Updated on July 14, 2021
Why You Should Consider An Estate Planning Lawyer
Estate planning involves planning and organizing your assets to ensure continuity of life and property protection. A plan of this kind provides for the future economic well-being of your family and is legally binding. Planning your estate can be an emotional time filled with tensions and fear. An estate plan lawyer can provide the much-needed peace of mind that comes with knowing your wishes have been made legally and without outside influence. In short, an estate planning attorney is there to guide you through the often confusing process of estate planning. They provide you with the knowledge to make decisions in your best interest while still protecting those you love.
If you are considering the creation of a will, you should consult with an estate planning attorney. These lawyers have the experience to help you develop a will that ensures your wishes are followed through to the end. While they can offer general information on how a will should be written, they usually concentrate on specific details and issues such as who will receive your assets during your lifetime, who will administer your estate upon your death, how your will should be executed, and who will manage your finances after you die. If you need a financial advisor, a lawyer may be able to assist you as well.
Estate Planning Attorney, also known as probate lawyers or legal document specialists, are trained and licensed lawyers with a comprehensive knowledge of the federal and state laws governing your estate and your personal property. Legal documents make up a large part of your estate plan, and having a knowledgeable legal document professional on your side can make the whole process run much more smoothly. Probate attorneys have extensive experience in dealing with estate planning matters. They can give you the advice and representation you need to protect your assets and ensure that your final wishes are met. Estate planning matters involve many complicated issues, and an experienced attorney is the key to ensuring that everything is done according to the law.
An estate planning attorney may advise you to set up guardianship over your minor children. This ensures that your minor children will still have legal authority over decisions regarding their welfare. They can also help you decide if you will be entitled to inheritance taxes. You may wish to designate a primary caregiver, someone who has been assigned responsibilities in case of your incapacity. Your attorney can work with the care provider to determine who will receive your assets in the event of your incapacitation. He may also recommend that you name a durable power of attorney so that your incapacitated loved one can make decisions concerning your property without your interference.
It is wise to have your estate planning attorney review any legal documents that include possible beneficiaries’ names. Some legal documents for your Will require that you appoint a guardian ad litem to your Will. This means that your Will becomes the binding legal documents for all beneficiaries, and this change will become effective immediately. An estate planning attorney can help you determine which legal documents your Will should include and counsel you about completing your own Will.
An estate planning attorney may also assist you with any issues that are related to your continuing education. Continuing education regulations vary from state to state. The attorneys can guide you through getting a new license, altering your name on legal documents, or correcting mistakes that have been made on your initial application for licensing. An estate planning attorney can also provide you with assistance in determining whether your continuing education is required.
If you think about name changes, divorce, or annuities, an estate planning attorney can help you determine the proper beneficiary designations. Depending on your state, designations for beneficiaries may be limited or unlimited. A child’s design may be limited to a spouse, parents, or other specified relatives, a policyholder’s dependents, and designated employees. You can name one beneficiary for all of your policies, or you can name each employee one at random. Also, if you sell certain assets within a short period of time, you may not be allowed to designate your beneficiaries until the sale is completed. For example, if you sell your car to pay funeral expenses, you cannot name your children as beneficiaries until the car is sold.
An estate planning attorney can help you draft a probate agreement, execute a Will or estate plan, and make sure it is properly filed. If you have already drafted your Will or already filed it, the lawyer can draft a final copy using your information. The Will can also be used as part of a power of attorney if you have one. The lawyer can also negotiate the details of a durable power of attorney and help you fill out any necessary forms.