5 Reasons you Need a Professional Estate Planning Lawyer to Protect your Assets

Estate planning is an important part of your life. It is a process that will help you plan for the future and ensure that your assets are distributed as you see fit. Estate planning lawyers can help you with this process. They can draft wills, trusts, and other documents to make sure that your wishes are carried out after death or incapacity.

What is estate planning?

Estate Planning is the process of getting ready for your estate’s administration and distribution. It is done before, during, and after your life or if you become incapacitated. The transfer of wealth to future generations is part of the plan. It is the reduction of potential gifts, estate taxes, generation-skipping transfers, and other taxes.

It is also the process of reducing or eliminating problems with the probate process. It also increases the estate’s value by reducing taxes and other costs. The final goal of estate planning is up to the person who owns the estate. It can be as simple or complicated as the owner wants or needs. Children and the disabled have guardians appointed for their protection.

Making a will, setting up trusts, giving money to charity to lower inheritance taxes, and naming an executor and beneficiaries. Making funeral arrangements is also part of the planning process.

A will is a legal document that tells how the person who wrote it wants their property and any minor children to be taken care of after they die.

There are many ways to lower an estate’s taxable value, such as setting up a trust or giving money to charity. You will need an estate planning lawyer to accomplish these.

5 Reasons You Need a Professional Estate Planning Lawyer

The field of estate planning law is dominated by estate planning lawyers. They can give their clients good advice about protecting their assets, what documents should be written, and how to stay out of probate court. Here are more reasons why you need an asset protection lawyer:

  1. They create an estate planning checklist.

The estate planning checklist helps you learn about and keep track of all the legal forms and personal things you need to do to plan for the future.

A thorough estate plan takes into account not only the person’s possessions but also their family and friends. Making plans can make things easier for your loved ones and make it more likely that your last wishes will be carried out.

  1. They can help you avoid the long, expensive probate process.

The court uses the probate process to give a dead person’s property to their heirs and beneficiaries. This procedure can cost a lot of money, take a long time (up to two years), and be highly public. 

The burden of probate can be lightened. This step is only sometimes required, even if you don’t have trust. If your assets are properly distributed among beneficiaries, your estate will not need to go through probate.

It takes a lot of knowledge and experience to navigate the probate process and its complexities. If the time comes for your family to go through the probate procedure, your estate planning lawyer will be prepared to help them.

  1. Your estate planning attorney will revise your estate plan as needed.

Things happen in life, and your wishes or circumstances can change. This could be because of a divorce, the birth of a child, a marriage, the aging of named trustees, or a change in relationships or family dynamics. You should update your estate plan whenever there is a significant change in your life.  Make sure it still meets your wishes and the needs of your family.

Getting in touch with the right estate planning lawyers will ensure all your legal documents are up to date. It should reflect your most recent wishes and goals. They can save your life because they will help you avoid mistakes that cost you a lot of money. They have a lot of knowledge about estate planning and will be your advocate.

  1. They give objectivity.

Making plans for your estate can be an emotional process. Also, how a family works can make it hard to figure out the best plan. Estate planning lawyers who help with estate planning give you an extra voice of reason to help you with your needs now and in the future. They will be able to give you a straight answer without bias, which can help protect your family in the long run.

  1. They know how to protect you, your family, and your property.

There are a few legal documents that should be part of a complete estate plan. This will ensure that your loved ones won’t have to deal with too much after you die. Some of the things that can be included in an estate plan are listed below:

  • Will or Pour Over Will
  • Power of Attorney
  • Trust
  • General Assignment
  • Medical directive
  • Guardianship Nomination

Your assets will go to your loved ones. This includes setting rules to govern when and what a recipient receives. Set up a trust for young children to get assets at a specific age and tell the trustee what to pay for.

The only evidence the court will have after you die expressing your wishes for your children’s care is a Guardianship Nomination. Guardianship nominations are simply that. The court will still vet the nominee.

Planning for your future with an estate planning lawyer

Georgia Wills, Trusts, and Probate Firm will assist you in making plans. Planning your estate can be a daunting task, but our estate planning lawyers are here to guide you through the process.

What are your assets and liabilities? How secure are your assets, and how do you protect them? We put together a checklist for all these questions. You can see what you need to do to safeguard yourself and your family from the financial turmoil of death or disability.

Need a lawyer for wills? We can help with your estate planning needs, from drafting wills to drafting trusts. Our experienced, knowledgeable estate planning lawyers will give you one-on-one attention at an affordable rate for estate planning. We offer an estate planning lawyer to help you get an estate plan that fits your needs and doesn’t cost too much. Contact us today!

Who is The Prestige Team?

Rancho Palos Verdes Realtor Broker Associate Karen Anderson, along with her Real Estate Team, The Prestige Team, has been selling residential real estate in the South Bay, including Rancho Palos Verdes, San Pedro, and far beyond LA County for over 27 years and is ranked in the top 1% of realtors in Rancho Palos Verdes.  We specialize in transforming homes into impeccably presented real estate listings that command top dollar in the shortest amount of time!  

Learn more about us below!

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Team = Always Available

The added benefit of working with The Prestige Team is that one of our Real Estate Professionals is always available to help. No missed opportunities!

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