A research conducted by Forbes indicates that about 50 percent of Americans do not have the most basic estate planning documents. This is because most people do not know the benefits of a will, trust, or a health care directive. A competent estate law attorney is dedicated to assisting families understand the importance of having a strong executable estate plan. The attorney takes the time to learn the needs of their clients and they can provide valuable advice to help them make well-informed decisions about their futures. A dedicated estate law attorney knows that no two clients are alike. Therefore, they will work diligently to ensure the unique needs of every client are met. Here are some of the top reasons to hire a knowledgeable estate law attorney.
Protecting the Rights of All Beneficiaries
An experienced estate law attorney is aware of all the rules and regulations surrounding wills or estates. They can make sure that all the rights of beneficiaries are well protected. In addition, an estate law lawyer can help the client to distribute assets to beneficiaries and obtain the necessary releases. The attorney will ensure that every step of the way is completed professionally, including making sure that the estate is closed in the court.
Avoiding Probate
If a deceased person has left an estate for their loved ones using a will, everything will go through probate. The probate process is lengthy and complicated. Many steps must be completed, from the initial petition to the final distribution. An experienced estate attorney can help their client plan their estate properly so that assets pass to the beneficiaries without undergoing probate.
Reduce the Liability of Estate Taxes
If an estate is subject to federal and state taxes, it is imperative to hire a knowledgeable estate lawyer, who can offer valuable information on how taxes can affect the estate and take the necessary steps to reduce their liability.
Other primary roles of an estate law attorney include ensuring fiduciary duties are executed accordingly, protecting assets and personalizing an estate.
