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 highly recommended that, if you own any assets, including a home, you ask an estate planning lawyer to help create a plan for the management and distribution of your properties when you won’t be available to make those critical calls.
With the aid of an estate attorney, you prepare a will and specify who inherits your assets. Similarly, the expert helps create a durable power of attorney and medical power of attorney. As part of your estate plan, the lawyer will also come up with tax-efficiency measures meant to limit taxation to all your earnings and financial investments.
In a comprehensive plan, your attorney also takes care of lawful ways to avoid probate proceedings in court, which may be expensive and protracted. That’s why you may hear an estate planning attorney being referred to as a probate lawyer. Equally important, the lawyer will set up a trust to shelter your assets for your own benefit while still you’re alive in case of incapacity, and to benefit your dependents after you’re gone.
You may hire an estate law lawyer for lifelong planning or only for a limited time. The lawyer may be asked to temporarily help someone assigned a power of attorney over the estate of a recently deceased person manage a probate process in court. It is still possible to have an estate planning attorney look at the specific types of assets in the estate of the deceased as well as the provisions for how these assets are to be legally transferred, with a view to helping someone with the power of attorney avoid probate proceedings all together.
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.