Death is never viewed lightly because it may be the stop for the afterlife, but it’s a problem for the living ones. It is the roles and responsibilities that you leave behind that can be trouble for some to manage.
Especially when it comes to assets and wealth.
Therefore, you need an estate planner to help you plan everything.
This ensures that you die in peace as the lawyers sort out your plans and demands. They will look after your assets to give you the best strategy for a perfect will.
So, let’s begin by knowing –
What Is Estate Planning?
Estate planning is a process that ensures that your family understands the way you want to manage your affairs and assets. It informs the members on planning regarding wealth and assets after the person’s demise.
For this, you generally need an attorney that helps you plan the assets’ distribution at the time of their death. They will inform you about the law and distribution process regarding inheritance in UAE.
Further, they will also manage your taxes regarding physical assets and resources.
Therefore, we need to know –
The Role Of Estate Attorney
The lawyers help their people customize their estate planning by overviewing their assets. They oversee everything related to a person and ensure taxes, distribution of support, and so on are in order.
Here are a few responsibilities of an estate lawyer –
- Preparing a will or estate planning
- Identifying your beneficiaries
- Working as a financial advisor to reduce the tax burden on you
- Creating an established healthcare plan for long term
- Helping you to determine the best trusts for you
Therefore, hiring an attorney to help you with the legal advice you need for your estate is important.
Benefits Of Hiring An Estate Lawyer
In the statement mentioned earlier, I discussed the roles and responsibilities of an estate lawyer, highlighting that hiring them can be beneficial.
Here are a few benefits of hiring a lawyer –
Benefit 1: Keep Your Documents Up-To-Date
One of the jobs of an estate lawyer is to ensure that your files are up-to-date. For example, you make a will and leave it as it is. It is the lawyer that will ensure that it is updated from time to time.
Even if you think of making changes, they will add them to keep it relevant.
They carry forward your wishes and demands to customize the will accordingly. If there are financial situation changes, they review the documents and ensure they reflect your request.
Benefit 2: Appropriate Legal Advice
Much like Better Call Saul, hiring an estate planning lawyer will help you meet the legal situation regarding inheritance.
The laws of inheritance are different for Muslims and Non-Muslims in Dubai. Therefore, lawyers can aid with legal advice to solve the estate problem.
Further, they will help to plan for adding beneficiaries or nominees to your will. Moreover, they can assist in creating documents for an executor to carry forward your legacy after your death.
They will help you tie up all the loose ends in the will or private trust you have built for your family.
Benefit 3: Customized Estate Planning
Most Wills or Trust form pages have fill-in-the-box spaces that might not meet your expectation of a perfect legal document. Therefore, what you can do is hire an estate lawyer.
They will create documents just for you. The legal paper will include all the necessary information you want to add.
The document will be tailored as per your needs and demands. Even you can include special references in your paper.
With most people being rich, you can distribute the asset properly with a lawyer.
Benefit 4: Reduce The Length And Cost Of Probate Process
One of the roles of an estate lawyer plays is that they can handle your probate process. It means the court process of transferring the wealth and resources of the deceased heir to the rightful person.
Therefore, you can understand that the process will be lengthy and costly if the matter goes to court.
You have to go to the banks to recover your assets; sometimes, without understanding, they give the funds to someone else. And this can be problematic as you can’t sue banks.
So, before considering the probate process, hire an estate lawyer. They will sort out the beneficiary and nomination part. This will save a lot of monetary savings and time.
More About Estate Lawyers
Estate lawyers ensure you are perfect and in the right order. They will help you to reduce your tax liabilities.
This will ensure that kin does not have to pay heavy taxes for assets after your death.
Lastly, it will help you to correct teh mistakes you made in your will. It can be excluding some persons or not distributing assets among spouses.
They will ensure you complete the paper properly so your loved ones can enjoy your hard work.