A Quick Rundown of Services
Estate Planning Lawyers: How They Help Secure Your Future
You can trust an estate planning attorney in San Fernando Valley to help protect your long-term financial situation. This lawyer has a comprehensive understanding of how different state and federal laws will influence the inventory, dispersion, valuation, and taxation of your estate upon your death or due to an incapacitating, severe disease. It’s highly recommended that, if you own any assets, including a home, you ask an estate planning lawyer to help create a plan for the management and distribution of your properties when you won’t be available to make those critical calls.
An estate planning attorney will help you create a will and designate your beneficiaries. You’ll need them to prepare a durable power of attorney, including medical power of attorney. You need to be tax efficient, which is also achieved via estate planning, through techniques that reduce the amount of your income and financial assets that are subject to tax.
A thorough estate plan also includes techniques to legally circumvent probate litigation because the process takes time and is costly. That’s the duty of your probate lawyer, who’s generally also known as estate planning attorney. Equally important, the lawyer will set up a trust to shelter your assets for your own benefit while still you’re alive in case of incapacity, and to benefit your dependents after you’re gone.
Estate planning lawyers may be enlisted for a long-term project or short-term service. Such an attorney may briefly liaise with a person possessing a power of attorney regarding the estate of a lately bereaved client toward managing a court probate case. An estate planning lawyer may also devise a legal strategy for the individual with the power of attorney to side-step probate litigation in court after scrutinizing the nature of assets covered under the estate of the bereaved and how the named assets may be reallocated within the law.
When you stand to benefit from a will, such as after the death of a family member or someone close you dependent on, but a beneficiary or a party that’s not designated as such proclaims that they’ll challenge the estate of the deceased in court, move quickly and enlist an estate planning lawyer to safeguard your best interests. In some instances, these court cases can quickly drain the estate’s finances and leave dependents with meager funds or nothing at all to survive on for the rest of their life.
It’s best for people to establish practical programs to manage their assets before they’re gone forever. Hopefully, you’ll have an estate planning lawyer create this program so you can enjoy your life while it lasts and protect the future of your family after you’re gone.