Understanding the Role of an Estate Planning Attorney
Estate planning is something that everyone can do to help prepare for the future and make sure their assets are handled according to their wishes. Even if someone doesn’t have a large estate, if they have items they want to gift to a certain person on their death, a will is needed. Estate planning attorneys can help with all of this, as well as help the heirs named in the estate after the client’s death. Some of the ways an estate attorney can help include the following.
Draft Legal Documents
Legal documents are needed to ensure everything will be handled properly after the person’s death. It is highly recommended to work with an estate planning attorney who can draft the legal documents to fit the person’s needs instead of relying on generic documents that might not be a good fit. The attorney can answer any questions about the legal documents, ensure they are all done properly, and keep a record of them in case it’s needed in the future.
Explain Tax Implications
Taxes for estates can be incredibly complex depending on the amount of money a person has. It is a good idea to have a lawyer explain the different taxes and how decisions made during the estate planning process can have an impact on what is paid. The attorney can explain the implications on the estate for gift taxes, estate taxes, and more. They can also help plan for these when planning what to do with the estate.
Assist With Probate
After the person dies, their estate will need to go through probate so that the assets can be distributed. An attorney can help through this process to make sure everything goes as smoothly as possible and to help prevent potential issues before it happens. They can also help explain the probate process and what it entails to the beneficiaries so they know what to expect.
Handly Any Potential Disputes
There can be disputes that occur when handling an estate, such as when one person thinks they were forgotten or someone believes that there was a mistake made. It is possible for the will to be contested, and if that happens, it can stall the probate process until the disputes are settled. An attorney can help settle all disputes, let beneficiaries know what the options are, and handle anything else that comes up.
Advise Fiduciaries on Responsibilities
Fiduciaries may be named as part of the estate to handle trusts and similar legal positions. The attorney can let them know what the job entails, what they can do if they don’t want to be in charge, how to make sure everything is done legally, and more. They will fully explain everything and can help with anything the person may have while they are a fiduciary to minimize potential issues in the future.
Estate planning can be done by anyone and at any age. It should be updated regularly to make sure the information contained in estate planning documents is detailed and accurate. All of this help can be provided by an estate planning attorney. Take the time to talk to an estate planning attorney today to learn more about what can be done to start planning for your estate or to get help for related issues.
With a solid foundation in technology, backed by a BIT degree, Lucas Noah has carved a niche for himself in the world of content creation and digital storytelling. Currently lending his expertise to Creative Outrank LLC and Oceana Express LLC, Lucas has become a... Read more