Estate planning is the process of making pre-arrangements for the distribution of your assets after you die. An estate lawyer can help you with this process by drafting a will, setting up trusts, and advising you on how to minimize taxes and probate fees.
Here are some reasons why you should consider hiring an estate lawyer:
- Draft a Will
A will is a legal document that specifies how you want your assets to be distributed after you die. If you die without a will, your assets will be distributed according to your state’s intestacy laws.
An estate lawyer can help you draft a will that meets your state’s requirements and ensures that your assets are distributed according to your wishes.
- Set up Trusts
A trust is a legal entity that can hold assets on behalf of another person. There are many different types of trusts, and an estate lawyer can help you choose the right type of trust for your situation.
Trusts can be used to minimize taxes, avoid probate, and protect assets from creditors.
- Minimize Taxes
Estate taxes can take a significant bite out of your assets if they are not properly planned for. An estate lawyer can help you minimize taxes by utilizing trusts and other estate planning strategies.
- Avoid Probate
Probate is the legal process of distributing a person’s assets after they die. Probate can be time-consuming and expensive, and it is often avoidable.
An estate litigation lawyer can help you avoid probate by utilizing trusts and other estate planning strategies.
- Protect Assets from Creditors
Certain assets, such as life insurance policies and retirement accounts, are protected from creditors in the event of your death. However, other assets, such as your home and investments, are not protected.
An estate lawyer can help you protect your assets from creditors by utilizing trusts and other estate planning strategies.
- Plan for Incapacity
If you become incapacitated, someone will need to make financial and medical decisions on your behalf. An estate lawyer can help you plan for incapacity by drafting documents such as a durable power of attorney and a living will.
- Choose an Executor
An executor is a person who is responsible for carrying out your wishes after you die. Choosing the right executor is crucial, and an estate lawyer can help you select someone qualified and capable of handling the task.
- Choose Guardian for Minor Children
If you have minor children, you will need to choose a guardian to care for them if you die. An estate lawyer can help you select a guardian who is qualified and capable of taking on this important responsibility.