It’s easy to think that estate planning is for the wealthy, but if you have a will or trust, you are doing it already. However, if you don’t have one, it’s time to get moving.
Six Reasons why hiring an Estate Lawyer In Auckland is worth your while:
Assert Your Wishes
You’re probably familiar with the importance of having a will. But what most people don’t realise is that having a will can actually help you assert your wishes, avoid probate and ensure that your loved ones are taken care of.
If you don’t have a will in place, however, it’s likely that someone else will make decisions for you. And those decisions may not be what you would have wanted or expected them to be.
Avoid Probate
While you Hire Best Estate Lawyer In Auckland then they will help you avoid probate by using the right type of trust. Probate is the process that a court uses to administer an estate when there is no will or another formal document in place. The five most common ways to avoid probate are:
A simple revocable living trust, which allows you to control your assets while alive and then pass them on according to your wishes after death without going through probate court.
An irrevocable living trust, also known as a dynasty trust or family inheritance plan; this type of instrument allows for wealth preservation over multiple generations with minimal taxes paid along the way–and it doesn’t require any court involvement at all!
Minimise Taxes
There are two major taxes that you will have to pay if your estate is worth more than a certain amount. The first is the federal estate tax, which applies to property that passes through your will or living trust.
The second is the gift tax, which applies if you give away assets before death (either during your lifetime or in a last will).
The estate planning lawyer can help minimise these taxes by using trusts and other legal tools to reduce the value of your estate when it comes time for it to be taxed by reducing taxable income or increasing deductions such as charitable giving.
Plan for Incapacity
The worst thing that can happen is that you become incapacitated, and no one knows who to call to make decisions on your behalf.
This is why it’s important to have a durable power of attorney (a legal document that gives another person or persons the authority to make financial and medical decisions for you in the event of incapacity) in place.
Peace of Mind
The best reason to hire an estate planning lawyer is the peace of mind it can provide. You can rest easy knowing that your family will be taken care of, and you can stop worrying about how your estate will be managed after your death.
You want to make sure that everything is taken care of in accordance with what you want it done.
It’s also important for people who have special needs or disabilities in their lives that they know exactly where their money is going when they pass away so there aren’t any surprises later on down the road when someone else gets control over those assets
Conclusion
Now that you know some of the benefits of hiring an Estate Lawyer In Auckland, it’s time to take action. If you have questions about how we can help with your estate planning needs, please contact us today!
