Estate planning is generally complicated, which needs a professional to achieve the best. On the contrary, it is very basic. It will be basic and simple enough, only if you have the help an expert. The expert at this point is an estate, lawyer. If you want to sell or buy into the real estate market in Singapore, you will most definitely need the help of an estate lawyer. Yes, these lawyers you need them to help you throughout the process, but how important are they? Here is a look at some of the reasons why you need an estate lawyer:
1. To save on the costs
There are a number of costs entailed in the estate planning, which will need a professional to handle them as they are expected. The estate planning will entail covering of the college education costs for the children and the grandchildren as well. Also, it can include the buying of necessary life insurance as well as the retirement planning.
Conversely, the estate lawyer will review the situation throughout the years. This will help to ensure that the estate maintains the relevant items that you wish to give out to the inheritors. Also, the lawyer will help to ensure that the estate keeps enough funds that will cover the monetary distribution that is provided by the will. The estate lawyer will also manage your outstanding debts that are linked to the estate.
2. To contest a will
The estate lawyer will also help you contest a will. In case you are able to develop that you had a connection with the deceased, you can challenge the will in place. Here, the question is if you should challenge the will that contains the No Contest Clause. Usually, the estate lawyer will recommend that you include a provision of the No Contest Clause in your will. This provision states that, when the named beneficiary in the will contests it, the beneficiary will become disinherited. This is if the will is declared valid in the court. Basically, this means that, if you tried to contest the will and you are denied, then you will not get anything from the will in the long run. With the estate lawyer, you can contest the will and still win. This is regardless of the decision of the court.
You can also hire the estate lawyer when you think you should have been in the will and you do not appear. This will be legal, only if you were close to the deceased or if you had a relationship with them.
3. Saves you headaches and stress
The entire estate planning is tedious and entails a number of things that can cause you a lot of stress in the long run. Nonetheless, when you have the service of the estate lawyer, you will be able to get through it all in a less stressful way. Also, you will not have to worry about anything since the lawyer is the one who will take care of everything else. The only thing that you will need to do is to provide the lawyer with the necessary information.
4. To save on future losses
When you hire the estate lawyer, you will be saving on many other things other than the financial losses. If you are buying a property that you suspect and prove that it has some structural defects, then you most definitely will need an estate, attorney. With the help of the lawyer, you can know if the property is worth buying or not. The lawyer will inspect the property to check if there is any condition that is not up to the standard. If the property is not stable enough in its structure, then you will be advised not to buy it. If you still need to buy the property, the lawyer will carry out a legal process in the court. In case the property can be fixed, then the right procedure will be taken to ensure that it is stable enough. Nonetheless, if it is not up to the right standard and beyond renovation, then you will be advised to ignore it. This process helps you to save money since the overall price of the property will be reduced in the long run.
5. The lawyers understand the state laws better
The estate lawyers have a deeper understanding of the state laws and the best way to get over them is to hire the lawyers in your estate planning. The state laws are overly strict on what should be entailed in a trust or a will. Also, these rules can be very much complicated. With a qualified estate lawyer, you will be sure of getting through the entire process easily. You will not need to study the laws and try to understand them since the estate lawyers will handle it.
6. When the family issues are too much
If you are having complex and super detailed family issues, the best way to get over them is to hire an estate, lawyer. Some of the issues that may be too much to include the complicated marriages, when you have more than one estates, and even when many family members need a share. All these can be stressful to handle, but with the estate lawyer, it will be a drop in the sea. So when the pressure is too much, then you most definitely need to hire the lawyer.
7. To avoid mistakes
Another reason for hiring an estate lawyer is because you can end up causing unnecessary mistakes in the entire estate planning process. This can happen most of the times when you handle it on your own and when you cannot get to the bottom line. It is normal not to be perfect at the estate planning, which is why you need an estate lawyer to help you in the process. When choosing an estate lawyer, ensure that you choose one that can deliver the right services and they should be affordable enough. Make sure you carry a deep research before you proceed to hire the attorney for the estate planning.