Why it helps to engage a professional estate planner | Mint

Is it necessary to get the help of a professional estate planner?

Engaging a professional estate planner, such as an estate planning attorney with specialized expertise in the field, is extremely important. These professionals provide invaluable guidance through the often complex and nuanced legal and financial aspects of estate planning. Their knowledge can be instrumental in various tasks, including drafting essential legal documents like wills, trusts, powers of attorney, and healthcare directives.

A seasoned estate planner can also conduct a thorough evaluation of potential tax implications, helping clients understand how their estate might be subject to taxes both during their lifetime and after their passing. They can identify and recommend suitable strategies to minimize tax burdens, such as charitable giving or effectively utilizing exemptions.

Also Read: How estate planning can help you protect your legacy

Moreover, an estate planner takes the time to understand an individual’s unique goals and objectives. This involves a detailed analysis of the client’s overall financial situation, including assets, liabilities, income, and future financial needs. With this information, they can recommend appropriate estate planning tools and techniques, such as revocable and irrevocable trusts, which can provide greater control over asset distribution.

Additionally, professional estate planners ensure that all estate plans comply with relevant laws and regulations, as these can frequently change and vary by jurisdiction. This oversight helps in safeguarding against potential legal challenges in the future.

By leveraging their extensive knowledge and experience, estate planners play a crucial role in helping individuals and families create a tailored estate plan that aligns with their specific needs, preferences, and long-term goals, thereby ensuring the smooth transition of their assets and wishes to the next generation.

Aditya Chopra is managing partner, and Moxy Shah is associate at The Victoriam Legalis.