How to Plan Your Future With an Estate Law Attorney
An estate planning attorney in San Fernando Valley can help secure your financial future in several ways. 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 very important for anyone with assets, including a family home, to consult an estate planning attorney about how their assets will be managed or shared when the owner is no longer there to make important decision.
Your estate planning lawyer can help write your will and name specific beneficiaries. You’ll need them to prepare a durable power of attorney, including medical power of attorney. As part of your estate plan, the lawyer will also come up with tax-efficiency measures meant to limit taxation to all your earnings and financial investments.
A thorough estate plan also includes techniques to legally circumvent probate litigation because the process takes time and is costly. That’s why you may hear an estate planning attorney being referred to as a probate lawyer. 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.
You may hire an estate law lawyer for lifelong planning or only for a limited time. This lawyer can briefly work someone given a power of attorney pertaining to the assets of an individual that just died, helping them through probate proceedings in a court of law. When an estate planning attorney is good enough, they might help an individual with the power of attorney evade court probate proceedings after assessing the kind of assets inventoried in the deceased’s estate and how the assets are to be distributed according to the law.
In case you’re a beneficiary, and another beneficiary (or even someone not named as a beneficiary) declares that they plan to challenge in court the will left by a recently deceased family member or a dear one from whom you stand to benefit, you’re better off protecting your interests by engaging an estate planning lawyer. 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. Thankfully, an estate planning lawyer can help develop that plan that will sustain you while you’re alive and shelter your family after your death.
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