Find Estate Planning Attorney By Valerie Brooks
Though end-of-life issues are uncomfortable for most people, planning in advance for them can help circumvent legal and emotional entanglements for survivors of the deceased. Hiring an estate planning attorney ahead of time is a smart move. The job of an estate planning attorney is to handle the real and personal assets of an individual in anticipation of his or her death. In accordance with federal and state tax law, the attorney arranges for allocation of assets to the beneficiaries, maximizing wealth as much as possible.
Wills And Trusts
A trust is a right to real and personal property intended for the beneficiary, but held and managed by the trustee. The person you choose as your trustee should be someone mature and responsible. For example, you may name your child as the beneficiary (the recipient of your inheritance), but that child will need someone (preferably an uninterested party) to allocate the funds in accordance with your desires. This is where a trust comes in. The attorney will make sure all the guidelines are adhered to, and will handle tax issues as well as any complications that may arise. He will help minimize taxes and fees associated with estate planning, and adhere to the wishes of the deceased. A trust can be revocable or irrevocable (also called a living trust.)
A will is another legal tool used to ensure that assets are distributed according to the wishes of the deceased. Unlike a trust, which can be modified throughout the person's lifetime, a will only go into effect after the person has died. An executor is a person assigned by the will owner to make sure his or her wishes are followed. Probate is the legal process which the executor must follow if the will contains any questionable or unclear information. Most wills engage in some sort of probate procedure; the more specific and airtight the will, the less costly the probate, which can save court and legal fees. Wills typically cost less than trusts, but can actually become more costly during probate. Trusts usually avoid probate, but are more expensive to set up.
The Role of an Estate Planning Attorney
Although trusts and wills are a large part of what estate planning attorneys do, they also serve other functions, including: retirement plans, brokerage accounts, bank accounts (checking and savings), insurance policies, business affairs (including partnerships), and personal debt.
Further Considerations
• The cost of using an estate planning attorney will depend on the amount and complexity of the documents the attorney is preparing.
• Prior to creating any financial document relating to your estate, make sure you contact a financial advisor or attorney who is an uninterested party -- not someone who is trying to sell you a product.
• Before making any decisions, consider the information you have been given. These are important and sometimes costly issues that require reflection before action.
• Always keep records of every transaction related to your estate planning venture. Know what is and is not revocable.
• Keep in mind that if you do not participate in estate planning in advance, and become incapacitated or unable to make decisions regarding your estate, a person will be assigned by the court to handle your affairs.
Additional Legal Services:
Nationwide Find an Attorney Services:
American Bar Association
Service Center
321 North Clark Street
Chicago, IL 60610
800-285-2221
Martindale-Hubbell
121 Chanlon Road
New Providence, NJ 07974
800-526-4902 ext. 8001