3 Reasons Why You Need to Hire a Barrie Estate Planning Lawyer

There are so many variables and factors covering estate planning that an ordinary person may not think of that can lead to mistakes that can end up to long-drawn-out delays and extra expenses for you and your heirs. Investing significant time and effort to find a qualified Barrie estate planning lawyer to help you establish a solid estate plan can really make a huge difference.

With so many do-it-yourself legal documents and estate planning software that are being sold online and in retail supply stores, some people are being led to believe that they can handle all their estate planning needs all by themselves. Do you really need an attorney to help put your affairs in order, and organize your estate, in case you die or become disabled?

There are plenty of good reasons to get personal advice from a trusted and qualified estate planning lawyer.

There are unique laws pertaining to estate planning

In Canada, estate laws differ from province to province. These laws are very technical and very specific about what can and can't be included in wills and trusts, in healthcare or financial power of attorneys or in beneficiary or guardianship designations. There is also a standard process involved that require certain formalities to be followed when signing wills and trusts, or medical or financial power of attorneys. In addition, there are tax implications that may affect the value of your estate and how it is distributed after your passing.

If you plan your estate yourself, you’ll need to study the law, take into account other states’ laws as well since different states may have different laws and also keep up with frequent changes in the law to update your estate plan. That’s not a very easy thing to do.

If you hire a Barrie lawyer who specializes in estate planning he will be able to give you the most basic legal advice relevant to your specific needs at the very least. If your estate needs to address a number of specific concerns,  qualified attorneys can provide more comprehensive planning services, such as specific advice on tax implications and related laws on the guardianship of minor children, care for elderly or disabled dependents, or dealing with extensive real estate holdings or complex charitable gifts.

Estate planning involves a lot of very detailed work

The most basic estate plan should include:

●     Will or Trust

●     Durable power of attorney

●     Beneficiary designations

●     Letter of intent

●     Advance Health Care Directive

●     Guardianship designations

All these documents should be articulated in a way that is legally valid in your state and in other states’ laws to be considered legally binding and also to minimize heirs’ tax implications. Completing these forms will require a great deal of attention to detail. One wrong word or one missing signature can make the document invalid and could cause legal problems that can get expensive.

Estate lawyers are properly versed in the law and will know to use the right words and phrases to accurately convey your intentions, as well as the requirements for the proper execution of these documents in order to limit any possibility of misinterpretation and invalidity.

Estate planning involves many issues

The planning process involves heavy decisions that affect family members, your health care, the control of your business, finances and real estate properties. A relatively simple estate can be challenging enough to plan for. However, if your estate needs to deal with complex family or financial situations, such as divorce, second or late marriages, non-married couples, minor children, children/relatives with special needs, disabled family members, no heirs, multiple real estates, multiple businesses, a taxable estate, etc, then you will need legal and tax guidance to ensure that your estate will be taken care of properly in the event of your death or disability.

Planning your estate carefully requires critical knowledge necessary to maximize the value of your estate and make it immune to potentially hefty tax consequences and lengthy court processes. It’s best to seek the advice and services of a knowledgeable and experienced Barrie estate planning lawyer to guide you through the process to ensure that you protect your family from trouble in the future.