Lawyers have various specializations. Certain situations in life call for the services of an estate lawyer. First you have to know what an estate plan is. This is a plan that will enable you to prepare what could happen after you pass on or when you are not capable to take care of yourself or your estate. The estate planning attorney which is also known as estate attorney may help you come up with a sound plan to handle these situations. An estate planning attorney new jersey may offer legal advice on trusts, wills, and the local probate process while some estate lawyers may specialize in matters like planning business succession.
The Main Tasks
The following are some of the main tasks that an estate lawyer can assist you with:
- Prepare a difficult-to-contest last will and testament that will be followed after you die
- Assists you in setting up a living trust or testamentary trust
- Helps transfer assets into one’s trust and supervises trust administration
- Helps in appointing guardians for your children
- Helps in terms of tax planning and wealth transfers
- Comes up with a plan for charity giving
- Plans for any unexpected situation such as the death of a major beneficiary
- Write a living will which includes outlining some of your end-of-life decisions
- Grant a person a durable power of attorney to make financial and health care decisions
- Answers all the questions about local laws and estate planning
Situations That Call for the Services of an Estate Planning Lawyer
Some people benefit a lot from an estate planning attorney New Jersey service, but it may not ne necessary in all situations. The following are some situations when you are better off calling the services of an estate lawyer instead of doing things by yourself:
You own a small business and you and your business partner need help in planning for business succession.
You own out-of-state assets or properties. Passing on assets can get tricky when they cross state boundaries. Two states may have different tax codes or other legal requirements as regards transferring an asset.
You want to leave a legacy before you die. This means the estate planning attorney will help you set up a charitable trust fund for your donations, which may also provide you tax breaks.
You plan to bequeath your assets to someone who is not a citizen of your country. This could cause certain legal problems since certain tasks may not be possible for some people to do such as getting a tax ID for opening an estate account.
