You wouldn’t want your loved ones to be oblivious of the assets and liabilities you acquired while you were living.
And certainly, you don’t want them to suffer from a lack of information about these assets after you are gone.
Estate planning helps you spell out your assets and state how you would want to distribute them.
In this article, we will see the various functions of an estate planning attorney. Let us first look at some definitions.
What Is Estate Planning?
Estate planning involves preparing documents stating the various allocations of a person’s assets and other valuables.
It is a necessary action to take, especially if some of your assets will incur taxes.
The burden of paying taxes will not be easy for your loved ones if there is no inheritance or access to your wealth. Estate planning reduces family crises because your wishes are already spelled out for them.
Who Is An Estate Planning Attorney?
An estate planning attorney is a legal practitioner who assists you in preparing all the documents you need for estate planning. The attorney enlightens you on everything you need to know concerning estate planning.
The estate planning attorney has a license and experience to ensure your properties don’t fall into the wrong hands. The attorney will also guide you on how to reduce the burden of taxes and can act on your behalf.
What Does An Estate Planning Attorney Do?
The need for an estate planning attorney can never be overemphasized. They perform various functions without which you would be at a loss. An estate planning attorney is a necessity and does the following;
#1. Educates You on the Process
When you make up your mind to carry out estate planning, you need an estate planning attorney to fill you in on everything you need to know. The attorney tells you the documents you need for successful estate planning.
#2. Prepares and Executes the Will
Since a will is an authentic legal document, it needs a licensed professional to prepare it. There are steps in preparing legal documents that are familiar to only legal practitioners.
Any estate planning attorney would compile all the documents bearing the various assets you have. After your demise, this attorney will ensure the reading of your will and strict adherence to any instructions you give.
#3. Designation of Beneficiaries
In reading out your will, your estate planning attorney will see to it that the various beneficiaries of your assets receive their share. The attorney would guide you in designating your physical and digital assets.
There are situations where a person who is not a beneficiary may come up to claim property or try to contest the will’s provisions. If this happens, an estate planning attorney can help your family through this process, as well.
A trust involves appointing a trustee to take care of your assets during your lifetime and in death. The trustee distributes your assets to any beneficiary you state. An estate planning attorney supervises such arrangements.
#5. Setting up Power of Attorney and Durable Power of Attorney.
An estate planning attorney helps establish a power of attorney, the document empowering someone to make legal decisions after your demise. A durable power of attorney concerns healthcare decisions only.
If you have a power of attorney over an asset and the testator dies, you can quickly employ an estate planning attorney to help you through the probate process of accessing the asset.
Contact Attorney Candice O’Neil
The job of an estate planning attorney is essential. Your assets are worth the services of an excellent affordable estate planning attorney. Contact Candice O’Neil today to get started planning your estate!