Writing a will is not a one-size-fits-all process, which is why many people should use the services of a lawyer. For many people, it’s pretty simple — you just need to list all your assets and then determine who will receive these assets after you leave. However, if you have one or two unusual circumstances, you will need an experienced real estate attorney to help. Learn about some of these unique situations and how an attorney can help in each.
Do You Really Need an Estate Lawyer If You Are Single And Childless?
It is a common misconception that single or childless people do not need the help of an estate attorney. It’s true that they don’t have to worry about protecting their children or spouse with a will, but that doesn’t mean they shouldn’t have one. Without a will, their property will fall into the hands of their parents. If you have a special request or want to leave your assets to charity, you will need a will.
However, what happens if you need medical care and you can’t advocate for yourself? An estate attorney can help you designate a medical power of attorney so you can identify who is responsible for making medical decisions. Also consider a living will. This document details your exact wishes in the case of certain medical conditions.
What Happens If Your Spouse Is Not a Citizen?
Spouses receive special treatment in terms of taxes after the other spouse dies. This means that they do not have to pay federal inheritance taxes. However, if the surviving spouse is not an American citizen, this shield does not apply. Non-citizens can receive up to $5.34 million before federal inheritance taxes are levied, so there is some protection for smaller estates. Money above this threshold is taxed.
However, there are ways for married couples to protect non-citizen partners. Annually, spouses of citizens can give up to $145,000 a year, tax-free. This reduces the size of the estate, while legally protecting it from inheritance taxes. One final solution is to have the spouse apply for citizenship, but this process can be very lengthy.
Estate Lawyers Can Help If You Have Children With Special Circumstances
It is not common for parents to leave their children disproportionately, but certain circumstances may require it. If you have children who require special medical care or have special needs that require round-the-clock medical care, you should consider leaving a significant amount of assets to them. Without a will, your property will be divided equally, which means your child with special needs will not be protected. It is very important that you discuss this plan with all of your children so that everyone knows why you left them with different amounts. Without this, your children could fight or fight after you’re gone, as they try to grieve your loss.
Meeting with a lawyer is an important start in the estate planning process. However, before you do, think about certain circumstances to consider. Having a good idea of how you are going to handle this situation can make the whole process go more smoothly from start to finish.