We’ve all heard the phrase “estate planning“, but what does it entail? Also, why do you need an estate planning attorney to do this so-called planning? Below are a few things that estate planning attorneys do and why they are needed.
Estate planning attorneys are licensed and experienced law professionals who have a deep understanding of state and federal laws that will affect how your estate is valued, distributed, taxed, and inventoried after your death.
An estate planning attorney can help you with the following tasks:
Making a Will.
Designating your beneficiaries.
Medical durable power and durable power of attorneys can be established.
Find ways to minimize and avoid estate taxes whenever possible
Avoiding the probate court process.
You can set up any trusts that you may need to protect your assets.
This is both for your benefit in your lifetime and for the benefit of your beneficiaries in the event of your death.
Although estate planning attorneys charge a flat fee for the creation of binding legal documents like wills and durable powers of attorney, they can also be hired on an hourly basis to help with your estate management, handle disputes on your behalf, and ensure that your will is executed as planned.
A probate court attorney can also be called upon by anyone who has power of attorney to manage an estate of a deceased person. A good estate planning attorney can help you avoid probate court. However, this will depend on the assets and legal transfer rules.
If a beneficiary, or even an individual that is not named as a beneficiary, announces that they plan to contest the will and sue an estate of a loved one who has died, it may be in your best interests to contact an estate planning attorney right away. These lawsuits can quickly drain estate funds and make beneficiaries feel worse.
Grivas Law provides high quality estate planning attorney services.