An estate planning attorney is a professional who has specialized knowledge related to trusts, wills, and probate. Initially, to think of estate planning can be difficult because it makes people think of the financial matters that will occur after their deaths. It is therefore extremely important to ensure your assets are managed carefully and that your next-generation heirs receive inheritances, without any problem.
A Boca Raton Estate Planning Attorney can help you plan for what might happen to your estate after your death or if you become incapacitated. Keep reading to know more about what an estate planning attorney does and how he helps you distribute your assets effortlessly.
What are the main tasks done by an estate planning attorney?
An estate planning attorney is a lawyer who has specialization in state and Federal laws related to trust, estates, and probate. Here is a list of the situations that an estate planning attorney can help you with.
- A living will: It is through a living will that you can specify what you want to happen if you fall ill or you are not able to communicate your wishes and your preferences for funeral arrangements. Will is a legal document that can vary from one state to another.
- Last will and testament: A last will and Testament is that legal document through which you can share what you want to happen with your affairs after your death. You can use this to name individuals and charities as beneficiaries and also appoint a guardian for your minor children.
- Trust: There are several people who can create and transfer their financial assets to a living trust. A trustee is given the responsibility of handling the trust fund on behalf of all the beneficiaries and this fund can be transferred outside of probate.
- Durable Medical and financial power of attorney: The power of attorney documents allow you to name people who can make Medical and financial decisions on your behalf. These are usually considered durable if this power continues through the time when you are incapacitated.
When can you need an estate planning attorney?
Whenever you feel the need to formulate and review an estate plan, it is better to discuss things with an estate planning attorney. If you already have an estate plan that you made when you were younger, you might again need an attorney so that he can update it in accordance with your present wishes and situation. Here are a few situations when you might consider hiring an estate planning attorney:
- When you have a large family
- When you assume that a family member might contest your will
- When you have children who are minors or family members with special care needs
- When you own a family business or other investment properties
- When you want to create a trust
- When you are worried about inheritance taxes
So, if you find yourself in any of the above-listed situations, don’t think twice before hiring an estate planning attorney who can resolve all your property issues.