What is an Estate Planning Attorney?
An Estate Planning Attorney prepares the collection of documents to manage an individual’s assets in the event of his or her incapacitation or death. This includes the bequest of assets to beneficiaries (people who will inherit after the death of the individual) and the settlement of estate taxes.
Some of the major estate planning tasks include:
– Creating a will;
– Avoiding Probate and minimizing estate taxes by establishing a family trust;
– Establishing a guardian for living dependents;
– Naming an executor of the estate to oversee the terms of the will;
– Creating/updating beneficiaries on plans such as life insurance, IRAs and 401(k)s;
– Naming a power of attorney for medical and personal decisions;
– Setting up durable power of attorney (POA) to direct other assets and investments;
– Transferring ownership of assets to a trust.
In short, a qualified trusts and estates attorney can interpret the various, often complex laws regarding property rights, taxes, wills, probate, and trusts. Then the attorney can provide the legal advice to assure that the plan is correct, that assets passing outside of your will or trust are properly handled, that state law nuances are taken into account, and that relevant tax, legal and personal issues are properly addressed.
Without using an experienced trusts and estates attorney, the risk of losing assets and subjecting your estate to unnecessary taxes is great. A small investment in meeting with an estate planning attorney can literally save an entire estate later on.
For more information, or to schedule a consultation, Call us at Newell & Havens Attorney At Law for a free consultation. (626) 385-6303. www.glendoralaw.com mail to: firstname.lastname@example.org.