Estate Planning: Roles of an Estate Planning Lawyer
Planning for the future is part of living a fulfilling life. It’s a part of the life of a responsible person to anticipate certain events and plan for their family. There are many things to consider when planning for the future.
Estate planning is a vital part of the equation. Insurance and investment planning are also all important factors to consider.
Yet, you don’t need to plan alone, as sometimes you need to reach out for help. And to help you plan for the crucial stage of your life, you can hire an estate planning lawyer.
When it comes to estate planning, it is just as important as any other type of financial planning. It is essential for every family.
No one knows when they will die, so it is essential to have a plan in place to protect your loved ones. Estate planning is a way to make sure that your loved ones are taken care of financially after you die.
So let us learn about estate planning lawyers and their roles.
Talking about Estate Planning Lawyers
As a relatively new area of the law, estate planning has seen a great deal of change and growth. The expert’s advice is highly recommended. Estate planning lawyers are there to help with the entire process.They are a type of lawyers who help people plan for the asset after their death. This includes creating wills, trusts, and other legal documents that will determine how their assets will be distributed after the owner will die.
One should hire a lawyer so that one can plan properly. The importance of an estate lawyer can also be understood with the following example.
For example, if you and your spouse do not have a will or trust in place, your assets will be distributed according to your state’s intestacy laws. This means that your spouse may not inherit everything that you want him or her to inherit. Additionally, if you have young children, you will want to make sure that they are provided for in the event of your death. Here an attorney will not only help you with the drafting of documents such as wills and trusts but can also offer guidance on how to best protect your assets and plan for your family’s future.
An estate planning attorney can help you create a plan that accomplishes all of these objectives.
Roles of an Estate Planning Lawyer
Well, it is the duty of the estate lawyer to draft and file all the necessary paperwork to probate the estate In some cases, the estate lawyer may also be responsible for managing the estate’s assets and distributing them to the rightful heirs.
Here are some roles of an estate planning attorney.
- Advising- To provide information and advice to clients about their legal rights, options, and responsibilities in estate planning. It is the role of an estate planning lawyer to advise their clients on how to protect their assets and plan for the distribution of their property after death.
- Planning- To help clients by developing and implementing an estate plan that meets their specific needs and objectives. They should work with their client to create a plan that outlines how their assets will be distributed upon their death.
- Drafting- To prepare estate planning documents such as wills, trusts, and powers of attorney. They must draft all the documents according to the specific instructions of their client.
- Executing- To ensure that the estate plan is carried out according to the wishes of the client. The lawyer should oversee the execution of the estate plan to ensure that all of the client’s assets are distributed as intended.
- Administering- It is the role of the lawyer to manage the estate after the death of the client. The lawyer also handles all of the paperwork and legalities involved in distributing the assets of the estate.
- Probating- The process of validating the will and distributing the assets of the estate. They file the necessary paperwork with the court and work with the executor to ensure that the estate is distributed according to the wishes of the deceased.
- Litigating- To represent the client’s interests in court if there is a dispute over the estate. An estate planning attorney needs to go to court to settle a dispute over the distribution of the assets of the estate.
- Negotiating- To work with the other parties involved in the estate to reach an agreement on the distribution of the assets. It is the role of the lawyer to work with the executor, beneficiaries, and creditors to negotiate a fair distribution of the assets of the estate.
- Advocating- The lawyer has to represent the client’s interests to the government, financial institutions, and other third parties. It is the role of an attorney to work with these parties to ensure that the estate is administered according to the wishes of the client.
- Counseling- To provide emotional support to the client and their family during the estate planning process. The lawyer’s role is to be a source of support and guidance for their client and their family during this difficult time.
The estate lawyer should make sure that the estate is distributed following the wishes of the owner. If there is a will, the lawyer should make sure that it is followed. If there is no will, the lawyer should make sure that the estate is distributed following the laws of the state in which the estate is located.
With this, the lawyer should also be able to guide the executor or administrator of the estate on how to best handle the estate and its assets.
Hiring an estate planning lawyer will do you a lot of good as he will make sure that all your assets are managed well and distributed accordingly. You will also be assured that your estate plan will be legal, thus you will avoid the process of probate.
There are some aspects of estate planning that you need the help of an estate planning lawyer. These aspects include business succession planning, trusts, wills, living wills, and powers of attorney.
You will be assured that your estate plan will be valid as long as you hire a qualified lawyer. You will have peace of mind knowing that your assets are in good hands. Keep in mind that you can always hire an estate planning lawyer at any time. However, you should consider hiring him now so you can set up a plan.