Everyone understands how important it is to do their estate planning. Regardless of your age or wealth, proper estate planning helps you transfer your physical and financial assets to the right heirs. However, it is not simple to divide your assets and legacy among your heirs as you want. It is a process, which involves a great deal of planning ahead of time so that everything gets done in a proper manner as per the state and federal laws of estate planning. And you should never avoid this because this is how you can safeguard your family in the event of your demise. This is how you can protect your assets and your heirs.
This is exactly where the role of an estate planning attorney becomes so vital. You will always need an expert by your side to carry out the entire process of property and assets division. Not just any attorney, but you will need to work with an attorney who has expertise in estate laws.
Why Estate Planning is Crucial
Many people believe that estate planning is only limited to the elderly and the wealthy. But this is not correct. As a matter of fact, everyone needs to plan their estate for desired bequeathing of their assets and funds. Instead of delaying the process, you should plan it ahead of time.
If you have assets to leave and people who you want to transfer those assets to, you are a good candidate for estate planning.
Whatever you own is your estate. So, your estate includes your home, bank accounts, cars, stocks, and other investments. An estate plan, therefore, gives you a say in how exactly you will want to distribute the assets after your demise. It is the process of arranging all your physical and financial affairs by way of a written plan in accordance with the estate laws. It is important to plan the transfer or division of your assets while you are still alive. Not doing so will only put the needs of your family and kids at risk, as the probate courts will deal with your property as per the estate laws. This means your desires and intentions will not be fulfilled.
Key benefits of estate planning include:
- Avoid big taxes
- Protect your children
- Transfer of assets to your loved ones
- Avoid complications in the family
- Plan for your own needs
- Incorporate philanthropic planning
- Prevent financial and legal grief
- Safeguard family wealth
The benefits of estate planning go beyond these. So, it is best to plan your estate as soon as you can. At the same time, you should also remember to review the plan on a periodic basis, particularly after major life changes such as marriage, divorce, or the demise of someone in the family.
Don’t Hire a General Attorney
You will never want to go to a general physician for heart surgery, will you? It is the same with estate planning too. You should always choose to work with an experienced estate law attorney for the job.
A general attorney may be able to give you some advice or guide you in the process of estate planning. But actually, they do not have expertise like an estate law attorney does in such matters. Also referred to as probate attorneys or trusts and estate lawyers, an estate planning attorney always stays above all the estate-related laws, exceptions and details. You do not need an attorney who does business law one day and deals with divorce another day. Instead, you should always seek the help of an attorney who only focuses on estate planning.
What an Estate Planning Attorney Does
An estate planning or law attorney carries deep expertise in all matters related to the planning of the estate. They have licensed professionals with a sound knowledge of how state and federal laws will affect property transfer and division. Before the entire planning of your estate begins, the probate attorney will educate you on all the essential aspects in a proper manner.
An estate law attorney will help you:
- Create a will and testament
- Nominate beneficiaries
- Establish a durable power of attorney
- Avoid estate taxes, wherever possible
- Avoid probate court processes
- Set up trusts as you desire
If you need guidance with the power of attorney over a person who recently passed away, the estate law attorney will offer you expert help. In fact, the attorney will make every effort in order to help you avoid going through the complicated processes of the probate court. After your demise, the attorney can closely work with the executor of your will for the appropriate transfer of assets to your designated beneficiaries. In fact, a good estate law attorney will serve as a legal guide to effectively deal with all the matters of assets transfer after your demise.
How Much Does it Cost to Hire an Estate Law Attorney?
Estate planning law attorneys have specialization in the field of estate laws. You can never match the specialized services of an estate planning attorney with general attorneys. When you consult with an estate law attorney, they will typically inform you about their fees.
How much an estate planning attorney will charge as fees depends on the specificities of your particular case. So, their fees may vary from one client to another. There are many attorneys who charge a flat fee whereas others charge by the hour. Actually, it is not the fees that matters the most. What you need is top-quality legal assistance so that you can have peace of mind confidently knowing that the future of your family and heirs are in expert hands. The fees of an attorney also varies depending on which city you are located in. In any case, you can always ask the estate law attorney for a quote so that you remain well-informed.
Always Choose the Right Estate Law Attorney
Estate planning is a complicated subject. So, it is important to select your estate planner in a careful manner. If you have never worked with one of these attorneys before, you should look for some desirable qualities. It makes no difference whether the attorney you hire is young or old. What really matters is their knowledge and experience in the field of estate-related planning.
A good estate planning attorney works with absolute integrity to safeguard the interest of their clients. It is important to trust each other to ensure effective planning and transfer of assets and legacies. The attorney should be highly proficient in all the aspects of the estate planning procedure and practice his or her professional in a diligent manner. A high degree of competency in estate laws is one of the most crucial qualities of a good estate law attorney. Most of all, the attorney should have a pleasing personality to make clients feel at home.
So, make sure the estate planning attorney you choose carries all these qualities for the most satisfying results and experience.
Talk to an Estate Planning Attorney
Now that you have become fully aware of why you should do estate planning while you are still alive, and understood the benefits it has to offer, it is time to hire an experienced and highly competent attorney.
The Law Office of Tuan Le in Orange, CA, is an ideal destination where you will have the expert legal help and guidance of a highly reputed, experienced, and competent estate planning attorney. Mr. Le specializes in the area of estate planning and is known to give each client personalized attention. Since every case is unique, he and his entire team first give a patient hearing to the client before getting started with the entire process of estate planning. Being a member of the State Bar of California, Mr. Le is licensed to practice in all state courts of California. He serves a range of clients including individuals, families and businesses with their estate planning needs while giving each client the attention they deserve.