Estate planning lawyers can play a big role in ensuring that your estate is distributed according to your wishes. An estate planning lawyer can ensure that your heirs do not have to pay estate taxes on their inheritance.
If you are making a will, you should hire the services of an experienced estate planning attorney. Estate planning attorneys know the requirements of a valid will. If your will is not valid, then your estate must pass through probate which can be time consuming and costly. Also when your estate goes through probate, your estate will be distributed according to the state laws and not according to your wishes. So someone to whom you did not want to give any share in your estate may end up getting a huge share or someone to whom you wanted to give a large share of your estate might not receive any share at law. To avoid such things happening after you are no more, you should hire the services of an experienced estate planning attorney. The estate planning attorney can also act as the executor of your will if you want him to.
Estate planning lawyers are experienced in the formation of trusts. You can create a trust for the benefit of your family members and relatives. You can also transfer your assets to the trust for the benefit of your family members and relatives. An estate planning lawyer can prepare the documents necessary for the formation of the trust and can advice you on the right type of trust based on your circumstances. The estate planning attorney can also act as the administrator of the trust if you want him to.
Many of us are often worried that our creditors may seize our estate and as a result our legal heirs may not receive anything. Estate planning attorneys can help you in such a situation. An estate planning attorney knows the rules of asset protection. Asset protection is perfectly legal. Basically in asset protection, you transfer your chosen assets to another legal entity. The entity will hold the assets for the benefit of your family members and relatives. You can retain control over the legal entity. An experienced estate planning lawyer can review your circumstances and suggest the best possible asset planning strategy.