Writing a will is not a one-size-fits-all process, so many people should use the services of an attorney. For many people, it is quite simple: you just need to list all your assets and then determine who will receive these assets after you are gone. However, if you have an unusual circumstance or two, you will need experienced real estate attorneys to help you. Learn about some of these unique situations and how an attorney can help with each one.
Do you really need estate attorneys if you are single and have no children?
It is a common misconception that single or childless people do not need the help of estate attorneys. It’s true that you don’t have to worry about protecting your children or spouses with a will, but that doesn’t mean you shouldn’t have one. Without a will, your assets will go to your parents. If you have a specific request or want to leave your assets to a charity, you will need a will.
However, what if you need medical attention and cannot advocate for yourself? Estate attorneys can help you appoint a medical power of attorney so you can name who is responsible for making medical decisions. Also consider a living will. This document spells out your exact wishes for specific medical conditions.
What if your spouse is not a citizen?
Spouses receive special treatment when it comes to taxes after the death of the other spouse. This means that they will not have to pay federal inheritance taxes. However, if the surviving spouse is not a US citizen, this shield does not apply. However, non-citizens can receive up to $ 5.34 million before federal inheritance taxes are collected, so there is some protection for smaller estates. Money that exceeds this threshold is taxable.
However, there is a way for married couples to protect the non-citizen spouse. Each year, the citizen spouse can donate up to $ 145,000 a year, tax-free. This reduces the size of the estate, while legally protecting it from inheritance taxes. A final solution is for the spouse to apply for citizenship, but this process can be quite lengthy.
Real Estate Lawyers Can Help You If You Have Children With Special Circumstances
It is not common for parents to leave their children disproportionate amounts, but some circumstances may require it. If you have a child who requires special medical treatment or has special needs that require 24-hour medical attention, you should consider leaving him more assets. Without a will, your assets will be divided equally, which means that your child with special needs will not be protected. It is vital that you discuss this plan with all of your children so that everyone knows why you are leaving them different amounts. Without this, your children may fight or fight after you are gone, when they are trying to mourn your loss.
Meeting with an attorney is an important start to the estate planning process. However, before doing so, think about the specific circumstances that need to be considered. Having a good idea of how you are going to handle these circumstances can make the whole process go smoothly from start to finish.
