What Is an Estate Attorney and What Do They Do?

An estate lawyer specializes in helping people plan for the distribution of their assets after they die. They can help you draft documents and create a plan so your assets pass to your intended beneficiaries without a court battle or big tax bills.

They also help you make sure your assets are properly managed in case of a disability, and if you become incapacitated, they can ensure you have proper medical care decisions in place. They can also help you set up a trust or power of attorney to handle your health-related decisions and finances in the event of your death.

What Do I Need an Estate Attorney for?

Depending on what you’re planning, an estate lawyer may be the only person who can help. In addition to drafting your legal documents, they can also review your estate, act as an executor or administrator, and answer any questions you have about how the probate process works in your state.

What Are the Benefits of an Estate Lawyer?

An estate lawyer can guide you through the probate process, making sure that your will is carried out according to your wishes. They can also help you resolve disputes with beneficiaries, and they can assist you with any other issues that may arise during the administration of your estate.

There are many things that can go wrong when you die. Some of these problems could be very expensive, and a skilled estate lawyer can help you avoid them. For example, if Angela passes away and her husband Adam doesn’t have a power of attorney in place, he will have to go through the court system to get access to Angela’s bank accounts.

In contrast, if Angela had a will and power of attorney in place, Adam would be able to take over her bank accounts for her without having to go through the probate court. This can save both money and time, and it can be a much more pleasant experience for the family.

What Can I Do to Find an Estate Attorney?

It’s always a good idea to ask around for recommendations. Your friends and relatives might be able to recommend an estate lawyer who is familiar with your situation and has a good reputation.

The key is to find someone who can provide the type of service that you need, at a price that you can afford, and who will work well with you. You can also look for an estate lawyer in your area on the websites of your local, county, and state bar associations.

You can usually meet with an estate lawyer to review your situation and discuss their fees for an hour or so. This is a chance to see whether you like them and if they’ll be able to provide the services that you need.

The Importance of Estate Planning

Estate Planning is a legal process that enables you to set aside your wishes and control how your assets are passed on at your death. It can also help you avoid the cost and time-consuming process of probate.

Creating an estate plan can help ensure your loved ones are protected and that your wishes are carried out. It can also help you avoid family conflict and protect your assets from creditors.

The key to estate planning is to identify and inventory all of your assets, both tangible and intangible so that you can have a complete picture of the value of what you own. This can include physical assets such as cars, jewelry, and collectibles, as well as heirlooms, investments, bank accounts, and other financial instruments.

Once you have an accurate picture of your assets, you can then determine the best way to transfer them during your lifetime and at your death. This can be done with the help of a qualified attorney or an experienced financial planner.

One of the most important steps in a comprehensive estate plan is to create a will. This is a document that outlines your desires for who will receive your possessions at your death and if you have children, who should become their guardians.

It should also list the name of a person you trust to make health care decisions for you should you become incapacitated and cannot make them yourself. This person is called your power of attorney.

Another important component of your estate plan is to complete a beneficiary designation for all of your valuable assets, including life insurance and retirement plans. This can help your beneficiaries avoid delays, and unnecessary court fees and decrease the amount that may be subject to tax.

There are many different types of beneficiary designations that you can use to protect your assets and minimize your taxes. These can be done through your financial institution, employer or with the help of an experienced attorney.

Once you have completed your documents, it is vital to review them frequently to make sure they are still reflecting your goals and objectives for transferring your assets during your lifetime and at your death. This is also essential to update your plan when there are changes in laws or other significant events that affect your estate.

A will and a living trust are the most common components of an estate plan, but there are other options that you can consider to ensure your wishes are carried out.

For example, you can use a living trust to help prevent your assets from becoming part of your taxable estate and to pass your assets to your children or other beneficiaries without the need for court intervention. A trust can also help protect your assets from creditor claims.

Whether you have a will or a trust, it is always a good idea to make sure the names of your heirs and beneficiaries are up-to-date in the records of your estate, such as with your bank or investment accounts. This is especially true if you have recently added new family members or acquired additional assets.

How to Prepare for a Meeting With an Estate Planning Attorney

A meeting with an estate planning attorney is often a pivotal moment in the process of putting together a complete and comprehensive estate plan. In order to make the most of this initial meeting, you should prepare for it in advance by bringing along as much information as possible.

Your Financial Situation: You should also gather any documents that describe the ownership of your assets. These may include insurance policies, bank accounts, brokerage statements, and any other items that identify the owner of your property. This will help your attorney understand how your property is owned and whose name it carries.

You should also take a look at your financial statements to see if there are any changes in the amount of money you have and the types of investments you hold. This will allow your lawyer to review your assets and determine how they should be structured in order to maximize tax benefits and minimize estate taxes for you and your beneficiaries.

Family Dynamics and a Written Wish List: Your first estate planning appointment will involve discussing your wishes for your family and assets. Write down your goals and concerns on paper to give your attorney a clear picture of who you are and what you hope to accomplish.

Consider who you want to name as your power of attorney in the event that you become unable to make decisions for yourself and need to appoint someone else. Choose an individual who has the proper qualifications and is trustworthy. This person can be a family member, a friend, or an independent fiduciary such as a certified public accountant or licensed financial adviser.

Other Considerations: The decision of who should be named as the personal representative of your estate, or executor of your will is another important one to discuss with your estate planning attorney. This person will be responsible for carrying out your wishes and distributing your assets to your beneficiaries upon your death.

If you have any pets, this will be a good time to talk about who will care for them and how to leave funds in trust for their ongoing care. Your attorney will also ask about your pet's health and any special needs or issues you may have with them.

In addition, your attorney will want to know if you have any heirs under the age of 18. This is important to know so that they can plan accordingly for them in the event of your death.

Lastly, you should bring any previous estate planning documents, such as a will, trust, durable power of attorney, or advance health care directive, to the initial appointment with your attorney. It is a good idea to bring these documents because they will provide your attorney with important details and will save her time.

A thorough and thoughtful estate planning conference will lead to a successful outcome that meets your unique needs and goals. You should be able to count on your estate planning attorney to explain the legal terms of your estate plan in a language you can understand and answer any questions you have.

Matus Law Group

Matus Law Group

81 E Water St Suite 2C, Toms River, NJ 08753, United States

(732)281-0060