Why You Need a Qualified Estate Planning Lawyer
Attorneys usually help clients understand legal issues. They advise people on a variety of things that pertain to the law. They will help you solve conflicts that may affect your life and the lives of those around you. They will also help you settle court cases and that you obtain justice. There are different kinds of attorneys depending on their area of specialization. You should work with a lawyer, not because you are in legal trouble, but because you want to understand a few issues in your life. In this article, you are going to understand why it is important to work with an estate planning lawyer.
Estate planning is the management of one’s estate. You give directions on how your assets will be managed in case you die or you are incapacitated. You have to plan how your beneficiaries will share your assets. Assets that an individual can own include cars, real estate houses, land, life insurance, among other assets. You will also specify how your obligations, for example, tax liability and other debts will be settled in case you die or are incapacitated before you finish paying them.
There are a number of reasons why estate planning is an essential. It will help avoid probate that usually happens when someone does not plan for his or her estate before death. Estate planning is also done to preserve the wealth belonging to your family. It is also meant to ensure that your loved ones are taken care of when you are no longer there to take care of them. Your family will be able to get their basic needs and your children will go to school.
Estate planning can be done in several ways. You can write a will which you should write in the presence of an estate planning attorney you trust. A will usually specifies how your property will be handled. It also shows custody of your young kids if you have them. A will avoid conflict when you die as people try to take your property. Your estate planning lawyer will also ensure that your wishes on the will are fulfilled.
Estate planning also involves naming a trustee. An estate planning lawyer will help you get the best trustee. A trustee is someone you trust will fulfill the intentions you have stated in your will. You can make a living trust or a testamentary trust. A living trust starts being effective when you are still alive. A testamentary trust will start being effective after your death. The estate planning lawyer will advise you on the best trust to create, depending on your situation at home.
An estate planning attorney will also help you with you with the probate process. A probate hearing is arranged by the court to determine the authenticity of your will. A probate hearing is usually held within 30 days after the death of the owner of the estate. The trustee is only given the power to act on behalf of the deceased if the court establishes that the will is valid.