Estate planning lawyers, also known as probate lawyers or estate lawyers, are highly specialized and professional law experts with a detailed knowledge of the federal and state laws which affect your estate. They represent you in matters related to your estate such as planning your death, managing your financial assets during your lifetime and managing your resources after your death. Your attorney is very important for many reasons. He can access your financial information, review your insurance policies and provide valuable advice concerning your legal and personal assets. Below is a simple explanation of what an estate lawyer is.
* Estate planning attorney may be called upon to review and/or draft your estate plans, wills or trust settlements. You should make sure that your attorney is skilled and knowledgeable enough to draft a sound plan that satisfies your wishes and protects your loved ones from unforeseen circumstances after you die. If you want to protect your surviving family members from financial stress after your death, you may want to discuss your estate plans with your estate planning attorney.
* Estate planning lawyers are called upon to review and/or draft any documents necessary to establish guardianship for a disabled or invalidated senior living in your home. If you have defined who will live in your home as your dependents and if you have chosen a guardian, an attorney can review the documents to ensure that they comply with the requirements of the law. An effective succession plan must make certain that the needs of your incapacitated or invalidated senior do not unduly burden on your survivors or their dependents. The attorney can determine if a guardianship plan is in the best interest of your incapacitated or invalidated senior.
* Estate planning attorneys are called upon to review and/or draft any legal documents necessary to establish the final dispersal of your assets. Most commonly, this includes making sure your spouse’s estate plans comply with IRS requirements. Estate planning attorneys are also responsible for making sure all proper tax laws and tax rebates are in place. This includes making sure that your loved one’s U.S. Citizenship Status is maintained and that any expired green cards or visas are properly terminated. Your attorney can help you understand your options should your loved one become incapacitated or invalidated.
* Estate planning attorneys are also called upon to make decisions about the distribution of your decedent’s remaining assets. Generally speaking, this includes deciding whether or not your loved one’s remains are distributed according to a will, a trust, or another particular methodology. Some states allow the use of alternate proxy in filling out estate plan prescriptions, but many states choose to utilize the same method of selection for their citizens. In this case, your estate planning attorney can assist you with filling out the appropriate forms and ensuring that your wishes are properly recorded.
* Estate planning attorneys are also responsible for making decisions about the distribution of your family member’s estate if you do not survive. This includes making sure that all debts and obligations of your loved one are paid, and that any monetary assets are transferred to the appropriate trusts, if necessary. Additionally, your estate planning attorney can assist in making final decisions regarding your loved ones’ welfare. For example, if you die and leave your parents alone, your estate planning attorney may be responsible for deciding where your parents would get food, medical care, or other services they may need after your passing. Again, in some states, if you die and leave your parent alone, your estate planning attorney may also be required to make decisions about whether or not your parent would receive any inheritance and access to any funds that may remain from your estate.