One of the major areas of worry, for many clients, happens to be regarding what would happen to their property after their death or possible mental deterioration. Estate lawyers are attorneys who specialize in dealing with proceedings involving property and estate matters.
Who are Estate Lawyers?
One is quite familiar with the legal terms of preparing a will which enlists the distribution of assets and money after the death of an individual. In addition to this, the individual, without preparing a will, can go about to build a trust and appoint an attorney to carry on the proceedings for it. The attorney who is allotted the power to manage the trust is known as an estate lawyer or an estate attorney lawyer.
How are Trusts Useful?
Creating a trust is noted as a legal agreement where the grantor appoints a trustee to manage the property for benefit of others. While it is not always possible for the individual to make changes to the will, the grantor, in this case, can make changes as well as revoke changes in the trust anytime during their lifetime.
The grantor can be the sole beneficiary of the trust and the assets involved in it or can also add other beneficiaries who will receive the benefits after the grantor’s death.
Why is a Trust a Beneficial Step?
Unlike a will, which happens to be a matter of public record, a trust is a private affair which also involves the distribution of property to the nominees after the grantor is deceased.
What is the Role of an Estate Lawyer?
An estate lawyer assists in guiding the grantor in preparing the documents and draft trusts to develop a plan in order to mitigate taxes as well as ensure the assets do not fall into the wrong hands. Estate lawyers prepare the power of attorney for the client and also direct health care affairs in matters where there are chances of the grantor becoming mentally incapacitated.
Estate lawyers mentor their clients by using their knowledge and experience to provide legal advice for getting their matters sorted. Having large amounts of property also leads to fraudulent claims by people who may act as beneficiaries and legal hires. This can turn out to be a troublesome matter, particularly in case if the grantor suffers from a mental disorder or mental distortion.
Estate lawyers or Estate attorneys help in avoiding any sort of guardianship or conservatorship for claiming the rights on the property by documenting all the records in a proper manner.
What are Qualities to Look For in an Estate Lawyer?
An estate lawyer should possess specialized knowledge in the field in order to provide proper assistance in matters related to finances and property matters which is unique to the situation of the family.
As an estate lawyer, they should be able to earn the confidence of their client, making them feel comfortable to divulge intimate information pertaining to their life and to speak their concerns regarding estate matters with openness.
It is necessary for the attorney to be up to date with the laws of the state as well as be well versed with the current legal system, thus helping the client in easing their matters related to estate and property matters.
An experienced and professional estate lawyer can help in matters to prevent fraud claims, planning of trusts, as well as managing estate taxes.