An estate planning attorney in San Fernando Valley can help secure your financial future in several ways. Such an attorney is well-versed with the manner in which federal and state codes dictate how your estate may be cataloged, appraised, and shared in case you die or become severely disabled by sickness. Owners of any assets and properties are strongly encouraged to involve estate planning attorneys in the development of a plan for the control and dispersion of their assets for that time when they won’t be able to do that themselves.
With the aid of an estate attorney, you prepare a will and specify who inherits your assets. Similarly, the expert helps create a durable power of attorney and medical power of attorney. An important part of estate planning duties is strategizing for tax efficiency, which means reducing the extent to which your investments and financial assets are exposed to taxation.
A thorough estate plan also includes techniques to legally circumvent probate litigation because the process takes time and is costly. That’s the duty of your probate lawyer, who’s generally also known as estate planning attorney. Don’t forget to ask the attorney to establish a trust that you may need to secure your assets should you suffer severe mental/physical disability and also to guarantee your beneficiaries’ welfare after you die.
An estate planning attorney may be engaged for a lifetime commitment or just a short time. Such an attorney may briefly liaise with a person possessing a power of attorney regarding the estate of a lately bereaved client toward managing a court probate case. When an estate planning attorney is good enough, they might help an individual with the power of attorney evade court probate proceedings after assessing the kind of assets inventoried in the deceased’s estate and how the assets are to be distributed according to the law.
When you stand to benefit from a will, such as after the death of a family member or someone close you dependent on, but a beneficiary or a party that’s not designated as such proclaims that they’ll challenge the estate of the deceased in court, move quickly and enlist an estate planning lawyer to safeguard your best interests. In a worst case scenario, such a challenge may very quickly deplete the funds of an estate, and in the end, there might be nothing meaningful that may sustain dependents from then on.
It’s best for people to establish practical programs to manage their assets before they’re gone forever. Hopefully, you’ll have an estate planning lawyer create this program so you can enjoy your life while it lasts and protect the future of your family after you’re gone.