Also referred to as probate attorneys or estate law attorneys, estate planning lawyers are conversant with the federal and state laws that determine how an individual’s estate is handled after death. Estate planning attorneys thoroughly understand all the processes that deal with taxation, dispersion, valuation, and inventory of an individual’s assets after death.
Protects One’s Assets
Estate lawyers help their clients to prepare their wills, establish medical durable and durable power of attorney and find ways to avoid the proceedings of the probate court. They look for legal ways of avoiding or reducing estate tax and also handle the setting up of trusts to protect one’s assets during one’s lifetime and after death. The following are some of the benefits of engaging the services of Estate Lawyers Nassau County NY.
Avoiding Estate Tax
Individuals who die without properly documenting their will or setting up a trust run the risk of having their assets taxed by the government. This is unfair since most people want their family and loved ones to have all their money and assets when they pass on to ease the financial strain on them. It is recommended that individuals engage the services of expert estate attorneys to set up trusts or prepare wills before they are gone from this life. If this is not done, the estate taxes will reduce the total value of assets received by one’s family.
Advice
Individuals have their different fears, expectations, dreams, hopes, and goals and this determines how they conduct their affairs. These differences come to the fore when it comes to estate planning since individuals have different notions of how their assets should be distributed. Estate planning attorneys take time to listen to their clients and understand their wishes before offering advice on how best to proceed.
Updates
As time goes on, the wants and needs of an individual may change. This is especially true when it comes to estate planning. Circumstances may arise that make an estate planning document obsolete such as the death or estrangement of a beneficiary or a new addition to the family. Estate lawyers assist their clients to update or make changes to their wills or the conditions of their living trust.
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