6 Signs You Should Hire an Estate Planning Attorney

by Jenny Ling, Esq.

You probably know that you need an estate plan, but are you sure you need an estate planning attorney?  Building a sound estate plan involves a good deal of strategy. To navigate the complex world of state and federal laws and taxes, you’ll likely want to enlist the help of an estate planning attorney. The right estate planning lawyer can set your loved ones up for success when the unfortunate, but inevitable time comes.  Here are 6 signs that you should hire an estate planning attorney.

1.  You Don’t Have a Plan

Everyone, no matter their wealth or age, has an estate.  Your estate is comprised of everything you own – your car, home, other real estate, checking and savings accounts, investments, life insurance, retirement, and personal possessions.  No matter how large or small, everyone has an estate and needs to make a plan for it.  By having a plan in place, you will help your loved ones to have clarity of how assets should be distributed and managed. You will be able to provide certainty for them during an already difficult and emotional situation.

2.  You Have a DIY Plan

DIY estate plans, like you may find from an online source, seem great – you can get this much needed task completed and hopefully save yourself some money.  But a poorly designed estate plan can lead to problems for your family – like probate expenses, adult guardianship, family infighting (and ruined relationships), having your estate plan rejected outright, and more.

You and your family are unique – and your estate plan should be too!  You should have an estate plan that is created with your family relationships, financial situation, and long-term goals in mind.  Some areas that a DIY estate plan might miss are planning for children with special needs, estate tax planning, and planning for your minor children.

3.  It’s Been More than 5 Years Since Your Plan Was Drafted

An estate plan that is out of date can put you and your family at risk.  You spent the time and effort needed to create an estate plan that will protect your family – make sure it can grow with your family.  You should review your estate plan at least every 3 to 5 years or after a major life change.

4.  You’ve Had a Major Life Change Since Your Plan Was Created.

If You Have Gotten Married, Divorced or Widowed.  If you have gotten married, divorced or been widowed since your estate plan was created, it is essential that you update your plan right away.  Make sure your plan reflects the life you have now – that your assets are distributed to those individuals that you choose, and that you have the right people making decisions for you if you are unable.

If You’ve Had Children or Grandchildren.  If you have had children or grandchildren since your estate plan was created, it’s time for an update.  Your estate plan was likely written to encompass children not yet born, but your beneficiary distributions might be affected.  It is best to revise your estate plan so the new family members are named and specifically included.  That would avoid potential conflicts and lawsuits.  If your child or grandchild has become an adult, it is probably time to revisit your plan.

As a parent, it is essential that you make a plan for your children if something happens to you.  If you have minor children, naming a guardian for them should be your number one priority.  Our Child Protection Plan ensures that your children will be protected in both the short and long term and provides for their financial well-being if you aren’t around. 

You’ve Moved to Another State Since Your Plan Was Created.  Estate planning is governed by state law and so it is essential that your estate plan will work in the state in which you now live. 

You’ve Had a Major Jump in Income.  If your financial situation has changed dramatically since you created your estate plan, you should update it.  You may owe estate taxes, or may need a trust that wasn’t necessary before.  An experienced estate planning attorney can help you determine what plan fits with your financial situation now.

You’ve Purchased Out of State Property, Like a Vacation Home.  If you buy or sell a major asset, this could have a significant effect on your estate plan.  If you buy an asset in another state, you would want to ensure that you are not at risk of having a secondary probate opened in that state.

5.  You Want to Leave Money to Someone with Special Needs.

If you leave money directly to a person with special needs, it may make them ineligible for means tested governmental assistance such as Medicaid and Social Security Insurance.  A “special needs trust” allows a parent, grandparent or guardian to provide funds for a person with special needs to improve the beneficiary’s quality of life without disrupting support from governmental assistance programs.

6.You Own a Business, Including Real Estate Investments.

If you own a business or plan to open one, make sure that you not only develop a business succession plan, but also decide who will own the business after you are gone.

Make a Plan

As an experienced estate planning attorney, I can help you identify and have a plan for issues that you didn’t even know you had.  Many people believe that online planning documents save time and money, but sadly they don’t always reflect the testator’s intention nor hold up to the legal process. Fixing mistakes from a DIY or out of date plan often costs more money than making a comprehensive plan with an estate planning lawyer in the beginning.  If it’s time for you to hire an estate planning attorney, Contact Us to schedule your complimentary 15-minute phone consultation today and learn how we can help you Make a Plan!

Jenny Ling is a partner at the Law Offices of Jenny Ling, PLLC.  She focuses her practices on estate planning, business succession planning, business and bankruptcy.