Estate planning lawyers understand that Estate planning and estate taxes can involve different levels of complexity. An absolute distribution of assets could only require a basic Will. However, if you wish one or more intestate trusts with additional beneficiaries you will require a separate testamentary Trust. And if you have an intangible personal property, like stocks, bonds, or other collectibles, you will also need to use a trust. Our website provides info about estate planning attorney near me.
It is the role of an estate planning attorney in these legal documents to determine what type of protection your assets might need under your Estate Planning Agreement. If you want to designate specific beneficiaries for specific assets, like a bank account or retirement account, an experienced lawyer can help you accomplish this. He or she may be able to help you determine which of your assets are exempt from probate, and thus not subject to federal or state taxation. Again, an experienced estate planning attorney can protect your assets from creditors who might try to take legal action against you, by working on a contingency basis. This means that if your assets are insufficient to pay off a creditor, and the creditor goes after your funds, your attorney can help you work a compromise agreement that allows you to avoid bankruptcy and pay the creditor without damaging your credit.
Another part of the estate planning process involves creating a trust, naming it as a “successor trustee” and then placing it in a separate bank account. The future beneficiary can then receive your retirement fund, Social Security, Annuities, etc. If you do not have a financial advisor yet, or do not feel comfortable placing your assets in a trust, you can hire a qualified financial advisor to help you with this part of the planning process.
Most attorneys offer a free initial consultation, usually within forty-eight hours of you completing an online form. If you decide to use the services of an estate planning attorney, many also offer a full range of services beyond the initial interview and/or forms. Some of the services offered may include:
Trustee. An estate planning attorney can act as your personal trustee. You will make decisions about the maintenance of your assets, your will (if you will be alive), how your property is to be transferred, and any other wishes you have for your future family member(s). If you are still working with an attorney, this person can also draft a durable power of attorney granting your wishes to be followed by your family member(s).
Financial Advisor. An estate planning lawyer can provide you with a certified financial advisor. These lawyers can provide you with advice about how you can handle your finances in the event you pass away, and what kind of protection (if any) you may need in the event of a complete financial collapse.
Assets and Debt. The most common reason people set up an estate plan is to ensure they leave their loved ones enough money to carry on their lifestyle after they are gone. An estate plan will list your assets and debts, and will provide a beneficiary(ies) who will be responsible for making payments(if you die). In addition to determining who will receive your assets, attorneys can help you decide how those assets will be distributed if you do not die earlier than expected.
Rochester Law Center
805 Oakwood Dr, Ste 125
Rochester, MI 48307