You can trust an estate planning attorney in San Fernando Valley to help protect your long-term financial situation. This lawyer has a comprehensive understanding of how different state and federal laws will influence the inventory, dispersion, valuation, and taxation of your estate upon your death or due to an incapacitating, severe disease. Owners of any assets and properties are strongly encouraged to involve estate planning attorneys in the development of a plan for the control and dispersion of their assets for that time when they won’t be able to do that themselves.
Your estate planning lawyer can help write your will and name specific beneficiaries. You’ll need them to prepare a durable power of attorney, including 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. 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.
An estate planning attorney may be engaged for a lifetime commitment or just a short 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. An estate planning lawyer may also devise a legal strategy for the individual with the power of attorney to side-step probate litigation in court after scrutinizing the nature of assets covered under the estate of the bereaved and how the named assets may be reallocated within 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. In some instances, these court cases can quickly drain the estate’s finances and leave dependents with meager funds or nothing at all to survive on for the rest of their life.
It’s always great to have a proper plan for the management of your assets while you’re still alive. Hopefully, you’ll have an estate planning lawyer create this program so you can enjoy your life while it lasts and protect the future of your family after you’re gone.