Estate planning is when a person, or immediate family member who has consent, arranges the distribution of assets to heirs or beneficiaries. An individual may wish to provide heirs and beneficiaries with legal rights to his property in the event that he or she passes away. Heirs and beneficiaries could include family members, friends, business partners or even anonymous third party individuals.
Therefore consulting an estate planning lawyer would involve manufacturing a will and ensuring that the individual’s requests regarding his or her property distribution would be respected upon death.
Furthermore, an estate planning lawyer can do more than just establish a person’s legal will. He or she is also adept at minimizing taxes and fees associated with personal or real property and setting up contingency planning in the event of a family or legal dispute. Other aspects an estate planning lawyer will deal with are: trusts, uniform probate code, gift tax, dynasty trust, and joint tenancy.
Besides just assisting an individual with a will, an estate planning lawyer can also help with organizing personal and business records. Brokerage accounts, retirement plans, savings accounts, checking accounts, insurance, business interests, and debt personal property. Any miscellaneous legal planning involved in planning an estate would also be the concern and responsibility of the hired estate planning lawyer.
What should a person look for when choosing an estate planning lawyer? Will any licensed attorney know how to handle this kind of assignment effectively? Not necessarily.
An estate planning lawyer must be very educated and experienced specifically with estate planning and estate planning strategies. He or she must know the benefits and pitfalls associated with each strategy and contingency plan. He or she must be familiar with state laws, as each state has different laws regarding wealth distribution. He or she must know how to properly eliminate excessive probate or estate tax. Furthermore, he should keep up to date with frequently changing tax and estate laws.
When selecting a qualified estate planning lawyer consider one with a strong record. Ask him or her how long they have been specializing in estate planning.
Look for an attorney who is licensed to practice law in your state of residence. With a little research you can actually find a good estate planning lawyer just by using the yellow pages.
If you’re not comfortable with that route, checking references and going on word of mouth from friends and family are also effective methods in choosing the right estate planning lawyer.
Tuesday, October 31, 2006
Friday, October 27, 2006
What Is A Durable Power Of Attorney
A durable power of attorney is a legal document that grants the named attorney-in-fact authority to act on behalf of the person for whom the durable power of attorney is drafted. Having worked at a law firm and participated in a lot of estate planning, I can tell you that a durable power of attorney is a serious document and not something to enter into without a lot of consideration.
The most important aspect and biggest decision you will have to make when considering getting a durable power of attorney is who you will name as your attorney-in-fact. This person will have the authority to manage your banking accounts, open accounts in your name, dispose of your assets, and even sell your home. Many states require that a person have authority under a durable power of attorney for homestead property before they could sell someone's home. You should speak with a licensed attorney in your state to find out if this is a requirement in your area or not.
In my experience in the legal world I have seen many situations in which having a durable power of attorney was very necessary. Many times I receive calls from clients who are in the throes of a personal tragedy and immediately need a durable power of attorney drafted or a copy of one they already have in place. These situations are difficult to witness but having important legal documents in place can make them much easier to manage for the people involved.
If you do not have a family member or loved one who you want to serve as your attorney-in-fact, you may name a financial institution to act on your behalf. Many people with larger estates often have their personal attorney or a financial institution act as their attorney-in-fact to make sure that their assets are managed well. A durable power of attorney does not necessarily tell your attorney-in-fact how you want your assets managed during your life and especially following your death.
To ensure that your wishes are respected concerning how your assets will be disposed of following your death you should have a trust implemented or a detailed will drawn up. Remember that a durable power of attorney only grants authority to the person you name as your attorney-in-fact to manage your assets and does not specify how you want them managed. You will need to execute another legal document such as a trust or will if you have specific provisions you want followed after your death.
The most important aspect and biggest decision you will have to make when considering getting a durable power of attorney is who you will name as your attorney-in-fact. This person will have the authority to manage your banking accounts, open accounts in your name, dispose of your assets, and even sell your home. Many states require that a person have authority under a durable power of attorney for homestead property before they could sell someone's home. You should speak with a licensed attorney in your state to find out if this is a requirement in your area or not.
In my experience in the legal world I have seen many situations in which having a durable power of attorney was very necessary. Many times I receive calls from clients who are in the throes of a personal tragedy and immediately need a durable power of attorney drafted or a copy of one they already have in place. These situations are difficult to witness but having important legal documents in place can make them much easier to manage for the people involved.
If you do not have a family member or loved one who you want to serve as your attorney-in-fact, you may name a financial institution to act on your behalf. Many people with larger estates often have their personal attorney or a financial institution act as their attorney-in-fact to make sure that their assets are managed well. A durable power of attorney does not necessarily tell your attorney-in-fact how you want your assets managed during your life and especially following your death.
To ensure that your wishes are respected concerning how your assets will be disposed of following your death you should have a trust implemented or a detailed will drawn up. Remember that a durable power of attorney only grants authority to the person you name as your attorney-in-fact to manage your assets and does not specify how you want them managed. You will need to execute another legal document such as a trust or will if you have specific provisions you want followed after your death.
Thursday, October 26, 2006
Law Schools
If you want to be an attorney you’re going to have to go to law school. Though it may sound like an easy task once you’ve finally decided to go to law school, it’s not quite so easy. There are hundreds of law schools to choose from, and getting into law schools in the first place isn’t an easy task.
The first thing you’re going to have to do when applying to law schools is to get an undergraduate degree. The subject matter isn’t particularly important; I’ve worked with attorneys who majored in dance and vocal music as undergrads. However, your grade point average is important, and law schools usually favor candidates who show particular strengths in writing and speaking. Don’t bother with a pre-law major; you’ll learn everything about the law you need to know in law school. Major in what you’re interested in.
Once you have an undergraduate degree you still can’t start applying to law schools; you need to take the Law School Admission Test first. The LSAT is offered four times a year, and it’s usually a good idea to take the LSAT in the June a year and a half before you plan on entering school, i.e. if you wanted to start law school in August of 2008, take the June 2007 LSAT. Many students take the LSAT in October, but if you do poorly on the October LSAT you won’t have time to retake the test before you need to turn in your applications.
Once you have your LSAT score it’s time to start applying to law schools. Fortunately, the Law School Advisory Council makes this a relatively painless process, handling applications for virtually all ABA-approved law schools online. You can apply to as many schools as you want, though most will charge application fees between $50 and $75.
Eventually you’ll have to make a decision on what law school you eventually want to attend. This decision often depends on many factors including finances, geography, and reputation. You can find all sorts of law school rankings in various publications and online, and though these ranking systems can give you a good idea of what law schools are highly regarded, the rankings aren’t very scientific and don’t tell you a whole lot about the law schools you may be applying to. One of the best things you can do to help make your decision easier is to visit all of the schools that accepted you, though this can get expensive if you’ve applied to schools on both coasts.
The first thing you’re going to have to do when applying to law schools is to get an undergraduate degree. The subject matter isn’t particularly important; I’ve worked with attorneys who majored in dance and vocal music as undergrads. However, your grade point average is important, and law schools usually favor candidates who show particular strengths in writing and speaking. Don’t bother with a pre-law major; you’ll learn everything about the law you need to know in law school. Major in what you’re interested in.
Once you have an undergraduate degree you still can’t start applying to law schools; you need to take the Law School Admission Test first. The LSAT is offered four times a year, and it’s usually a good idea to take the LSAT in the June a year and a half before you plan on entering school, i.e. if you wanted to start law school in August of 2008, take the June 2007 LSAT. Many students take the LSAT in October, but if you do poorly on the October LSAT you won’t have time to retake the test before you need to turn in your applications.
Once you have your LSAT score it’s time to start applying to law schools. Fortunately, the Law School Advisory Council makes this a relatively painless process, handling applications for virtually all ABA-approved law schools online. You can apply to as many schools as you want, though most will charge application fees between $50 and $75.
Eventually you’ll have to make a decision on what law school you eventually want to attend. This decision often depends on many factors including finances, geography, and reputation. You can find all sorts of law school rankings in various publications and online, and though these ranking systems can give you a good idea of what law schools are highly regarded, the rankings aren’t very scientific and don’t tell you a whole lot about the law schools you may be applying to. One of the best things you can do to help make your decision easier is to visit all of the schools that accepted you, though this can get expensive if you’ve applied to schools on both coasts.
Find A Lawyer
One of the most important things any person can do for their children is to have a will in place when they pass away. It’s not a pleasant subject but it’s a fact of life and taking care of it will give you peace of mind.
The first thing you need to do when you decide it’s time for a will is to find a lawyer. This can be as simple as looking through the phone listings or asking a family member or friend to refer to you to someone they know and trust.
You can also go the high tech route and find a lawyer online. There are numerous national databases that list lawyers by specialty and location. This can be a great resource because it provides the most thorough and up to date information available.
Many of the lawyers that are listed on these sites will have links to their own websites. It’s comforting to be able to gather more information about a prospective attorney. Many people consider this the very best method to find a lawyer.
When you do find a lawyer that you’re comfortable with you need to sit down with them and answer a few questions. They’ll ask you for some very basic information including your martial status and how many heirs you have. There are also more complicated areas that you’ll need to cover including all of your assets and how you wish for them to be distributed once you’re gone.
If you are married it might be wise to see the lawyer together. In this case you’ll want to find a lawyer that both you and your spouse feel comfortable with. Many married couples own joint assets and a lawyer will be able to explain the ramifications if one partner passes away.
Another area of wills that lawyers are often called upon to deal with is when someone is contesting a will. If someone you were close to died and you believe that you have a right to a portion of their estate you’ll need to find a lawyer to help you proceed with a claim.
This can be a very tricky area of law and therefore it’s really important to find a lawyer who is experienced in your particular county or city. They have insight into what the laws are and also the steps you need to take.
When you do find a lawyer to help with a matter concerning a will remember that quite often he will also be able to help you with any future legal issues that you might have.
The first thing you need to do when you decide it’s time for a will is to find a lawyer. This can be as simple as looking through the phone listings or asking a family member or friend to refer to you to someone they know and trust.
You can also go the high tech route and find a lawyer online. There are numerous national databases that list lawyers by specialty and location. This can be a great resource because it provides the most thorough and up to date information available.
Many of the lawyers that are listed on these sites will have links to their own websites. It’s comforting to be able to gather more information about a prospective attorney. Many people consider this the very best method to find a lawyer.
When you do find a lawyer that you’re comfortable with you need to sit down with them and answer a few questions. They’ll ask you for some very basic information including your martial status and how many heirs you have. There are also more complicated areas that you’ll need to cover including all of your assets and how you wish for them to be distributed once you’re gone.
If you are married it might be wise to see the lawyer together. In this case you’ll want to find a lawyer that both you and your spouse feel comfortable with. Many married couples own joint assets and a lawyer will be able to explain the ramifications if one partner passes away.
Another area of wills that lawyers are often called upon to deal with is when someone is contesting a will. If someone you were close to died and you believe that you have a right to a portion of their estate you’ll need to find a lawyer to help you proceed with a claim.
This can be a very tricky area of law and therefore it’s really important to find a lawyer who is experienced in your particular county or city. They have insight into what the laws are and also the steps you need to take.
When you do find a lawyer to help with a matter concerning a will remember that quite often he will also be able to help you with any future legal issues that you might have.
Welcome To Law Legal Services
Welcome to Law Legal Services. Here you will find regularly updated legal information, what you need to consider when you engage a law office plus more information designed to put you in touch with the legal services you require.
There are many reasons for seeking legal services from a law office. From the humble speeding ticket to legal entrapment, many people wish to consult a law office for professional legal advice.
Bookmark this site now as you never know when you will need the legal services of a reputable law office in your area. This site will help you keep one step ahead!
There are many reasons for seeking legal services from a law office. From the humble speeding ticket to legal entrapment, many people wish to consult a law office for professional legal advice.
Bookmark this site now as you never know when you will need the legal services of a reputable law office in your area. This site will help you keep one step ahead!
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