is more than assigning your assets to your loved ones. If your will is not well-drafted, it may be subject to legal issues that might render it unenforceable. A will whose validity is questionable is a sure cause of familial strain. It could even result in litigation. A legal advisor will help you capture all your intentions and avoid legal mistakes. Here are some of the services offered by estate planning lawyers.

Making an Inventory of all Documents

Your legal advisor will let you know the documents needed to make a comprehensive plan. These might include a list of your assets, bank accounts, insurance policies, and retirement accounts. You will also be asked to provide documents to prove your identity and property deeds or titles. Your attorney will help you prepare financial and healthcare power of attorney. You will also be guided on how to prepare beneficiary designations. You may also need help preparing guardianship designations if your children are minors. Your estate planning lawyer will also help you prepare your will or trust, one of the many documents needed to complete your estate's plan.

Preparing a Living Trust

Your estate planning lawyer will help you decide whether you need a living trust. A living trust holds your assets in your lifetime and moves on to your successor or trustee when you are gone. The beauty of a living trust is that it will bypass probation and get your assets to your beneficiaries much faster. You remain in control of the trust for as long as you are alive. You can add or remove assets from the trust and manipulate them in any way. A living trust is also helpful if you are incapacitated because it allows your trustee to take over and manage your assets.

Avoiding High Estate Taxes

When you are gone, your estate might be subjected to estate and inheritance taxes depending on where you live and the estate's worth. Estate and inheritance taxes can be quite high. Your estate planning lawyers will advise you on the best way to minimize tax. They will take you through several options, including qualified personal residence trust, irrevocable trusts, or gifting your loved ones your assets.

If you are planning your estate, call an experienced estate planning lawyer. They will help you document your intentions to safeguard your loved ones when you are gone. Consulting with professionals reduces the troubles you might have to go through when you pass on.