Estate planning is the act of arranging and anticipating, through the individual’s lifetime, for the proper management and disposition of the individual’s estate in the case the individual becomes incapacitated and upon death. Estate planning is usually undertaken with respect to specific endowments like marital estates and wills. There are two broad areas of expertise that come into play in estate planning. The first area of expertise concerns making sure that all assets owned by the decedent are disposed of in accordance with the terms of the trust established in connection with the decedent’s will. The second area of expertise involves creating the specific financial plans for the transition of the decedent’s assets to beneficiaries. In order to accomplish this, it is necessary for an estate planner to have sound knowledge regarding tax laws, planning and estate planning strategies as well as an understanding of financial and insurance matters. Estate Planning near Me is an excellent resource for this.
One may be concerned that if they go through an estate plan attorney, they will have to pay for the services of an estate planning attorney even if they are not under any obligation to do so. However, the cost of such an attorney should not deter one from engaging such an attorney. A good estate planning lawyer can, with minimal costs, provide you with a comprehensive estate plan that will take care of your assets during your lifetime as well as after your death. Furthermore, most attorneys will offer a free initial consultation. This will give you the opportunity to discuss the details of the plan and whether it will suit your needs.
Another area of expertise of which an estate planning lawyer is knowledgeable is that of creating a trust. The creation of a trust is considered to be one of the most important steps in estate planning. Without a trust, some of your assets might be subject to different legal claims and laws that could adversely affect them during your lifetime. For example, a trust might not comply with the provisions of a divorce or bankruptcy proceeding and could remain valid. An estate planning attorney would be highly qualified to make these types of financial decisions on your behalf.