How An Estate Planning Attorney Can Assist You

Submitted by: Braxton Hefner

You may have accumulated a huge estate during your lifetime. Estate planning is the process of disposing off or distributing this estate according to your goals. You can ensure that your estate passes to your intended beneficiaries with the least formalities and hassles by using proper estate planning strategies. With proper estate planning, your intended beneficiaries will receive their share of your estate without having to move the probate court which at times can be a costly and lengthy procedure. You can also reduce the amount of estate taxes with proper estate planning. Seek the assistance of an experienced estate planning attorney. A probate process can throw up complicated situations like tax problems and disputes, ambiguities in the wording of the Will, appointment of guardian for minors, etc. An estate planning lawyer can take care of such situations and advise clients on getting their affairs in order to prepare for the possibility of mental disability and eventual death.

Generally a law firm will prepare the will. The will contains instructions for the disposition of a decedent’s (dead person’s) property. A Will is also referred to as the “Last Will and Testament”. It is the responsibility of the personal representative or executor of the will to execute the will and distribute the assets of the deceased according to the will. An estate planning lawyer can prepare the will and assist the personal representative or executor in the execution of the will including:

Locating and securing both probate and non probate assets

Obtaining date of death values and appraisals of all of the decedent’s property

Collecting life insurance proceeds

Rolling over and making appropriate elections with regard to retirement plans, including IRAs and 401(k)s

Advising on the payment of the decedent’s final bills and outstanding debts

Keeping track of the estate checking account

Determining if any estate and gift taxes will be due and, if so, then figuring out where the cash will come from to pay the taxes

Addressing income tax issues

Settling disputes among Personal Representatives/Executors and beneficiaries

Assisting with the sale of estate property

Seeking court permission for various actions as required by applicable state probate laws

Retitling the decedent’s assets into the names of the estate beneficiaries

Preparing and filing all documents required by the probate court in a timely manne

There are two types of estate planning law firms: those who handle the administrative side of probates and those who represent clients in fights over who gets the estate. Some of them do both. However most of them tend to specialize in one area or the other. There are no special qualifications for becoming an estate planning lawyer. Like all lawyers, an estate planning lawyer must have a JD degree from an American Bar Association accredited law school. He or she must also clear the state bar exam. An estate planning law firm will have knowledge about the state laws that govern probate, Last Will and Testaments, and trusts.

About the Author: Braxton Hefner writes for attorney video directory and find a lawyer resource,

Viewmylawyer.com

, where you can find a lawyer and view attorney videos. Find a Estate Planning Lawyer at

viewmylawyer.com

attorney video directory.

Source:

isnare.com

Permanent Link:

isnare.com/?aid=865264&ca=Real+Estate