Monmouth County Estate Planning Attorney
What does an estate planning attorney do?
An estate planning attorney is a legal professional who helps in the planning of a person's estate. An estate plan is a legal document that is used to clarify the details of how property is to be transferred, and who holds the assets once they die. An estate planning attorney can help put your wishes for death and incapability into writing so that your final wishes are properly carried out. This lawyer will know the right documents to use and can present several options to make sure your wishes are properly executed.
The final step in the estate planning process is executing the Will. This is a legal document that appoints a "personal representative" to handle all the estate, and is required when someone dies. Once the person dies, the person's will must be executed within two weeks. If a person fails to do so, then their estate becomes state-owned, and there are certain taxes that have to be paid on it. If the person who died didn't appoint a personal representative, the person's estate goes into probate, and the person's estate is subject to the probate process.
The purpose of estate planning is to secure your future, and your family's future. This ensures that your estate isn't negatively affected by any legal documents, such as probated estate, and that your beneficiaries get to receive their inheritance. There are many ways that an estate plan can be implemented. Many people choose to establish several trust accounts to act as investment vehicles. Another method of implementing an estate plan is through executing one or more legal documents, which are collectively referred to as estate plans.
Anyone who wants to establish an estate plan should hire a good estate planning attorney to help them. A good attorney will help you decide what type of plan you should establish, how to implement the plan, and who will administer the plan. To help establish a plan, the attorney often provides legal advice, or represents clients in court. He or she can also draft a Will, which is a legal document that assigns beneficiaries. In some cases, the Will may be used to define who gets what after the death of the testator, or to determine what must be done with the estate.
Each state has its own set of estate planning attorneys. These attorneys can be found in state Bar Associations throughout the country. In addition to finding a state bar association, the Internet can provide you with the contact information for local estate planning attorneys. Typically, these attorneys charge a fee for their services. The cost of a consultation is usually based on an hourly rate or a percentage of the total compensation awarded in a court proceeding. Most states have rules specifying who is eligible for a free or a low-cost consultation.
Another question you may have is who would be able to access your estate plan if you die unexpectedly. Typically, your beneficiaries will obtain the majority (usually over half) of the assets from your estate plan, while your trust will hold the remaining assets. This is why it is important to have a good estate planning attorney review your plan before you sign. An estate planning attorney can provide advice as to who would have the most benefit from your plan, as well as the details of how it will be structured.
What Does an Estate Planning Attorney Do? In addition to reviewing estate plans, estate planning attorneys also prepare legal documents, such as wills and trusts. They prepare and file these legal documents on behalf of their clients, in their own offices, or for their clients. Wills represent the legal documents that establish the validity of a decedent's estate, while trusts are agreements that outline the transfer of property owned by the decedent. Both types of legal documents are required before a transfer of property takes place. An estate planning attorney can explain each type of document to you, and can assist you in completing the necessary paperwork.
What Does an Estate Planning Attorney Do? A good estate planning attorney represents the client in all matters related to estate planning. They discuss their options with their client, gather information, and then advise their client on how to handle all of the various aspects of estate planning. Some common services an estate attorney offers include estate planning attorney referral, estate planning attorney forms, and planning attorney litigation services. Each service can help you achieve the result you desire.