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What is the Role of an Estate Planning Lawyer?

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By Jacob Sal Linwood
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What is the role of an estate planning lawyer

A good estate planning lawyer can help you put together documents to ensure your assets are properly disposed of after your death. They may also be able to save you tax headaches in the process. The best way to find one is by asking for recommendations from friends and family members. You can also get referrals from your local or state bar association and probate court. You can also ask your financial advisor to recommend a good attorney, as they likely have several that they work with.

In addition to creating the legal documents you need for an estate plan, a good estate planning attorney can help with other aspects of your finances, like retirement plans and life insurance policies. They can also advise you about charitable contributions and can help you establish a trust. They should be able to collaborate with your other professionals, including financial managers and insurance professionals, in order to create the most comprehensive estate plan possible for you.

Your estate plan should reflect your wishes regarding the disposition of your assets and provide protection for your family, especially if you have minor children or relatives with special needs. An experienced estate planning attorney can provide you with a variety of strategies for accomplishing those goals, and they should be familiar with the specific laws in your state.

Another important part of their role is ensuring that your documents are accurate and up to date. An estate planning attorney should be able to review your situation and provide you with a list of things you need to take care of, including updating your documents as your circumstances change over time.

A good estate planner should also be able to provide you with advice about establishing a foundation or charitable trust, which can minimize your taxes. They should also have a deep understanding of the intricacies of estate and gift tax laws.

The most significant part of the job for an estate planning lawyer is assisting their clients in preparing their assets for distribution after they die. They will draft documents like wills, trusts and powers of attorney, which can significantly reduce or even eliminate conflicts over how your estate should be dispensed. They can also help you prepare for end-of-life scenarios, such as appointing guardians for your minor children or making arrangements for someone to manage your finances if you become incapacitated.

An experienced estate planning attorney should be familiar with a variety of other legal matters, such as business law, real property, family law and investment and insurance law. They should have a good grasp of the federal and state statutes that apply to your estate, and they should be knowledgeable about the taxation of various assets, including real estate, stocks and other investments.

The qualifications that an estate planning lawyer must have include a bachelor’s and a law degree, passing the bar exam in their state and being admitted to the practice of law. They should also be able to communicate with you clearly, and they should make you feel comfortable discussing the delicate subject matter of your estate.

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