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An Estate Planning Attorney is also called upon to assist anyone with absolute power of attorney over another person's estate during the course of probate proceedings. In reality, only a very experienced and dedicated estate planning attorney could possibly be able to prevent probate proceedings entirely, but in many cases, this may not be a possibility. This is why it is so important for anyone seeking to utilize the services of an estate planning attorney to thoroughly vet any professional they consider to be one of the best in their area. There are numerous things you could find out about an estate planning attorney that would give you great concern about the professionalism and integrity of the professional you are considering to handle your affairs.Probably the most important thing you can do to find out more about an estate planning attorney is to ask how many probated estates his/her practice is handling right now. If at all possible, you should ask to see a specific portfolio of the attorney's works, detailing the various properties and assets he/she is currently working on. You can generally learn which properties the attorney is currently working with by asking if they have a website or blog. Most reputable estate planning attorneys maintain a blog, and it would be wise to follow the practice's lead in this regard. While you may not be able to read through all of the blog's posts from the start, you will at least be able to skim through some to get a feel for how the professional is working.
A blog, coupled with the attorney's website, should provide you with plenty of information about their practice and what they have accomplished in terms of protecting the interests of their client(s) in recent years.Trust is another important area to investigate when it comes to finding an estate planning attorney. As with probated estates, it is always a good idea to determine how much of the estate is set aside for the trust before hiring an attorney. This is generally a joint venture between the trust itself and the attorney's practice, with the trust making money off the services provided by the attorney in exchange for the attorney's fees. You may also want to inquire about any other professionals the attorney works with, such as banks, insurance companies, or even real estate firms. While each case will vary slightly, you should be able to narrow down your search based on whether any of these professionals are working with you and your family.
If you're planning on utilizing a living trust as part of your estate plan, it'll be helpful to consult an experienced Living Trusts Attorney to assess your needs and desires and determine whether a living trust is really the way to go. While not a legal requirement, living trusts can be an excellent way to safeguard your assets in the event of your disability or death. While commonly employed by spouses, there are other reasons for using a trust besides protecting your assets. They also make tax-planning easier by providing for much greater tax deferral than doing one single asset. There are several types of these trusts, each with its own advantages and disadvantages.One type of this type of trust is called a revocable living trust. This is where the person who is leaving the estate has the option to change some aspects of the agreement, such as beneficiaries and how the property is to be distributed. The use of this type of trust typically creates much less formal proceedings than a will, but that can depend upon the state you live in. Because revocable living trusts are much less commonly used in estate planning, your living trusts attorney may suggest other approaches that you might want to explore.Another type of trust is referred to as a living trust. This differs from a revocable living trust in that the person who is leaving the estate actually has a choice about how the property is to be dispersed. Unlike a revocable trust, living trusts allow for more flexibility, and most use one major asset as the foundation for the creation of the trust. This major asset could be any property you choose, which will then be divided up amongst the beneficiaries according to instructions agreed upon by all. Because of this factor, living trusts are not as common, but they can be extremely valuable depending on your particular situation.
What do a Wills and Trusts Attorney do? This may seem elementary, but it's actually not as simple as it sounds. For starters, a will is simply a legal document stating who owns assets, what they have transferred, when, and the name of their guardian. While this makes sense in and of itself, there are a number of details that a will needs to cover. An experienced attorney can fill you in here.Consider: A will only keep your assets away from the clutches of the probate court, at least at present. However, that may not be the case tomorrow, or in the years to come. As a matter of fact, even though probate is eventually eliminated, people will continue to struggle over inheritance taxes, property taxes, and other property-related issues. For that reason, your estate has become more than just a will or trust; it has become a living trust. For that reason, you will need a wills and trust professional.If you are considering getting a will or trust set up, it is never too early to start. If you are already deceased, there may still be some probative issues to address in the future, and a lawyer can make all of those probative issues go away. In the end, your family and loved ones will have their inheritance, and your trust plan will ensure that.
If you're alive and well, make sure to get the help of an attorney lawyer today about setting up your estate plan, so that your final wishes are protected for years to come.Wills and trusts are very common today. People in all walks of life designate someone as their representative and this representative holds all their assets until they die. Wills and trusts are generally used when one party is no longer able to care for themselves, and when they would otherwise be left with no-one to answer to if they died. Many times, one spouse creates a will or a revocable living trust to designate who they want to take care of their assets in the event of their disability or if they die. In many cases, the surviving spouse will select a financial planner who will help them develop a will or trust document and sign it on their behalf, while the other spouse simply executes the document and adds their own personal details into it.
Oren Ross & Associates
200 Galleria Pkwy #1880, Atlanta, Georgia 30339