The services of an estate planning attorney are essential for individuals at some point in their lives. Sadly, not everyone realizes this. This explains why the number of people who use their services is not encouraging.
Fortunately, there have been slight improvements mainly because of increased awareness. However, more needs to be done because of the several benefits involved. You can check out this study recently done by caring.com for information on the number of people that use the services of estate planning attorneys.
A lot of the estate laws binding on people are state laws. As a result, it is very important to hire legal professionals that are well aware of them. For example, people in Roseville California should only reach out to estate attorneys that are well aware of California state laws. This article will discuss some of the major roles of these legal professionals. So, continue reading to find out about their various roles.
The Role and Services of an Estate Planning Attorney in Roseville California
On the whole, this legal professional performs the task of estate planning. These are the various processes required for the proper management and distribution of an individual or family’s assets after the death of the client. It is also relevant in cases of incapacitation.
Understanding the role and services of this legal professional will help people make sense of the need to hire them. It would also help debunk lots of misconceptions about them. One such is that their services are only useful for the wealthy. To this end, here are some of the things to expect from this legal professional, particularly in California:
Drafting Important Documents
Everything required for estate planning has to be in fine print. Furthermore, it has to be drafted in line with certain guidelines as required by federal and state laws.
This legal professional is expected to be able to draft these documents properly. Some of the documents in question include wills (including living wills), powers of attorney, trusts, and advanced health directives.
Reduced Tax Liability
Some people argue that they do not need these attorneys. One of the major arguments is that some families can civilly handle assets after the demise of the asset’s owner. Well, there are other major roles performed by these legal professionals.
One such is reducing tax liability as much as possible. The asset has to be planned in a way that ensures tax laws are not violated. In the same vein, the planning should be in such a way that tax liability is significantly reduced.
These legal professionals can make this happen because they are also trained in tax laws. Besides, some estate planning firms in Roseville California have accountants, insurance agents, trust officers, and financial planners in their network.
Ensuring that Estate Plans Are Promptly Updated
Some situations warrant the updating of prior estate plans. For example, the demise of the planned trustee before the actual demise of the client would require that adjustments be made to the prior plans. It could also be about the birth of a child who is expected to be a beneficiary. Other common examples include major financial changes and divorce.
This all goes to show how estate planning can be subject to adjustments from time to time. This legal professional is responsible for effecting the changes and even calling the attention of clients to the need for these adjustments.
Mediation & Dispute Resolution
It is not unusual for disputes about how to manage and distribute assets to arise after the client’s demise or incapacitation. This legal professional is charged with the responsibility of mediating and resolving these disputes. This would be based on the detailed plans by the client and applicable laws.
There could even be situations in which aggrieved parties may seek legal action. It is the responsibility of this legal professional to settle things in or out of court.
Asset Protection
One of the misconceptions about estate attorneys is that they are only relevant after the demise of their client. This is not true. Asset protection even while their client is alive and very fit is one of their tasks. This could be protection from lawsuits and creditors for instance. One of their goals is to maximize their client’s wealth.
Probate Assistance
The demise of the client is bound to be traumatic for the family. As a result, asset management and distribution have to be conducted in the best possible manner. An estate attorney is charged with this sensitive responsibility.
This legal professional ensures that assets are distributed orderly. Of course, this would also be in line with the client’s wishes. As mentioned early on, this could mean dispute resolution in or out of court.
Trustee & Executor Guidance
For the record, there are clear-cut differences between the duties of a trustee and that of an executor. An estate attorney is supposed to ensure that both parties go about their duties as they should. If you would like to know the differences between a trustee and an executor, you can visit: https://www.experian.com/.
Professional Advice
Estate planning attorneys do not only know core estate planning laws and procedures. They have a good grasp of financial planning, tax laws, insurance, and a few other related subjects. As a result, they are knowledgeable enough to offer professional advice.
For example, they know how to properly structure your assets to avoid massive tax liabilities. As a result, they can advise you on how to go about this.
Conclusion
We have discussed some of the major roles and services of these legal professionals. However, you need to be certain that your hired estate planning attorney can perform every one of these roles and services. So, conduct thorough research and do your due diligence before you hire anyone.
Make sure the professional is licensed to practice in California and is well aware of the state’s estate planning laws. Also, ensure the professional is accredited by pertinent bodies like the National Association of Estate Planners and Councils.