The last will (Will), which specifies who will get your assets after your death, is required by law to be in writing and signed in the presence of two witnesses. A valid will must be signed by a testator who is at least 18 years old and of sound mind. Typically, family members are the heirs, but other parties may also be specified as beneficiaries, including friends, charities, nonprofits, and places of worship.
If you pass away without leaving a will, the Court will manage your inheritance through a procedure known as probate. For your beneficiaries, probate will take time, cause worry, and be a matter of public record. Due to the Court’s division, it is also expensive.
Table of Contents
1. Creating a will
A probate attorney is a state-licensed lawyer who can assist the beneficiaries of an estate or the Executor of a Will (if one was named). At the same time, they strive to settle an estate by guiding them through the probate process.
The wills lawyers can provide trustworthy legal counsel to anyone with complex estates or assets so they can safeguard their assets. Online businesses like Trust & Will make customised Estate Planning simple, practical, and inexpensive without requiring an outside attorney’s assistance (and expense!).
2. Designating your beneficiaries
Probate lawyers are employed to assist in the administration of an estate. Their estate plan determines what happens next after a loved one passes away. A probate process will be required if they have a will. Trusts avoid probate, which can occasionally simplify the procedure and make it considerably more private. However, even if all involved is a Trust (and not a Will, so there is no need for probate), a probate lawyer could assist the Trustee in managing the Trust.
A probate lawyer is capable of doing a wide variety of activities. What the probate lawyer accomplishes will depend on the demands of the Executor or administrator, the existence of a will, the complexity of the Estate, the existence of legal challenges from beneficiaries or debtors, and other issues relating to the Estate’s assets.
3. Establishing a durable power of attorney and durable medical power of attorney
Planning for asset protection is a way to protect assets from being subject to judicial judgments, claims by creditors, or divorce. Certain legal safeguards are in place to guarantee that the asset owner retains ownership of both their personal and commercial assets.
Asset protection is a strategy used by both private individuals and corporations to restrict creditors’ access to valuable assets while ensuring legal compliance. Under state and federal law, certain assets are deemed “exempt” and are consequently shielded from creditors. Personal property, such as clothing, jewellery, household furnishings, and items used in a trade or business, are exempt assets.
Some states regard an individual’s primary residence, life insurance payouts, and annuities as exempt. Each state has rules safeguarding owners of companies, limited partnerships, and limited liability corporations (LLCs) from liability. Additionally, qualified retirement plans covered by the Employment Retirement Income Security Act are excluded from federal law (ERISA).
Pension programs, profit-sharing arrangements, employee stock ownership schemes, and 401(k) plans are examples of qualified retirement plans. Creditors cannot typically reach assets to which one does not have a legal title.
4. Finding ways to reduce and avoid estate tax when possible
By giving property to someone else, a person can protect it from creditors. The transferor, however, bears the chance that the transferee will waste the asset or expose it to their creditors. By enabling the trust creator (the settlor) to set the rules of the Trust and guarantee that the trust property is safeguarded from all creditors, trusts play an essential role in asset protection strategy.
Will and probate lawyers and attorneys professionally know the whole scenario and better protect the interests of their clients and litigants. They are professionals who always fight for justice from top to bottom.
5. Finding ways to reduce and avoid estate tax when possible
Understanding federal and state exemption laws, bankruptcy laws, tax laws, Trust and Estate laws, and business and corporation regulations is necessary for asset protection planning. Asset protection is essential to stop the property owner from engaging in unlawful activities such as asset concealment, contempt, fraudulent transfer, tax evasion, or bankruptcy fraud. This requires assistance from a person who is well-versed in the law.
6. Creating an individualised plan based on your specific needs
To remain ethical and legal, asset protection must be done before any incident that could lead to a claim against the asset holder. After that point, asset transfers can be seen as fraud against creditors. The individual will be held accountable if a creditor can prove that the transfer was made to impede, delay, or cheat the creditor. Bankruptcy may be preferable to asset protection if a debtor has few assets. However, proactive asset protection is advised when sizable investments are at stake.
7. Lawyer or attorney being the Executor
A lawyer may be named as the Executor in some wills. The attorney has the same duties as any other executor in these situations. As such, they are entitled to compensation for any costs incurred during the administration of the Estate. Whether or not they are named executors, lawyers always follow the directions of their clients.
Nevertheless, several distinctions determine whether the attorney owes a duty of care to the beneficiaries, which is typically upheld whether the attorney is appointed the Executor or not. Depending on the situation, a lawyer could elucidate the significance of a wills lawyer and explain their specialised role.
Conclusion
From the above discussion, we conclude that an estate attorney and lawyer are professional and expert individuals who play a pivotal role in securing and protecting a deceased individual’s assets, irrespective of whether they made a will before their death. A wills lawyer can better plan the whole probate or will process with the client’s best interest at heart, the specific federal and state laws.
