You can use an estate planning attorney for a variety of things. An estate planning attorney is a legal professional who specializes in helping people plan for the distribution of their assets after their death and ensure that their wishes are carried out in the event of their incapacity. Some of the things that an estate planning attorney can help you with include creating a will, setting up a trust, designating power of attorney, protecting your assets from creditors, and avoiding probate. Here are some details about what each of these instruments entails:
Creating a Will
A will is a legal document that specifies how you want your assets to be distributed after your death. Several different types of wills are available, and an estate planning attorney can help you choose the type that is right for you. Some common types of wills include:
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A simple will: A simple will is a basic document that specifies how you want your assets to be distributed after your death. It can also include provisions for the care of your minor children and the appointment of an executor to manage your estate.
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A testamentary trust will: A testamentary trust will is a type of will that includes provisions for the creation of a trust after your death. This type of will allows you to specify how your assets will be managed and distributed and it can help to protect your assets from creditors and provide for the care of your minor children or other beneficiaries.
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A living will: A living will is a legal document that specifies your wishes for medical treatment in the event that you become incapacitated and unable to make decisions for yourself. This type of will allows you to specify what types of medical treatment you do or do not want to receive and it can help to ensure that your wishes are carried out if you are unable to communicate them.
An estate planning attorney can help you write any of these types of wills and can also help you to choose the type of will that is right for you based on your unique situation and needs.
Setting Up a Trust
A trust is a legal arrangement in which you transfer ownership of your assets to a trustee, who manages the assets on behalf of the beneficiaries you designate. An estate planning attorney can help you set up a trust that meets your needs and helps to protect your assets.
Designating Power of Attorney
Power of attorney is a legal document that allows you to appoint someone to make decisions on your behalf if you are unable to do so yourself. An estate planning attorney can help you designate power of attorney and ensure that your wishes are carried out if you become incapacitated.
Protecting Your Assets From Creditors
If you have significant assets, you may want to take steps to protect those assets from creditors in the event that you become unable to pay your debts. An estate planning attorney can help you structure your assets in a way that maximizes their protection from creditors.
Avoiding Probate
Probate is the legal process of administering a person’s estate after their death. The probate process can be time-consuming and expensive, and it can also make your assets and estate plans public. An estate planning attorney can help you avoid probate by creating a trust or using other legal tools.
In summary, an estate planning attorney can help you to create a plan for the distribution of your assets after your death, protect your assets from creditors, avoid probate and ensure that your wishes are carried out if you become incapacitated.