04 Mar Do I Need Professional Estate Planning Advice?
You’re great at setting a budget, saving money, and spending wisely. You might even have a business degree, be financially savvy, and stay up to date on the latest economic news. If that sounds like you, perhaps you’re wondering: Do I need estate planning advice, or can I just handle this myself?
That’s a fair question, but estate planning handles so many important aspects of your life that consulting a professional is always a good idea. Their advice can help you avoid probate, as well as costly errors and family disputes. Estate planning isn’t just for the wealthy or elderly. If you have a home, children, or a family business, getting the right guidance matters.
What Size Estate Needs Legal Help?
Many people think that they aren’t wealthy enough to need estate planning services. But the truth is that dollar amounts don’t matter as much as what’s at stake. If you own only real estate, land, or assets worth more than $75,000, an estate planning attorney will offer the best advice.
They can help you draft legal documents like a will, a living trust, and powers of attorney so you are ready for any situation. Without these basic estate planning documents, your estate will have to go through probate, which can be expensive and slow, and might also lead to family disputes.
According to a national probate study published by Forbes, the average probate court process for estate planning disputes lasts about 20 months. Furthermore, it can consume up to 7% of the estate’s value before the assets are distributed to the heirs.
If you want to leave an inheritance for a minor, or bypass the laws of intestate succession, you’ll need a legal will at the very least. For instance, say you want to name your granddaughter as your main beneficiary, instead of your children. Or perhaps you want to leave the bulk of your estate to charity instead of letting it go to your siblings. In these situations, setting up a trust is the best way to make sure your wishes are carried out.
Is a TOD or Beneficiary Deed Enough to Avoid Probate?
One of the easiest ways to avoid probate is to fill out transfer-on-death or beneficiary deeds for assets that allow them. For instance, you can name a beneficiary for your brokerage or bank accounts, as well as titled property like vehicles or real estate.
However, beneficiary deeds only apply to some types of assets. Your beneficiary also needs to be a legal adult of sound mind. TOD deeds won’t help if you want to leave your assets to minor children or a dependent with special needs. A revocable living trust is a better solution, because it gives you more control over who inherits your assets. It also lets you determine when and how those assets are distributed.
When to Consult an Estate Planning Lawyer
According to AARP, fewer than half of Americans have a will. An estate planning lawyer can help you draft this important document, make sure it represents your wishes, and verify that it’s legally valid and witnessed appropriately.
You may also need to consult an attorney if you want to make changes to your existing will or trust. For instance, you should always update your estate plan after major life events like:
- Marriage or divorce
- The birth or adoption of a child
- Purchasing new real estate
- Acquiring new assets
- Receiving an inheritance or windfall
- Starting a business
In short, if you have assets worth more than $75,000 or real estate worth more than $100,000 it’s a good idea to consult an estate planning attorney. It’s also a good idea if you want to leave an inheritance for a minor or a loved one with special needs. A one-time review of your situation could end up saving your family thousands of dollars in court costs, and prevent disputes among family members.
Get the Estate Planning Advice You Need
Do I need estate planning advice, or can I do it on my own? At Phelps LaClair, we’ve spent over four decades helping Arizona families answer that exact question, and the answer is always yes: professional legal advice is always worth it.
Working with an experienced estate planning attorney guarantees that your documents are legally valid and that they will work correctly when the time comes. It’s also the best way to avoid probate and estate taxes, so you can preserve more of your wealth for your family.
Contact us today to schedule a free consultation, and give your family the peace of mind they deserve.
Photo by Scott Graham on Unsplash used with permission under the creative commons license for commercial use 2/22/25.