While the majority are acquainted with the notion of “estate,” the nuanced role of estate planning attorneys remains elusive to many. An estate planning attorney assumes a pivotal role in safeguarding assets and ensuring posthumous wishes are honored.
Testament Drafting
A testament, a legal document delineating the posthumous distribution of one’s estate, takes center stage. Estate planning attorneys assist clients in crafting legally binding and comprehensive wills.
In the absence of a testament, the estate becomes intestate, subject to distribution by a court in accordance with state law. By collaboratively drafting a testament with an estate planning attorney, clients regain control over the disposition of their assets.
Trust Assistance
Another facet of an estate planning attorney’s role pertains to trusts. Trusts, legal documents outlining asset management and distribution during or after a person’s life, fall within their purview.
Estate planning attorneys aid clients in selecting the appropriate trust type, establishing it, and overseeing asset management.
Estate Tax Minimization
Upon a person’s demise, their estate becomes subject to federal and state succession taxes. Estate planning attorneys help clients minimize these taxes through trust establishment, asset donations, and other legal strategies.
By mitigating estate taxes, the remaining assets can be utilized to support heirs and legacies without substantial depletion due to taxes.
Disability Planning
Incapacity may render an individual incapable of making decisions for themselves. Estate planning attorneys assist clients in disability planning by instituting durable power of attorney, wills, and other documents. This ensures that finances, medical decisions, and other matters are overseen by a trusted individual chosen by the person in case of incapacity.
Litigation
Estate planning attorneys may also represent clients in estate and fiduciary litigation. This could involve contesting a will or trust, defending against such contests, or representing clients in disputes related to estate assets.
In essence, estate planning attorneys play a multifaceted role, transcending mere testament drafting. Their expertise encompasses trust administration, tax optimization, disability planning, and potential litigation representation. Engaging with an estate planning attorney ensures a holistic approach to securing assets and realizing one’s testamentary intentions.
