You have an estate; did you know that? Everyone possesses one. According to the definition, an estate is everything you own, including all of your real estate, vehicles, jewelry, stocks, and cash. While straightforward in theory, what occurs when you pass away? Who will inherit your possessions? An estate plan can help with this. Then, how do estate planning attorneys protect your assets and family? Let’s understand
An estate plan, including legal documents with instructions, enables you to provide for your family’s future after death. However, estate planning can be extremely demanding, stressful, and overwhelming. This guide emphasizes what an estate planning attorney can do for you, even though it’s best to meet with one to ensure all your questions are answered, and sensible choices are made regarding your plan.
What is an Estate Planning Attorney?
By putting your wishes for incapacity and death in writing, an estate planning attorney, also known as an estate law attorney or a probate attorney, aids in the estate planning procedure. This lawyer will present options to ensure your goals are correctly carried out and know which documents to use.
An estate law attorney will also know state and federal laws that may impact how your estate is listed, valued, distributed, and taxed upon your passing. If necessary, they will also properly inform you of the probate procedure.
How do estate planning attorneys protect your assets and family?
An estate planning lawyer can do the following in addition to assisting you in avoiding the drawn-out and expensive probate procedure and minimizing tax obligations:
Establish a Will and Choose the Beneficiaries
Even though you can find a Will template online, it most likely won’t work for you. People’s lives, families, and possessions hardly ever fit into a predefined template. Making a holographic (handwritten) will is always an option, but there are very specific guidelines to follow, and doing so frequently results in probate litigation.
A meeting with an experienced California estate planning lawyer can facilitate this process. The only way to ensure your will contains all the information you require and reduce the likelihood of going to court is to do it this way.
An estate planning lawyer is a great resource to use when distributing assets to beneficiaries. They are an impartial third party who will genuinely pay attention to your needs and provide guidance as necessary.
An Estate planning attorney will help to reduce the Time and Cost.
The court procedure known as “probate” distributes a decedent’s estate to the designated heirs and beneficiaries. It is extremely expensive, takes a long time (up to two years), and is very public to go through probate. Copies of the Will and any related documents might be obtained from the courthouse by anyone willing to appear.
Even without trust, probate isn’t always necessary. By designating beneficiaries for all of your assets, you can avoid probate. Your legal heirs can receive assets from your estate through a Small Estate Affidavit. This is if your estate has less than $150,000 in total property and less than $50,000 in real estate. Unfortunately, some organizations won’t accept the affidavit, forcing your heirs to start probate or file a lawsuit against the organization (which rarely makes sense with an estate of this size).
By making sure that all of your assets will be properly designated. Hiring a probate lawyer can help you completely avoid probate. In addition, this lawyer can assist your loved ones in navigating the legal system and preparing them should they need to participate in the probate process.
Have a thorough understanding of local, state, and federal laws
There are frequent updates to probate laws. As a result, it’s possible that you could overlook a new law that harms your estate plan. But, in case you’re busy planning your estate. The California Probate Code is constantly changing, and a good estate planning lawyer will be aware of these changes and how they might affect you and your estate plan.
Ensure someone you trust executes your health wishes
An Estate planning attorney will suggest the best person for your health wishes. Frequently, we pick a family member. However, a close friend who is slightly removed from the situation might be more suitable. An attorney can be a neutral party to advise you on the most appropriate person to fill this position.
How estate planning attorney will ensure future success and safeguard your family and assets
A well-rounded estate plan includes your will, list of beneficiaries, durable power of attorney, advance medical directive, life insurance, and trust. Thanks to this plan, your loved ones won’t have to go through any hoops after your death. An estate planning lawyer with experience will ensure that all information gets properly implemented.
Creating the appropriate documents to carry out your last wishes, funeral arrangements, family traditions, and values. Consulting with an estate lawyer in San Diego can ensure that your legacy will continue for decades.
Update and alter the estate planning attorney to protect your assets and family
You should plan to update your estate plan periodically throughout your life. Regardless of the circumstance, whether it’s divorce, childbirth, marriage, change in assets, change in health, or even relocating elsewhere.
Usually, when these situations arise, you are preoccupied with a new baby or a cross-country move. However, you are not thinking about amending your estate plan. You can contact a reputable estate planning attorney once life settles down. So they can update your estate planning documents appropriately.