An estate planning attorney in San Fernando Valley can devise strategies that can guarantee your financial future. The attorney has a thorough grasp of the state and federal laws that impact how your estate may be inventoried, distributed, valued, and taxed in the event of your death or incapacitation due to severe illness. It’s very important for anyone with assets, including a family home, to consult an estate planning attorney about how their assets will be managed or shared when the owner is no longer there to make important decision.
With the aid of an estate attorney, you prepare a will and specify who inherits your assets. Likewise, the lawyer is involved in the establishment of durable power of attorney as well as 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.
Your plan is not complete if the lawyer has not yet considered ways to legally side-step the probate court process, which may be costly and prolonged. That’s why you may hear an estate planning attorney being referred to as a probate lawyer. It’s also vital for the lawyer to create a trust that protects your estate for your own good during your lifetime, like when you’re incapacitated, and to take care of your beneficiaries upon your death.
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.
In case you’re a beneficiary, and another beneficiary (or even someone not named as a beneficiary) declares that they plan to challenge in court the will left by a recently deceased family member or a dear one from whom you stand to benefit, you’re better off protecting your interests by engaging an estate planning lawyer. It’s possible for such lawsuits to eat into the estate’s funds pretty quickly, leaving beneficiaries with little or nothing to guarantee their welfare going forward.
It’s best for people to establish practical programs to manage their assets before they’re gone forever. With the help of an estate planning attorney, you can have this plan that guarantees your own welfare today and the welfare of your beneficiaries after you’re gone.