The natural and personal property of a person possessed at the time of his death is referred to as an estate. So, the target area of estate planning law mainly involves drafting trusts, living wills, powers of attorney, and other documents related to facilitating, transferring, and managing the property after death.
When someone dies without a will, and there is nobody to manage the estate, their possessions are distributed to their legal heir. If an individual does not have a choice or does not make any estate plans, they give up absolute control of their estate and have no say in how the property will get divided in times to come. Apart from educating an individual about the probate process, an estate planning attorney can also assist an individual with the performing of the following tasks:
- Will creation
- Designating the property to the beneficiaries of the deceased.
- Establishing both durable powers of attorney and medical durable power of attorney.
- Finding out ways that will help in reducing and avoiding estate tax when possible
- Finding out the ways that will help in avoiding the probate court process
- Setting up any trusts that are required to protect an individual’s assets, both for their benefit during their lifetime in the case of any incapacity and for the use of the beneficiaries after the individual’s death.
Reasons why working with an estate planning attorney will help an individual:
The estate planning attorneys often charge a flat fee to help individuals craft binding legal documents such as wills and durable power of attorney. But if one wants, they can also employ an estate attorney hourly. They will help an individual maintain the estate, act on their behalf to handle disputes when required, and also ensure that the will of an individual is carried out according to their plan.
In case the beneficiary announces that they want to contest the will and sue the estate of a deceased family member or loved one who stands to benefit from the estate. It might be due to his best interest that he would consult an estate planning attorney immediately.
Who is a charitable planning lawyer?
The charitable planning lawyer represents charities, community, and private foundations and assures that they receive what the donors wanted their charity to receive per the wills and trusts. If the old trust does not fit the donor’s intent due to changed circumstances, the attorneys use their knowledge of trust and estate law. They try to ensure that the legacy continues to match the donor’s purpose with the charity’s needs. The charitable planning lawyer has experience both in court and at the negotiating table to maximize recovery for philanthropic clients.
The estate planning lawyers are also referred to as estate law attorneys. They are experienced and licensed law professionals who have a thorough understanding of the state and federal laws that affect the working of the estate that will be inventoried, dispersed, valued, and taxed after the death of an individual.