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.
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