Estate planning attorneys, also known by the terms probate attorneys or estate law attorneys, are licensed, well-talented, and experienced law professionals with in-depth knowledge of state and federal laws that impacts how the estate will be valued, inventoried, distributed, and taxed after the event of your death.
Specific Tasks Where An Estate Law Attorney Can Help:
Apart from making you understand the probate process, an estate law attorney can help you with some specific tasks like:
- They help in creating and establishing your will
- They help you with all paperwork to designate your beneficiaries.
- Ensures making a long-lasting financial power of attorney along with medical power of attorney.
- They help you with several ways to reduce and elope estate taxes whenever possible.
- They help you with ways to avoid the probate process.
- They help set up trusts for protecting your assets for the benefit to your beneficiaries after your death and for your benefit in certain events of incapacity in life.
- Legal Paperwork At Flat Fee Charges:
Most of the time, the estate planning lawyers often ensure flat fee charges to help you craft binding legal paperwork like the durable power of attorneys and wills.
However, it is crucial to hire them hourly for the best legal maintenance of your estate, act on behalf of your presence to manage any disputes when they occur, and ensure to carry out your intent and plan for the will efficiently.
- Guidance Over A Deceased Individual’s Estate:
An estate planning attorney from the best legal services corporation can be of immense help for guidance with a power of attorney over an individual’s estate who recently passed away. It is done through the procedure of probate court.
However, the attorney from the best legal corporations will ensure and help you avoid the probate court altogether, but mainly depending on the particular type of assets in the deceased’s estate and how they are entitled to get transferred.
- Protections For The Beneficiaries:
For instance, a beneficiary or even someone not designated as a beneficiary declares that they have plans and desire to contest the will and sue the deceased family member’s or loved one’s estate that they can benefit from.
However, it is best in your interest to consult an estate planning firm or lawyer instantly. The effect of such lawsuits with the help of your attorney can rapidly drain out the estate funds and make the beneficiaries a bit worse for the wear.
Now, let’s move onto the most crucial tasks where an estate planning attorney can help with their expertise and knowledge.
- Drafts The Last Will And Testament Paperwork:
An estate attorney plays the key role to ensure that the documents like the ‘The Last Will and Testament’ gets properly drafted, precisely signed, and efficiently executed.
The main reasons behind the need of an estate attorney is for their complete knowledge on the intricacies of Will, and several legal provisions attached to it. These professionals provide the best advice on what a Will can provide, and what are the available options to make changes.
- Makes Financial Strategies To Avoid Estate Taxes:
Some elemental questions that may pop into your mind are: what can be done to avoid having higher estate tax rates for assets? Or what is the best way to transfer assets without having any tax liability?
The solution to these questions requires complete knowledge of the available economic instruments in estate planning. These instruments change every year with the change in governing laws. Here, an estate attorney stays updated with the financial news, instruments and legislative changes. They utilize the best knowledge of latest happenings to avoid estate taxes for you efficiently.
- Asset Protection From Creditors After Your Death:
Creditors have several ways to claim for your estate after death. This is where an estate attorney plays a key role to build legal protection for your assets from the creditors. They bind a well-crafted estate plan to put safeguards for your assets to keep them protected from debt collectors.
- Makes Health Care Directives And Documentation For Power Of Attorney:
In cases of any medical emergency or an accident, you may become unable to make decisions or communicate easily or clearly. In such situations, it’s best to take directives from the estate attorney to clarify the preferences in terms of your medical supervision. The attorney will help to create health care directives in advance. In addition, they also help to create documentation for your power of attorney.
- Helps Planning Living Trusts:
A properly planned living trust can meet your desires with asset management during your lifetime. An estate attorney helps you to set up a plan to transfer your assets into trusts to leave those funds for your loved ones, while you are alive to see it.
So, it has become crucial to contact an estate planning attorney to safeguard the future of your loved ones and protect your assets for the best utilization by your beneficiaries.