Estate planning is an important step in the later stages of your life. It helps make your family understand what your assets are and how they need to be managed in the event of your death or illness. However, the process can seem intimidating.
They are experts who will guide you throughout the process and ensure that your requests are being catered to. However, most individuals aren’t sure of what an estate planning attorney does or why hiring them is necessary.
In this blog post, you will get a detailed insight into what an estate planning attorney does. So, let’s get right into it!
Who Are Estate Planners?
Estate planners are all licensed attorneys who focus on end-of-life planning. They are also known as an estate probate attorney. They will help inform you and guide you throughout the estate planning process and the laws that affect the taxation, transfer, and disbursement of your real estate.
What Does an Estate Planning Attorney Do?
An estate planning attorney works closely with clients, financial advisors, and tax professionals. They help create an estate plan tailored to each client’s needs. Looking at your situation, your estate planning attorney will help you out with the following tasks:
- Helping in categorizing who your beneficiaries are
- Creating advanced healthcare directives and plans for long-term care
- Working jointly with your financial advisor to decrease estate tax burdens via successful tax planning
- Finding methods to avoid the probate process
- Planning a will or other estate planning documents
- Identifying the right type of trust for your needs
- Determining power of attorney (POA)
- Establishing trusts to protect and transfer assets before and after your death
Why Do I Need an Estate Planning Attorney?
An estate planning attorney is an important source of help who will help you with the estate planning process. An expert estate planning attorney will ensure you have an all-inclusive, legally binding plan to remove all conflict, misunderstanding, and unwarranted emotional pressure following your death.
There are additional advantages of working with an estate planning attorney that includes:
- A well-established plan that is tailored to your needs
- Entry to all lawful advice from an experienced individual who has extensive experience
- A guide and awareness of the laws that will impact your estate plan
- A level of self-assurance that you will make the right decisions about your real estate and that you are aligned with state and federal laws
- Direction for your fiduciary, executor, and individuals with POA after your death or illness
Estate planning is for individuals with several assets who wish to allocate them according to their needs. Moreover, it is crucial for those with many individuals depending on them, such as loved ones, children, old parents, or loved ones with special needs.
How to Set Up a Meeting with an Estate Planning Attorney?
You need to prepare well before you meet an estate planning attorney. The meeting can feel overwhelming, but it will be successful if you follow a few steps.
Step 1: Pick an Estate Planning Attorney
It is a challenging part; however, it is an essential one that you have to research thoroughly. You must select a few well-experienced estate planning attorneys who work for credible law firms in estate law, federal tax planning, and state and trust administration. A failure to do this could put gaps in your estate plan.
It is best to ask friends and family for references or ask your employer if they know someone with a reputable name in the market.
Step 2: Organize Yourself
You must gather all relevant documentation and give a complete picture of your assets. There might be different lists for everyone, but the common ones are:
- Bank account statements
- Loan documents
- Life insurance policies
- Credit card statement
- Pensions and retirement account documentation
- Real estate and timeshare deeds
- Investments and brokerage account statements
Step 3: Have the Family Talk
It is not easy to have this family talk, and it might make your loved ones uncomfortable. However, it still needs to be done. You can help make the situation lighter by breaking it down into parts and slowly bringing up more serious discussions.
- You can start by talking about who will manage your money
- If you have small children, you can ask who would be willing to care for them
- Then move on to more serious discussions, such as who will act as your executor
- If you are suffering from a serious illness, you must know who will make health decisions when your condition worsens.
Step 4: Prepare a Set of Questions
You must write down all the questions that come to mind. The common ones are:
- How will I ensure that what my will states will be carried out with utmost honesty?
- What is the usual estate planning process duration?
- Where will all my documents be stored?
- What assets are part of my real estate?
- What are the tax effects on my real estate?
- How can I reduce my tax burden?
Overall, an estate planning attorney will guide you through the complex estate planning process and dispute it rightly among the beneficiaries.
If you want to discuss your real estate planning, in that case, you can contact the Nevada probate attorneys at The Bourassa Law Group. We can provide highly individualized estate planning services to help you avoid probate.
Call us at 1-800-870-8910 for a FREE consultation!
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