What is an estate planning lawyer? What are some of the most common types of estate plans and what are their implications? Is there a benefit to creating a new will, trust, or power of attorney when someone dies?
What is an Estate Planning Lawyer?
Estate planning lawyer is a legal professional who specializes in estate planning,which is the process of creating and managing a will, powers of attorney, living trusts, and other legal documents that can minimize the tax and financial impact of an individual's death on survivors. Estate planning also typically includes strategies for preserving assets and protecting family inheritance rights.
Why Should I Hire an Estate Planning Lawyer?
Estate planning lawyers can help you create a legal will, protect your assets, and make sure your loved ones are taken care of after you die. Here are some reasons why you might need their services:
1. You Might Already Have a Will But Need to Update It: A will is a legal document that outlines who will inherit your property and money after you die.
2. You Might Not Have Enough Assets to Protect Yourself: If you're not wealthy, an estate planning lawyer can help you create a will that takes into account your income and assets.
3. You Might Not Know What to Do With Your Assets If You Die Prematurely: An estate planning lawyer can help you create a trust or other legal document to protect your assets from creditors or family members who might try to take them away if you die prematurely.