Protecting Your Assets: The Role of an Estate Planning Lawyer
Every person needs an estate attorney, even those individuals with limited assets. This professional helps men and women protect their assets while planning for the future. How can they help clients achieve this goal?
Document Preparation
Every estate plan consists of a will, at a minimum. This document outlines the wishes of a person when they pass. However, depending on the client’s circumstances, the attorney might also need to draft a power of attorney, a trust, or other documents. The goal is to find the right combination of documents to ensure the deceased’s wishes are honored.
This combination differs for each person, as will the contents of each document drafted. Keep this in mind when hiring an estate planning lawyer and ask what documents they frequently recommend to clients. If an attorney recommends the same combination of documents for every person walking in the door, it might be best to look elsewhere. This cookie-cutter approach typically won’t offer the highest level of asset protection.
When crafting these documents, the attorney must use precise language. Doing so ensures the court understands exactly what the deceased wanted. Any ambiguity can lead to drawn-out arguments and family fractures. Furthermore, they must include plans for different contingencies. When these documents are complete, the attorney files them with the appropriate authorities or stores them in a safe location until they are needed.
Creating an Estate Plan
Many estate planning tools are offered today. The average person, however, might not understand the difference between a will and a trust or other options open to them. Working with an estate attorney, the individual can ensure all bases are covered. They help the individual pass items down to heirs without the need for them to go through probate. In addition, the attorney works to reduce any estate taxes the heirs must pay, doing so legally.
When creating this plan, the attorney may suggest the individual sign a durable power of attorney. This document allows a designated individual to make decisions regarding the person’s finances, health, and other legal matters if they become incapacitated. Nobody wants to believe this could happen, but sadly it does. A person can have peace of mind knowing their affairs will be handled as they desire in this situation.
Legal advice
Estate attorneys do more than draft documents and create estate plans. They work with clients to protect assets, manage the probate process, and more. The attorney files the necessary documents, meets all deadlines, satisfies debts, files taxes, and more, working with the executor of the will when doing so.
If a client wishes to leave money to a charity, the attorney can help them set this up. They work with clients on long-term and Medicaid planning to ensure each client has the funds they need to receive medical care as they age. In addition, they work with clients to protect their assets while they are alive and when they pass. Asset protection is a major goal of estate attorneys today.
Nobody wants to pass and have loved ones fight over their assets. The easiest way to prevent this from happening is to work with an experienced estate attorney. While no person wants to think of leaving loved ones behind, creating an estate plan is essential. It may appear overwhelming at first to do so, but the attorney will guide a client through every step of the process. When doing so, they look at asset protection both now and in the future. With their help, any person can have confidence their final wishes will be carried out and their heirs will receive the assets designated for them, which is exactly what any person wants when taking this step.
