Published on May 30th, 2014 | by Personal Rights0
What is an Estate Planning Attorney? A Simple Guide for Planning Your Future
What is an estate planning attorney? And do you need one? To answer the second question, there’s a very good chance that you do. As for what is an estate planning attorney, this is a person who can help you decide who will receive your property, monetary assets, and other valuables after you pass away.
You may wonder what is an estate planning attorney’s use. These lawyers, also known as probate attorneys, are able to help you document your end of life requests and they can help mediate after you pass on in the event of disputes over property and other assets. Your probate lawyer can also notify creditors of a deceased individual’s death and manage any financial problems that may arise as a result. In short, your estate planning attorney will help you plan for your last requests and ensure that everything is set afterwards, as well.
What are some common functions of an estate planning attorney? One of the most prevalent is the development of an individual’s last will and testament. This is the document that divides up a person’s assets when they are gone. It is estimated that as many as 41% of people ages 55 to 64 do not have a will drawn up. This problem is easily solved, however, by hiring a probate attorney to do this for you or to assist you in developing one.
Trusts are also useful in estate planning. A trust is typically a sum of money that is available to a person after the deceased passes; usually, younger people cannot receive a trust’s funds until they are 25. Power of attorney forms are also useful for designating someone else to make financial decisions in the event that the person planning for his or her estate cannot. Other common forms that estate planning attorneys deal with involve medical wishes, tax documents, and funeral and life insurance planning.
Even though 95% of Americans want to control how their assets are distributed after their deaths, only about 40% of those people have an estate plan in place. If you would like to plan for your future and the future of your loved ones, be sure to speak with a good estate planning attorney as soon as possible. Have questions? Leave a comment below. Learn more at this link.