When it comes to estate planning, an experienced estate attorney can be an invaluable asset. Working with an estate planning attorney can provide numerous benefits that are not available when attempting to complete the process alone. From providing expertise in legal matters to helping create a comprehensive plan for your family’s future, there are many benefits of working with an estate planning attorney.
Informed Estate Planning Advice
One of the key benefits of working with an estate attorney is having access to their knowledge and expertise in matters related to the law. Estate attorneys have extensive experience in understanding the nuances of various legal documents such as wills, trusts, and tax laws which allow them to provide sound advice on how best to protect your assets and ensure they are passed down according to your wishes. An estate attorney will also be able to provide advice on how best to navigate complex estate laws in order to ensure that your wishes are honored and your estate is managed properly.
Your Important Documents Stay Updated
Estate planning attorneys are familiar with the ever-changing laws that govern estate planning and will ensure that your documents remain up to date. They can often provide advice on how best to update or create new documents when needed. This may include recommending changes in order to take advantage of new tax benefits, or simply ensuring that all relevant documents reflect the most current beneficiaries.
These attorneys can also provide ongoing updates related to the management of trusts and other estate-related matters. This includes ensuring that any investments or assets are managed properly and remain in alignment with the original goals of the trust or estate. Additionally, one of the most useful benefits of working with an estate planning attorney, is that you will remain apprised of any state or federal laws that may affect an estate plan, such as those governing inheritance taxes, trusts, and beneficiary rights.
Another important way in which an estate planning attorney keeps documents up to date is by keeping a close eye on any changes in family dynamics or finances. They keep aware of major life events such as marriage, birth, death, divorce, financial transitions and other changes which could potentially affect the terms of a trust or testamentary document. The goal is always to ensure that all documentation remains legally accurate and reflects your current wishes accurately.
Help You Avoid Unwanted Probates
A major benefit of working with an estate planning attorney is the invaluable guidance they provide when it comes to avoiding probate. Probate is the legal process during which a court determines the validity of a deceased person’s will and oversees the distribution of their assets in accordance with the terms of that will. It often involves significant legal costs and administrative fees, making it an undesirable process for many people. An experienced estate attorney can help to ensure that all necessary documents are in place and that any assets are properly distributed according to the terms of a will, avoiding probate altogether.
Ultimately, working with an experienced estate planning attorney is one of the best ways to ensure your wishes for your family’s future are carried out accordingly.
Create Professional Documents that Represent Your Wishes
The estate planning attorney works with their client to identify legal documents such as wills, trusts, and powers of attorney that best suit each unique situation. They advise on the benefits of certain documents while warning of any potential pitfalls or risks should they not be properly established. All legal documents are drafted to specifically address the needs and goals of the individual so that their wishes can be carried out according to plan.
Estate planning attorneys must also take into account healthcare decisions when crafting custom documents such as end-of-life directives or medical powers of attorney which authorize another person to make medical decisions on one’s behalf if they become incapacitated or unable to make informed decisions due to health reasons or age. These legally binding documents ensure that one’s wishes are followed while protecting them from exploitation by anyone who may try to take advantage of them during times of vulnerability or distress.
The benefits of working with an estate planning attorney extend beyond just having legal paperwork created correctly; they also offer important guidance throughout the process itself which includes counseling on matters related to retirement benefits, investments, charitable giving and more. Ultimately, estate planning attorneys provide peace of mind knowing that one’s wishes for themselves and their family will be honored in custom documents should anything happen unexpectedly.
Help Care for Your Family Via Guardianships and Conservatorships
Estate planning attorneys are highly experienced in advising and handling guardianships and conservatorships. They provide important legal guidance to ensure that the best interests of any minor children or adults with disabilities are fully protected. In such cases, an estate attorney will help identify suitable guardians or conservators and ensure that they are given the authority necessary to manage the assets and affairs of their charges.
When it comes to guardianships, the court must appoint a responsible party to manage the care and decision-making of minors when parents can no longer do so. Estate planning attorneys understand this process well, providing legal advice on the duties of a guardian, as well as how to apply for guardianship in court. This includes guidance on preparing all necessary bureaucratic paperwork and appearing before a judge in order to demonstrate why such a guardianship is necessary.
Another great benefit of working with an estate planning attorney, is that they have experience in arranging for conservatorships for adults with disabilities who may not be able to handle their own financial or medical affairs. A conservator is appointed by a court to manage such matters for a person who is unable to do so independently due to physical or mental impairments. An estate attorney can provide valuable assistance throughout this process, from helping identify suitable candidates for the role of conservator to ensuring that all necessary paperwork is completed accurately and submitted properly.
In addition, estate planning attorneys can also offer advice regarding special needs trusts which are created specifically for individuals with disabilities who need additional support managing their finances. Such trusts typically contain provisions which protect benefits received through government programs while allowing trustees to maintain limited control over how assets are managed in order to maximize benefits for those involved. Estate attorneys understand how these trusts work and can provide invaluable help setting them up properly and ensuring that they remain legally compliant over time.
Creating a Plan for Your Minor Children or Family Members
As mentioned above, a benefit of working with an estate planning attorney is their guidance in helping you choose a guardian for your children. The guardian will be responsible for taking care of the children until they reach legal adulthood, which also means they are responsible for the child’s finances until they reach the age of 18. An estate planning attorney may advise you to appoint a trustee over your child’s assets if no other family member is able to be a sole guardian.
Creating a plan for your children also involves drafting your wishes into a will, which is a legal document that outlines how a person’s assets should be distributed after their death. An estate planning attorney can help a parent include provisions in their will for the care and management of their minor children’s assets.
Medford Estate Planning Attorney Lauren Dowley
Lauren Dowley is an experienced estate planning lawyer who can help you create a plan that meets your specific needs. She will work with you to understand your assets and how you want them to be distributed. She will also help you minimize the amount of taxes your family will owe after you die.
Don’t wait to start estate planning! It’s one of the most important things you can do for yourself and your loved ones. With a little bit of effort, you can ensure that your final wishes are carried out according to you. Contact Lauren Dowley today to get started!