A huge concern that many clients have is the thought of what will happen to their estate after they pass on or if they were to suffer from dementia. Estate lawyers focus on any legal matters that have to do with property.
What is an Estate Lawyer?
You have probably heard the term attorney preparing your will. When you prepare a will, you decide how your property and money will be distributed after death. You can also create a trust without first writing a will. You can build a trust and name an attorney to handle the proceedings on your behalf. An attorney who is given power of attorney to handle your trust is called an estate lawyer or estate attorney.
Why Have a Trust?
A trust is a legal document in which the creator, or grantor, appoints a trustee to hold property and finances for others. With a will, once it is finalized, the owner cannot make changes to his or her will. However, with a trust, the grantor can change or revoke the trust anytime during his or her lifetime.
The grantor can name himself as the sole beneficiary of his trust. He can also include other beneficiaries who will inherit when he dies.
Why Set up a Trust?
A will becomes public record. A trust, on the other hand, is private. Both a will and trust distribute money and property to your beneficiaries when you die.
What Does an Estate Lawyer do?
An estate attorney helps you plan your documents and creates your trusts. He can help you create a plan to avoid taxes and prevent your assets from going into the wrong hands. Estate attorneys can write your power of attorney and help with your health care directives in the event you become mentally incapacitated.
Estate lawyers guide you through the legal process using their knowledge and experience to advocate on your behalf. Large estates can attract fraud claims from individuals posing as beneficiaries or estate lawyers. Not only is this difficult to deal with, but if your ill or have a chance of losing your mental capacity, it can be devastating.
Estate lawyers or Estate attorney can help prevent someone from obtaining guardianship or conservatorship over you by filing the necessary documents correctly.
How Can You Identify a Good Estate Attorney?
Look for an estate attorney that specializes in estate planning. Your estate situation is unique to your family and financial situation. Your estate lawyer should be able to make you feel comfortable discussing personal matters while giving you honest advice on your estate concerns.
Make sure they know the laws of the state and keep up with the changing legal system. This will help your attorney guide you in the right direction and make your estate issues easier to handle.
Turn to an Experienced Law Firm For Your Estate Planning Needs
A qualified estate attorney can help you avoid fraud, plan your trust, and handle estate taxes. Visit Larsen, Larsen, Nash & Larsen or call (801) 964-1200 for more information on Estate Planning.
