A Guide to Hiring Estate Planning Attorneys
An estate planning attorney in San Fernando Valley can devise strategies that can guarantee your financial future. The attorney has a thorough grasp of the state and federal laws that impact how your estate may be inventoried, distributed, valued, and taxed in the event of your death or incapacitation due to severe illness. 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.
An estate planning attorney will help you create a will and designate your beneficiaries. You’ll need them to prepare a durable power of attorney, including medical power of attorney. You need to be tax efficient, which is also achieved via estate planning, through techniques that reduce the amount of your income and financial assets that are subject to tax.
A thorough estate plan also includes techniques to legally circumvent probate litigation because the process takes time and is costly. That’s why you may hear an estate planning attorney being referred to as a probate lawyer. 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. This lawyer can briefly work someone given a power of attorney pertaining to the assets of an individual that just died, helping them through probate proceedings in a court of law. An estate planning lawyer may also devise a legal strategy for the individual with the power of attorney to side-step probate litigation in court after scrutinizing the nature of assets covered under the estate of the bereaved and how the named assets may be reallocated within the law.
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 a worst case scenario, such a challenge may very quickly deplete the funds of an estate, and in the end, there might be nothing meaningful that may sustain dependents from then on.
It’s always great to have a proper plan for the management of your assets while you’re still alive. With the help of an estate planning attorney, you can have this plan that guarantees your own welfare today and the welfare of your beneficiaries after you’re gone.