What Do Estate Planning Lawyers Do?
As people consider what may happen in the future they also ask a question of where they will be and what will happen to their money and valuables after they die. Well, this is a very common yet important concern and this is where estate planning lawyers can assist you. These lawyers help people to plan on what should happen to their properties and who should implement their instructions. They draw up various crucial documents such as wills and trusts, and oversee various affairs to ensure things run smoothly for the family in the future.
If you’re deciding to consult an estate planning lawyer, then knowing their roles can help you to make a better decision.
What is an Estate Planning Lawyer?
An estate planning lawyer is an attorney with a license specializing in the planning that is done before the person’s death. They are also known as estate law specialists or probate lawyers. They assist you in the comprehension of estate planning and the rules related to the distribution, transfer, and taxation of an estate.
How Can an Estate Planning Lawyer Help You?
Estate planning attorneys assist individuals in making special arrangements for their properties. They often collaborate directly with their clients and occasionally with tax consultants and financial advisors. Depending on what you need, they can help with things like:
- Understanding Clients’ Needs: They understand what clients wish to do with their money, goods, and things once they are no longer around. This could mean donating items to family, friends, or non-governmental, non-profit organizations such as charities.
- Developing a Plan: They assist their clients in drawing a strategy on how to achieve their estate objectives. It may include issues like, who gets what and when the delivery should be done.
- Using Trusts and Wills: They clarify how trusts and wills function in order to transfer property. Each has its advantages and they assist clients in making the most effective decision.
- Reducing Taxes: Estate Planning Lawyers provide guidance on how one can minimize gift, estate, and income taxes at the time of transfer of an estate.
- Healthcare Plans: They consult and draft papers that indicate what medical treatment clients would have wished for in case they are incapable of making the decision themselves. These documents also select a person who will make healthcare choices on their behalf.
- Business Support: They work with individuals who own businesses to determine how the estates could be managed and the business continued after their death.
- Making Legal Papers: They draft and prepare wills as well as trust documents, that are compliant with the law and ensure that the client’s wishes are executed as expected.
Do I Need an Estate Attorney?
Not sure if you need an estate planning lawyer? Here’s why they can be helpful:
- Customized Plan: Employing the services of an estate attorney is crucial since you will be able to get the best plan that will suit your needs.
- Understanding Laws: They also offer legal consultation on the legal requirements that should be followed in the cases of estate planning to ensure that all processes run smoothly.
- Legal Advice: It’s one of the greatest advantages and makes you get advice from the specialist as they know your situation.
- Legal Compliance: When you hire an attorney to help you, you are confident that all the decisions that you make are within the legal requirements of the state and the country.
- Guidance for Loved Ones: Your attorney can also assist your loved ones, such as an executor or a power of attorney in the circumstances where you are not able to make earlier decisions or in the case you are deceased.
Having an estate planning lawyer can help in order to lessen any misunderstandings that may arise and keep things more organized and stress-free for your family.
When Should You Consult an Estate Planning Lawyer?
You should consult an estate planning lawyer when you want to know how your properties will be distributed after your death. Additionally, if there is any uncertainty regarding the distribution of property in the case of death, it is advisable to seek a lawyer’s advice. If one has been appointed as an executor of an estate and requires assistance or if there are disputes over the proper handling of an estate, an estate lawyer can help.
Moreover, if you don’t know how to find a lawyer, you can simply search online and look for “Chicago estate planning lawyers” or “best estate planning lawyers near me” for more exact results. Remember, it’s necessary to adjust your location and then you can proceed to get a consultation.