An estate planning attorney deals with the planning of an individual’s property after they are dead. They are also known as probate lawyers. They will not only help you make the planning of your estate but advise you on what should be the right decision to make. If you want to know more about estate planning, schedule your consultation.
What is the role of an estate planning lawyer?
The main role of an estate planning attorney is to give financial advice to their clients. They have knowledge of dealing with various financial liabilities like tax submissions, and financial advisors, and guide you. Have a look at their roles:
- They will help you to prepare a will. They will also help you if you want help with planning other assets.
- Help you to identify your beneficiaries if you have complex family relations.
- They will act as a power of attorney till the beneficiary becomes an adult to take charge of the assets.
- They will help you in getting Medicare and other long-term healthcare benefits.
- Work with your tax advisor on how to deal with taxes and save you from paying excessive taxes.
- They will help you and guide you so that you can avoid the probate process.
Is estate planning only for rich people?
Estate planning is not only for rich people. It is for everyone who has properties. You can take the help of an estate planning lawyer to divide your properties among your liabilities, it is essential if you have children who are minors.
How will you understand who is a good estate planning attorney?
There are many features that a good estate planning attorney will possess. Some basic features discussed below will help you to identify a good estate planning attorney.
- Good communication is a very important skill that an estate planning lawyer must have. Estate planning needs dealing with various entities, it is essential for a lawyer to communicate with them easily and get your work done.
- Experience is another key point that a lawyer must possess. More the experience, the better they will be able to handle estate planning with complex assets.
- Look for a lawyer with a good reputation. It implies that the lawyer you will be choosing has done some good job in the past and their clients are satisfied with them.
Once you have checked out all the boxes you can opt for an estate planning lawyer who will help you get your assets covered. They will ensure that your wishes and instructions are followed when you are not around. The aforementioned tips will also help you to get your hands on the best estate planning attorney.
There are some frequently asked questions that clients always have. Keep reading if you want to get a few answers and get your confusion cleared.
What are the 5 important documents that you need for estate planning?
The 5 documents that you need for estate planning are:
- Last testament and will
- Living will
- Durable Power of Attorney
- Healthcare Power of Attorney
- Living trust
What are some common components that you need to deal with while estate planning?
The common components of estate planning are:
- Guardianship designation
- Beneficiary designation
- Personal letter of interlink
- Healthcare power of attorney
- Outlining your wishes
What are the essential tools of estate planning?
The are several tools of estate planning, the 5 vital ones among them are:
- Joint accounts
- Succession laws
What is the objective of estate planning?
The primary objective of estate planning is to safeguard your assets and do as you have planned your will. It ensures to take care of your affairs, avoid unnecessary taxes, support your spouse, children, or parents after your demise, and transfer your property to your nominees.
What is the age at which a person should opt for estate planning?
There is no specific age for estate planning. It is said the sooner the better. Wealthy people with a lot of property and assets can opt for it at an early age to avoid harassment later. If you do not have any complex property you can opt for it before you retire.
How much minimum asset value you must have for estate planning?
You can go by this thumb rule: if you have a net worth of $100,000 try to have an amount spent in real estate, or with the help of an estate planning attorney plan out when and how you want your assets to be divided and distributed to your heirs.
What are the assets that must not be placed in a trust?
The following are the assets that can not be placed in a trust:
- Retirement assets
- Assets held in other countries
- Health savings
What is the average amount of a trust fund?
In the United States, near about 2% of people get properties from their parents via trust. $285,000 is the median amount that is passed through trust. $4,062,918 is the average amount that is held in trusts.
What are the 4 types of trust?
The 4 types of trust are:
- Living trust
- Revocable trust
- Irrevocable trust
Estate planning is never an easy task, but with the help of the estate planning lawyer, you can keep all your worries at bay. They will make sure that you face no legal issues with your estate, and your wishes are granted. Even though you face any kind of legal hurdles, they will ensure that you are out of the mess as soon as possible. It is their expertise which you need at such difficult times, and so if you want a proper estate planning, never delay in getting in touch with the attorney. Also, check out that the attorney is the best one and will be able to meet your requirements, or it may just be a waste of time.