What is Estate Planning and how can an Estate Planning attorney assist me?

Estate planning is the process by which a person plans for the distribution of their assets and the management of their affairs in the event of their death or incapacity. An estate planning attorney can assist with this process by providing legal advice and offering a variety of legal tools designed to meet the individual needs and goals of each client.

Some of the most common tools used in estate planning include wills, trusts, powers of attorney, and advance directives. With a will, a person can designate who will receive their assets, name an executor to manage their affairs, and name a guardian for any minor children. Trusts can be used to minimize taxes, protect assets from creditors, and provide for future generations. Powers of attorney allow a person to appoint someone to make financial or healthcare decisions on their behalf in the event of incapacity. An advance directive sets forth a person's wishes in the event they become incapacitated and are unable to make healthcare decisions.

An estate planning attorney can also assist with the complex issues that arise when planning for long-term care or addressing issues relating to business succession planning. In addition, an estate planning attorney can help with the transfer of assets outside of probate, which can help clients avoid legal disputes, unnecessary delays, and costly litigation.

It is important to note that estate planning can be a complex and ever-changing area of law, and the legal tools used in estate planning can carry certain limitations and exceptions. For example, wills and trusts may not protect assets from all creditors or may be invalidated if certain legal formalities are not followed. In order to ensure that an estate plan meets a client's individual needs and goals, it is important to consult with an experienced estate planning attorney.

In order to secure the assistance of an estate planning attorney or begin the estate planning process, clients should first gather information about their assets, liabilities, and family circumstances. This information will assist the estate planning attorney in creating an individualized estate plan that is tailored to each client's unique circumstances. Clients should also be prepared to discuss their goals, concerns, and any potential legal issues that may need to be addressed.

In conclusion, estate planning is an important process that can help individuals protect their assets, ensure the financial security of loved ones, and ensure that their wishes are followed in the event of incapacity or death. An experienced estate planning attorney can provide valuable legal advice, assist with the creation of legal tools, and ensure that a client's estate plan meets their individual needs and goals.