How to Plan Your Future With an Estate Law Attorney
You can trust an estate planning attorney in San Fernando Valley to help protect your long-term financial situation. 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 highly recommended that, if you own any assets, including a home, you ask an estate planning lawyer to help create a plan for the management and distribution of your properties when you won’t be available to make those critical calls.
Your estate planning lawyer can help write your will and name specific beneficiaries. Similarly, the expert helps create a durable power of attorney and medical power of attorney. An important part of estate planning duties is strategizing for tax efficiency, which means reducing the extent to which your investments and financial assets are exposed to taxation.
In a comprehensive plan, your attorney also takes care of lawful ways to avoid probate proceedings in court, which may be expensive and protracted. That’s why you may hear an estate planning attorney being referred to as a probate lawyer. Don’t forget to ask the attorney to establish a trust that you may need to secure your assets should you suffer severe mental/physical disability and also to guarantee your beneficiaries’ welfare after you die.
Estate planning lawyers may be enlisted for a long-term project or short-term service. Such an attorney may briefly liaise with a person possessing a power of attorney regarding the estate of a lately bereaved client toward managing a court probate case. An estate planning lawyer may also devise a legal strategy for the individual with the power of attorney to side-step probate litigation in court after scrutinizing the nature of assets covered under the estate of the bereaved and how the named assets may be reallocated within the law.
When you stand to benefit from a will, such as after the death of a family member or someone close you dependent on, but a beneficiary or a party that’s not designated as such proclaims that they’ll challenge the estate of the deceased in court, move quickly and enlist an estate planning lawyer to safeguard your best interests. It’s possible for such lawsuits to eat into the estate’s funds pretty quickly, leaving beneficiaries with little or nothing to guarantee their welfare going forward.
It’s always great to have a proper plan for the management of your assets while you’re still alive. Hopefully, you’ll have an estate planning lawyer create this program so you can enjoy your life while it lasts and protect the future of your family after you’re gone.