Estate Planning Lawyers: How They Help Secure Your Future
An estate planning attorney in San Fernando Valley can help secure your financial future in several ways. This lawyer has a comprehensive understanding of how different state and federal laws will influence the inventory, dispersion, valuation, and taxation of your estate upon your death or due to an incapacitating, severe disease. It’s very important for anyone with assets, including a family home, to consult an estate planning attorney about how their assets will be managed or shared when the owner is no longer there to make important decision.
Your estate planning lawyer can help write your will and name specific beneficiaries. Likewise, the lawyer is involved in the establishment of durable power of attorney as well as medical power of attorney. An important part of estate planning duties is strategizing for tax efficiency, which means reducing the extent to which your investments and financial assets are exposed to taxation.
A thorough estate plan also includes techniques to legally circumvent probate litigation because the process takes time and is costly. That’s the duty of your probate lawyer, who’s generally also known as estate planning attorney. Don’t forget to ask the attorney to establish a trust that you may need to secure your assets should you suffer severe mental/physical disability and also to guarantee your beneficiaries’ welfare after you die.
Estate planning lawyers may be enlisted for a long-term project or short-term service. The lawyer may be asked to temporarily help someone assigned a power of attorney over the estate of a recently deceased person manage a probate process in court. It is still possible to have an estate planning attorney look at the specific types of assets in the estate of the deceased as well as the provisions for how these assets are to be legally transferred, with a view to helping someone with the power of attorney avoid probate proceedings all together.
When you stand to benefit from a will, such as after the death of a family member or someone close you dependent on, but a beneficiary or a party that’s not designated as such proclaims that they’ll challenge the estate of the deceased in court, move quickly and enlist an estate planning lawyer to safeguard your best interests. In some instances, these court cases can quickly drain the estate’s finances and leave dependents with meager funds or nothing at all to survive on for the rest of their life.
It’s best for people to establish practical programs to manage their assets before they’re gone forever. Thankfully, an estate planning lawyer can help develop that plan that will sustain you while you’re alive and shelter your family after your death.