Everyone actually possesses an estate. According to the definition, an estate is everything you own, including all of your real estate, vehicles, jewels, stocks, and cash. But what happens after you pass away?
Who will inherit your possessions? An estate plan can help with this. An estate plan consists of legal paperwork with instructions, enabling you to secure your family’s financial future when you pass away.
Making sure your family is aware of how you want your assets and affairs to be handled in the case of your death or incapacitation is the goal of estate planning. However, beginning the procedure can frequently feel daunting. It can also be emotional, overwhelming, and stressful.
This is where an estate planning lawyer from Lissner & Lissner LLP comes in; the lawyer can help with estate planning. They ensure your wishes are carried out and walk you through every step.
Many individuals are unsure of what an estate planning attorney is, what they do and whether they are necessary. Thankfully, this article is here to shed some light. We discuss who an estate planning lawyer is and their duties. Let’s get started!
What is an estate planning lawyer?
An estate planning lawyer, also known as an estate law lawyer or a probate lawyer, assists in the estate planning procedure by putting your desires on paper for when you are no longer there or when you become incapacitated. This lawyer will present options to ensure your wishes are effectively carried out and will know which paperwork to employ.
An estate lawyer also has knowledge of state and federal laws that may impact how your estate is listed, valued, distributed, and taxed following your passing. If necessary, they will also inform you of the probate procedure.
Things an estate planning lawyer can do
Here are the top thongs that an estate planning lawyer can do for you
1. Draft a Will and identify the beneficiaries
Even though you can easily locate a Will template online these days, it most likely won’t work for you. People’s lives, families, and possessions hardly ever fit into a predefined template. Making a handwritten Will is always an option, but there are very strict guidelines to follow, and doing so frequently results in probate litigation.
Meeting with an experienced estate planning lawyer can facilitate this process. The only way to ensure your Will contains all the information you require and minimize the likelihood of going to court is to do it this way.
A fantastic resource to utilize when distributing assets to recipients is an estate planning lawyer. They are impartial third parties who will genuinely pay attention to your needs and provide guidance as necessary.
2. Update and Modify the Estate Plan Whenever is Required
Plans for an estate may evolve over time. That’s why you should plan to update your estate plan periodically throughout your life, regardless of the circumstance, whether it be a divorce, the birth of a child, a marriage, a change in assets, a change in health, or even a transfer out of state.
Usually, when these situations arise, you are preoccupied with a new baby or a cross-country move and are not thinking about updating your estate plan. You can contact a reputable estate planning lawyer after settling down so they can amend your estate planning documents appropriately.
3. Safeguard your family and your legacy for the future
All components of a well-rounded estate plan are your Will, a list of beneficiaries, a durable power of attorney (should you become incompetent), an advance medical directive, life insurance, and trust.
Thanks to this comprehensive arrangement, your loved ones won’t have to go through any hoops after your death. Meeting with an experienced estate planning lawyer helps ensure that all the information is appropriately handed out in these legal forms.
By drafting the appropriate documentation to carry out your last wishes, funeral preparations, and family traditions and beliefs, consulting with an estate attorney can ensure that your legacy continues for decades.
4. Aid in preventing the lengthy and expensive probate process
The court procedure known as “probate” is used to distribute a decedent’s inheritance among the designated heirs and beneficiaries. It is incredibly expensive, takes a long time (up to two years), and is quite public to go through probate. Copies of the Will and any related documents may be obtained from the courthouse by any person willing to appear.
Luckily, even if you don’t have trust, probate isn’t usually required. You can avoid probate if all of your assets are beneficiary named. Unfortunately, some organizations won’t accept the affidavit, causing your heirs to start probate or file a lawsuit against the organization.
Hiring a probate lawyer can help you completely avoid probate by ensuring that all of your assets are properly assigned. This lawyer can assist your loved ones in navigating the legal system and preparing them should they need to participate in the probate process.
5. Ensures someone you trust executes your health wishes
An estate planning attorney can suggest the appropriate individual to carry out your health desires. In most cases, many people pick a family member. But even a close friend could be a better fit. An attorney can serve as a neutral party to advise you on the most appropriate person to fill this position.
Choosing the right estate planning lawyer
When it comes to choosing an estate planning lawyer, you must ensure that you hire a knowledgeable and experienced one. Such lawyers have been in the industry for a long and can draft better estate plans.
To find the best estate planning lawyer, you need to conduct thorough research online by reading online reviews, or you can ask for recommendations from your family and friends. Ensure you interview your potential estate planning lawyers before hiring the right one.
Making a plan in advance is one of the best things you can do for your family. An estate plan will aid in protecting your legacy, family, and even yourself.