The estate planning lawyer, also known as an estate probate lawyer, helps a person create a solid plan for handling the mentioned situations. Such lawyers are experts in providing legal advice on wills, trusts, probate processes, planning the succession of a business, etc.
How does a Probate Attorney assist with the estate?
When a person passes away, their assets will be disbursed to the beneficiaries. This takes place by following the state law and as directed by the deceased in their will. A probate lawyer guides the executor or beneficiaries of an estate. Here, we will understand how probate attorneys assist in identifying estate assets and beneficiaries to distribute assets and inheritances.
What is the responsibility of the estate planning lawyer?
Estate planning lawyers assist the individual in passing on the assets to the beneficiaries or heirs after their death. With the help of estate attorneys, one can create draft documents and a plan. So that support will be distributed to the intended beneficiaries without court disputes.
Here mentioned are some things with which an estate planning lawyer can assist individuals:
- I was preparing the last will, which is harder to contest after the death of a person.
- Help people set up their testamentary trust, also known as living trust.
- Transferring assets into individuals’ trust
- Appointing guardians for the kids of the deceased
- Helping in tax planning and transferring wealth
- Granting a durable power of attorney to someone for financial decisions
- Creating a plan for charitable donations
- Writing a living will that outlines the end-of-life decisions of the person.
- Answering the questions one might have about estate planning or local tax laws
Situations when one should consider hiring an estate attorney
Although most people could benefit from hiring an estate planning lawyer, working with the same in many situations is unnecessary. On the other hand, in certain situations, it becomes essential for people to take the help of an experienced estate lawyer. Ensure that their estate plans are comprehensive and their intentions are stated accurately.
Below explained are some everyday situations where one might consider hiring an estate attorney:
- Small business owner:
If an individual is a small business owner or a business partner who needs help with business succession planning. Then they must consider working with an estate planning attorney.
- A person having out-of-state property or assets:
Now that two states have different tax codes or require different legalities to be followed to transfer the assets, distributing them can get tricky when crossing the state’s boundaries. It is when a professional estate lawyer comes to the rescue.
- When thinking of bequeathing assets to a non-citizen:
One might run into issues when thinking of bequeathing assets to the executor who is not a citizen of the country. Certain tasks, such as procuring a tax ID for opening an estate account, might not be possible for non-residents.
- When thinking of setting up an irrevocable trust:
People set up irrevocable trusts when concerned about estate tax and want to protect themselves from lawsuits and creditors. Revocable trusts cannot be altered after they are created, so speak with an estate lawyer to see if it is the right option for you.
- When striving to leave a legacy:
The estate lawyer can help the individual set up a charitable trust for the donations, which can also benefit from a tax break.
- When having a blended family:
If an individual living in a blended family wants to bequeath their assets to a stepchild, half-sibling, or step-parent, then it is better to get the help of an expert estate lawyer. A deliberate estate plan may prevent these individuals from receiving a share of the property.
- When wanting to disinherit the immediate family:
In some areas, like community property states, where an individual and their spouse share ownership of the assets, disinheriting the immediate family might be harder.
Although hiring a probate attorney to assist with estate planning is not essential in all circumstances. Working with a professional ensures that a comprehensive plan will be prepared for distributing and managing estate after the death of an individual. Before hiring an estate lawyer, it is always advisable to perform research thoroughly. Know about the attorney’s experience, types of services offered, fees, contact information, and more.