This day and age, many people have made the choice to forego estate planning or attempt to create their own plan using non-attorney resources. Like with any legal issue, pursuing an estate plan without the guidance of an Estate Attorney in Kona is risky. Estate law is complex, and a single mistake could foil your estate plan entirely.
There are some times when the guidance of an estate attorney is vital. When you are considering complex legal plans or have substantial assets that must be addressed, hiring an estate attorney could be in your best interest.
You Want to Avoid Probate Court in Kona
One of the most common reasons people seek out the guidance of an estate attorney is to avoid the probate process after they pass away. Probate is the court system that determines how your assets are distributed after you die. This is true whether you have a last will and testament or not.
There are reasons why you might not want your loved ones to have to go through the probate process. For starters, it is a public proceeding. That means many of the details of your assets will be a matter of public record.
Avoiding probate is also typically in the best interest of your loved ones. Probate can take months to resolve, leaving your beneficiaries without the assets you intended them to have. The process is also costly and could eat into the assets you worked a lifetime to secure.
Avoiding probate is possible, but it often requires the use of complex planning. A variety of probate tools including trusts, payable-on-death accounts, and life insurance policies could be useful tools for avoiding probate. Our firm could advise you on which tools are right for you.
You Want to Avoid Family Conflict in Kona
An important benefit of a comprehensive estate plan is that it could reduce family conflict after your passing. Emotions can be high after the loss of a family member, and these conflicts could be amplified when there are disputes over inheritance.
An appropriate estate plan could reduce family conflict following your passing. By putting a plan in place for all of your assets, there will be fewer issues that could result in conflicts in the future. A poorly-designed estate plan could leave many of your assets in limbo. In a worst-case scenario, your plan could list multiple beneficiaries for the same asset. Let our firm help you avoid these major estate planning errors.
You Want to Protect Your Blended Family in Kona
The law can be complicated when it comes to inheritance within a blended family. In some cases, certain family members like stepchildren or half-siblings might not inherit under state law. In these situations, it is important to rely on an attorney to ensure you have provided for the beneficiaries you have chosen.
Likewise, it is also important to discuss your options with a Kona estate attorney if you intend to disinherit any members of your family. If you do not have an estate plan in place, those beneficiaries you would have disinherited could be in line to inherit some or all of your estate.
You Have a Number of Assets to Protect in Kona
The larger your estate is, the more you likely require the guidance of an attorney to ensure your wishes are adhered to. With a larger estate, you are likely to need a variety of estate planning tools to achieve your goals. While these tools are a vital part of the estate planning process, they are difficult to prepare on your own.
A strong estate plan often requires more than a standard last will and testament. To avoid probate, you will likely need a revocable trust or other legal document. Without the help an estate attorney, it might not be obvious to you what estate planning tools are even in your best interest.
An estate plan is about more than just planning for your assets following your death. Your estate plan should also take into account your needs during your lifetime, as well. If you are unable to care for yourself or otherwise incapacitated, your estate plan could ensure that your wishes regarding your medical care are adhered to. This aspect of your estate plan involves documents like medical directives, living wills, or powers of attorney.
You Have Family Members with Special Needs
While you no doubt have loved ones that you want to provide for in the future, family members with special needs often require additional attention. Making plans for your special needs family members is important, and traditional estate planning might not be adequate to ensure they have the care they need.
There are a number of options that are useful when it comes to estate planning for special needs beneficiaries. For example, there are special needs trusts that set aside money for the long-term care of your family member. These trusts are challenging to create without an attorney.
Talk to an Estate Attorney in Kona about Your Estate Planning Needs
If you care about how your financial assets are distributed after your passing, you likely need an estate planning attorney in Kona, Hawaii. When you pursue an estate plan on your own, you could put the distribution of your assets at risk. Before you move forward with a plan of your own, let the estate planning attorneys of Olson & Sons help you review your options. Call right away to get started.