What is Estate Planning?
- 1 What is Estate Planning?
- 1.1 Who is an Estate Planning Attorney?
- 1.2 What Does an Estate Attorney Do?
- 1.3 How to Find the Right Lawyer for Your Estate Planning Needs?
- 1.3.1 – Assisting in writing an estate plan:
- 1.3.2 – Helping you to determine the best way to distribute your assets
- 1.3.3 – Helping you to identify beneficiaries –
- 1.3.4 – Helping you with any tax implications
- 1.3.5 – Helps in determining whether or not a trust is appropriate for your needs
- 1.3.6 – Helps in determining what will happen if there are any disputes among family members
- 1.4 Education and Certification for an Estate Planning Attorney:
- 1.5 Situations When You Should Hire an Estate Attorney
- 1.5.1 When should you hire an estate attorney?
Estate Planning is a process that helps you organize, plan, and manage your assets. It is a legal process that lets you design your intentions for your estate. It includes the preparation of wills, trust documents and estate tax planning. Furthermore, it ensures the continuation and protection of your family’s legacy after you die.
The process of planning for your future includes deciding how to distribute your assets after you pass away. It also includes making sure that someone will take care of your children or other relatives if something were to happen to you.
In today’s world, there are many different types of estate planning methods that can be used like a will or trust. Some people choose not to have an estate plan because they believe they have enough money saved up for their lifetime.
Who is an Estate Planning Attorney?
An estate planning attorney also referred as an estate law attorney or probate attorney is an individual who specializes in legal matters related to estates. These attorneys may specialize in certain practices such as wills, trust and estate administration, elder law, or probate. Factors that they consider when advising their clients include the client’s assets, his or her family situation, and the future needs of their children.
An estate planning attorney is a legal professional who provides representation to their clients with regards to the preparation of wills, trusts, and other estate documents. They can also offer advice on tax implications and the probate process.
What Does an Estate Attorney Do?
When we plan for the future, we often forget about the unknown. What happens if something happens to you? Who will take care of your children and provide for them? In order to avoid the legal issues that often arise, it is important to have a plan in place. This is where an estate attorney can help. Their job is to help clients with the legal aspects of an estate, including wills and trusts. These attorneys review wills, advise clients on estate planning matters and represent their clients in court when necessary.
Estate attorneys help people navigate the complicated process of settling someone’s estate and distributing their assets. They make sure that wills are valid, probate is completed and inheritance taxes are paid.
How to Find the Right Lawyer for Your Estate Planning Needs?
Estate planning is one of the most important things that you can do for your family. It is a process by which you can protect your assets and make sure that they are distributed according to your wishes. In order to do this, you need to have a qualified lawyer who has expertise in estate planning and wills. Some of the things that your lawyer will help you with are:
– Assisting in writing an estate plan:
Estate planning is a crucial process that should be done well in advance. Failure to do so can lead to expensive and time-consuming results. The estate planning process begins with the drafting of a will and identifying the beneficiaries. Other documents may include power of attorney, health care proxy, and living will.
– Helping you to determine the best way to distribute your assets
An Estate attorney will help you to properly distribute your assets. The important thing is determining what are all the assets and how they should be dealt with. Assets can include: Cash, Properties, Jewelry, Vehicles, Retirement funds and more.
– Helping you to identify beneficiaries –
Beneficiary identification is a process carried out by the administrator of a will or trust to identify someone (or sometimes more than one person) who will receive the beneficiary’s property. A good attorney will help you identify the beneficiaries.
– Helping you with any tax implications
Tax implications are the legal and financial implications of taxes. Having a good attorney can help you manage these tax implications throughout the year. For example, There are many tax implications in the United States. One major one is that if you’re married and live with your spouse, you’ll need to claim income separately for tax purposes. This means you can’t share a deduction on your income taxes.
– Helps in determining whether or not a trust is appropriate for your needs
Trusts have been around for centuries and are a way to avoid inheritance headaches. By signing a trust, you are dividing up the ownership of your property so that beneficiaries get particular percentages of it. You can also keep certain aspects from being sold off too by creating trusts.
– Helps in determining what will happen if there are any disputes among family members
Family disputes are one of the most common reasons for being in a family law attorney’s office. Family disputes can range from simple disagreements to all-out warfare, making it difficult for family members to agree on anything. In these situations, a family law attorney will help in determining what will happen if there are any disputes among family members and how they should be dealt with to prevent future conflicts.
Education and Certification for an Estate Planning Attorney:
The certification and education requirements for an estate planning attorney can vary depending on where the lawyer is licensed. The person may be required to complete a law degree and pass a state’s law exam, or they may have to simply take continuing legal education courses. Mentioned below are some of the certifications that you need to look for when you’re hiring a professional attorney
Certified trust and fiduciary advisor (CTFA)
CTFA is an acronym for Certified Trust and Fiduciary Advisor. It is a designation awarded to financial advisors by the American Bankers Association . The CTFA designation is awarded to those advisors who pass the required examination. The exam includes topics such as estate planning, asset management, retirement planning, tax strategies and more.
Accredited estate planner (AEP)
An Accredited Estate Planner (AEP) is a professional who is qualified to prepare an estate plan and can be relied on to provide competent and ethical advice. National Association of Estate Planners & Councils – NARPC is the only organization that offers a comprehensive credentialing program for Licensed attorneys. The AEP designation means that the attorney has met certain education, experience, and ethical standards set by the NARPC
Chartered trust and estate planner (CTEP)
Chartered Trust and Estate Planners are professionals who have the knowledge and skills to provide specialist advice on the legal, financial, and administrative aspects of estates.
The CTEP qualification is a professional qualification for those working in this profession. It is Provided by the American Academy of Financial Management(AAFM). The qualification is designed to provide a benchmark for competent practice in this profession.
Situations When You Should Hire an Estate Attorney
Estate attorneys are legal professionals who specialize in the management of an estate. They help to ensure that the will is followed, identify and manage assets and debts, prepare tax returns, and distribute property to heirs.
When should you hire an estate attorney?
1. When you want to make sure that your will is followed correctly
A will is a document which outlines how you would like your estate to be divided. If you have depended on family members to take over all of the tasks involved, they may not be capable or willing to do so. When this is the case, it’s necessary to create a power of attorney in order to ensure that they are able.
2. When you want to identify your assets and debts
When you want to identify your assets and debts you should hire an estate attorney who will guide you to create a balance sheet. A balance sheet is a table that lists all of your assets on one side and all of your debts on the other side. Assets are items that represent value such as cash, stocks, and real estate. Debt is money owed such as car loans, mortgages, or credit card balances.
3. When you want to prepare a tax return for yourself or your loved ones
The process of preparing a tax return for yourself or your loved ones can be a little complicated. In order to save time and energy, you can hire a lawyer to do the work for you.
A lawyer will first gather information about your financial situation and how much taxes you owe the government. They will then prepare the tax return accordingly and file it with the IRS.
4. When you want to distribute property according to the will by a lawyer
It’s very important to have a will. This document should distribute any property you own during your lifetime according to your wishes. The best person to do this is an experienced lawyer because they can advise you on the best way of distributing your property.
Conclusion – Your And Your loved one’s estate may have a lot of loopholes and legal issues that you wouldn’t have the time or expertise to deal with. Hiring an attorney can help navigate these potential pitfalls and can help avoid incidents like probate disputes or executor/trustee lawsuits by assisting in negotiation. If you are located in Dallas or nearby check out will & estate planning lawyers for any of your legal issues.