What Does an Estate Planning Attorney Do?What Does an Estate Planning Attorney Do?
Estate Planning Attorneys are legal professionals who specialize in handling the legal aspects of estate planning, including preparing and implementing a plan. These professionals are often highly-trained and knowledgeable about the laws surrounding this area of the law, and they can provide invaluable guidance and advice to people who want to protect their assets and ensure their wishes are fulfilled when they die.
They are able to help individuals and families with a variety of matters related to estate planning, such as avoiding or minimizing estate taxes, transferring property to a child or children, and making charitable donations. They also work to ensure that your assets are distributed in the manner you wish and that you don’t have to face unnecessary delays or costs when your estate is transferred to your beneficiaries.
An ideal estate planning attorney will listen to your needs and concerns, as well as the needs of your loved ones. This lawyer should be able to explain all of the aspects involved in an estate plan to you, and then provide you with a plan that fully meets your goals and your family’s needs.
These attorneys should have a high level of experience with estate planning, as the process can be very complicated. They should be able to provide a full range of services, and they should stay up-to-date on changes in state laws.
Many of these lawyers work as a team and take the time to understand their clients’ unique circumstances. This is a rare and valuable quality that you should look for when hiring an estate planning attorney in Chicago.
A good estate planning attorney will be familiar with state laws that govern the administration of estates and will make sure that your estate is handled in a fair and efficient manner. They will also be able to help you navigate the complex and often confusing process of probate.
They are also able to help you create trusts, which can be used to distribute your estate according to your preferences. They can also help you establish special needs trusts, which are created to benefit disabled family members. These trusts can help ensure that your disabled family member receives government benefits without losing them once you pass away.
Lastly, these attorneys can help you prepare health care directives. These documents are important because they allow you to state your wishes about medical treatment in the event that you become incapacitated and unable to speak or sign for yourself.
An estate planning attorney may also be able to guide you through the guardianship process, which can be a necessary step for individuals who cannot make their own decisions due to mental or physical incapacity. They are often able to assist individuals who have been indicted for abuse or neglect, or have been deemed to be mentally unstable by the court.
A good estate planning attorney will help you avoid these unpleasant consequences by preparing a comprehensive plan to transfer your property in the most efficient manner possible. These plans are usually comprised of several documents, and they should be tailored to your specific requirements.
Controlling the distribution of assets. Estate plan enables one’s family, following the demise of the insured person, to divide the assets among its remaining heirs according to the wishes of the owner. Appropriate use of inheritance assets facilitates smooth administration of business as well as financial affairs of the beneficiary. The value of an estate plan is calculated on the basis of the current market value of each of the beneficiary’s assets. It also takes into consideration the future return of the assets to ensure it does not fall short during distribution.