6 Reasons to Hire an Estate Attorney When Inheriting Property

Inheriting money or property is wonderful luck of the draw that should be handled with care. While it may be easy to go the whole hog and have a crazy bacchanalian feast to celebrate, this isn’t necessarily wise, or practical. There are many things you need to do to get your estate in order, the first of which is to hire an attorney with extensive experience in this particular area of the law. This might seem superfluous to you right now, but it’s the best thing you could possibly do for yourself and your loved ones. The following are a few more concrete reasons to hire an estate attorney as soon as you can to help you sort through the new realities of property inheritance. 

1. Avoid Family Drama

Hiring a lawyer to handle your estate will help you avoid the common problem of dealing with other family members or interested parties who may be contesting the will, or even with your own next of kin. There is a reason why the death of a wealthy family member is the engine driving many melodramatic films and pieces of literature. Nothing will turn people against one another more than having to deal with money left over from a deceased - and very rich - relative. The best way to protect your interests and your loved ones is to hire an estate attorney who can manage the nitty-gritty details of the will and the properties left to you while taking into account your own needs. 

2. Stay in Accordance with State Law

Each state has its own very specific set of rules as to how to deal with an estate and plan out the details accordingly. When it comes to a will, trust, or the medical and financial power of attorney, the state has its own rules to abide by. As the Georgia-based experts at AtlantaEstateLawCenter.com explain, even those who are allowed to serve as personal representatives, trustees, or health care surrogates are subject to the specific laws laid out by the local government. There are also special laws in place for relatives who are out of state, so you will need an excellent estate planning attorney to help you wade through the process. 

3. Save Money

The internet is great in so many ways. But, it has also led to the creation of a lot of unnecessary online “noise” that can be hard to ignore. Sure, there are some useful DIY hacks, tutorials, and apps that can help you handle your affairs. Yet, these feelings of empowerment can be misleading. You can rely on online forums that seem safe and intuitive, or you can go to the library and check out a book to learn the ins and outs of property inheritance, but this would be a bad move. Yes, you will save money in the short term, but the amount of money you will be stuck paying fees and penalties will be a lot more in the long term if you are not careful. So, hiring a lawyer to handle this complicated matter makes much more sense. 

4. Reduce Tax Liabilities

One crucial way an estate attorney can save you a great many headaches is that they will help you reduce the amount of taxes you will be responsible for once you officially come into the inheritance. Federal estate taxes depend on various factors, such as the gross value of your property, the amount of debt you owe, the total maintenance and running expenses, and any other deductions your estate is eligible to make. There is no conceivable way for you to know all the financials and legalities involved, and only a professional estate attorney can help clear things up.

5. Updating Documents

The estate attorney should be in it with you for the long haul. Yes, perhaps the majority of the work will be done at the very beginning when the transfer of your inheritance first occurs. But, there will be documents that need to be updated, or you may need to change a clause in your estate plan to better take care of someone under your guardianship, etc. The attorney should help you with all that, taking a lot of pressure off your shoulders.

6. Sane Advice

Dealing with an inherited property can often be a tiring and emotional process. While you might be excited at first, you will quickly find that your good luck will feel overwhelming fast. It’s important to have an experienced attorney at your side who can provide tips, advise you on sensitive questions, and basically help you maintain some objectivity during what can be a trying period. 

Hiring an estate lawyer is not just a smart decision; it is also the most thoughtful thing you can do to avoid family conflicts. You don’t want to leave anyone in the lurch, and you should be able to handle your inherited property in a way that serves all parties involved. Also, you should do your best to avoid the exorbitant costs incurred by poor decision making, which often happens in the absence of a good lawyer to help lead the way.