What Kinds of Estate Planning Services Can My Attorney Offer?

 

Estate planning services are specifically designed to give you comprehensive assistance in all financial and legal matters associated with your passing away. Estate planning isn't simply about what happens after you die, but also about addressing potential issues that could arise at a later date and protecting your valued assets. To make sure your will is legally binding and your wishes have been fulfilled, you should work with an estate planning attorney that has a proven track record of achieving successful outcomes for people in your situation.

What exactly is estate planning services? These services typically involve creating a trust administration, designing your will, and creating your beneficiaries. Some attorneys offer additional services such as probate court filings, making sure your insurance policies reflect your wishes, and enrolling your children in school. While these services aren't required, most people find it helpful to work with an attorney who provides these options. When considering an attorney to complete these tasks on your behalf, be sure to look beyond the basic service and ask about the other important areas that may be more advantageous to you.

What are estate planning services, then? They involve the voluntary process by which your property and assets are dispersed. This usually occurs when you die, or as soon as you deeded your property or accounts to a third party. After your death, your beneficiaries will be responsible for distributing your belongings and money to the named beneficiary or beneficiaries you've established (usually by writing a grantor trust). To make sure your needs are met, your attorney will help you create a durable power of attorney, revocable or exercisable, or devise of contract that will allow others to manage your assets during your lifetime.

What are the other steps involved in estate planning services? Once you've drafted your will and chosen a beneficiary, you'll need to select a trustee. Unless you have already done so, you'll need to select a qualified individual, such as a bank, insurance company, or nursing home. Your attorney will help you select a qualified trustee by going through the steps required to establish a valid trust, appointing a trustee, and filling out any relevant forms. Once your trust is in place, your attorney will file it with your state's probate court and then pay off any outstanding debts or taxes before distributing your remaining assets.

How are estate planning services performed, then? With today's more complex legal system, it's sometimes impossible for a person to draft a will alone. The help of an experienced attorney can make sure your will is legally accurate and up-to-date, and that any necessary conditions are met. An experienced attorney can also make sure you have a qualified agent to accept requests for distribution of your assets. In some states, the appointed Trustee may have to be a person of sound financial character, such as a spouse or adult child, and may not be able to be a relative.

What kinds of assets can my attorney handle under estate planning services? Assets can include real estate (including any rental property, such as an apartment building), cash, stock (both publicly traded and privately owned), nonlife insurance policies, prepaid life insurance policies, brokerage accounts, bank accounts, and private retirement accounts. Once you decide who will administer your estate plan, you can transfer assets to one or more trustees. Some states allow you to appoint a trustor who will act as the "legatee" of your assets for the duration of your lifetime; if this is the case in your state, the person assigned to administer must report any gifts or inheritances to the appropriate agencies. If you do not appoint an individual to serve as your delegate, the state Vital Records Registry can direct any beneficiaries to you.Know more about Estate Planning Services Edmonton here.

What kinds of legal services can my attorney provide? Most people prefer to have their estates settled after death, rather than leaving a will or trust to be contested after the fact. Additionally, you may need assistance with estate tax planning, probate, and various intestate issues that may arise. As well, an experienced attorney can assist you with executing your last will and testament, filling out and executing your last living will and trust, and preparing and executing your living trust.

If you are unsure about how you should handle your finances after you die, talk to an estate planning lawyer today. They can help you decide what type of legal services best meet your goals and provide you with a comprehensive estate plan that takes care of your finances and assets for you, your spouse, and your family. You will be able to rest assured that your assets will be well cared for and transferred to your intended beneficiaries. In the meantime, you can also rest easy knowing that your family will have the money you make annually to support them, and that your children will be able to attend college or university without the worry that they'll be unable to receive their financial assistance.