What is an estate planning attorney?
Estate planning attorneys are those attorneys who have expertise in estate planning and have a brief understanding of both local and federal laws. This might impact how your estate is accounted for, valued, distributed, and taxed following your passing. An estate planning attorney’s main objective is to keep your assets safe from probate and taxes. This ensures all your kin get their fair share of all that you have left behind for them at your choice’s specific time and proportions in your absence. An estate planning attorney can help you with the following responsibilities in addition to instructing you on the probate procedure:-
- Developing a will
- Choosing your beneficiaries
- Making a durable medical power of attorney and durable power of attorney
- Whenever possible, reduce and avoid estate tax
- Figuring up ways to get around the probate court procedure
- Establishing any trusts, you might want to safeguard your assets. Both for your advantage in the case of your incapacity while you are alive and for the benefit of your successors after your passing.
What is a probate attorney?
Probate attorneys assist non-lawyer clients in fulfilling their responsibilities as estate administrators, personal representatives, or executors. As they navigate the probate procedure, they offer them as much or as little assistance as they require. The probate procedure includes paying off the decedent’s obligations and allocating the estate’s assets under the will or federal law.
The probate attorney’s main objectives are to ensure the probate is finished as soon as possible without bothering the executors. These attorneys can be hired by the owner during estate planning or later by their executors during the probate to aid them. Here are some typical things an executor and beneficiaries may need help with during the probate process:
- Obtaining life insurance policy funds
- Choosing and protecting estate assets
- Getting valuations for the deceased’s real estate
- Helping with the payment of debts and bills
- Transferring property or any asset owned by the deceased to the designated recipients
- We are preparing and submitting all paperwork necessary for a probate court to determine whether any estate or inheritance taxes are owed, then seeing to ensure that such bills are paid.
Difference between an estate planning attorney and a probate attorney
The very first attorneys to help estate clients are estate planning attorneys. The financial value of a client’s assets with their estate planning objectives. It will take into account by an estate planning attorney. The lawyer will next create an estate plan with those objectives in mind. Lawyers who specialize in estate planning will likely make a will for you. A client may create a basic or complex choice, depending on their objectives and the size of their estate; a complex will could build trust for the client’s children or other people when the client passes away.
Estate Planning Attorney
These trusts could take numerous forms that are outside the purview of the question if the client’s children are minors, teenagers, or disabled, making them eligible for programs like Medicaid. If the attorney thinks creating a trust is best for the client, they will prepare the trust. The trust will most likely be a revocable or “living” trust, meaning the client can change the terms or even revoke it before passing away.
To possess a life insurance policy or for tax reasons, an attorney may create an irrevocable trust for the client. Lastly, an estate planning lawyer will advise clients to amend their forms to minimize the amount of their estate that must go through the probate procedure. To best serve their clients, estate planning attorneys must thoroughly understand federal and state laws and estate tax regulations.
Probate attorneys assist clients who need assistance with the probate process, like the representatives (executors).
In initiating estates with the probate court, ranging but not limited to petitioning the probate court to appoint nominees as personal representatives and admitting testators’ wills to probate. Probate attorneys will assist the people testators to nominate in their wills to be personal representatives. Opening estates and submitting wills for probate usually go down without a hitch, but occasionally there are issues.
Probate attorneys are responsible for helping personal representatives resolve any issues with opening estates, including handling will challenges. For example, they may help newly appointed personal representatives clients close the deceased’s bank accounts. In addition, it will help personal representatives with asset marshaling, which can be a labor-intensive process that takes years for certain estates.
They will help personal representatives-clients with the creation of estate inventories, which might be an uphill task once more. Private representative customers will receive assistance from probate attorneys with publishing notices to creditors that estates have open in newspapers. Probate lawyers will advise their representative clients on how to proceed and whether they should fulfill the claim using estate funds that any previously unidentified creditor brings a lawsuit against the estate.
Probate and estate planning attorneys will try their best to aid you and your family. Before hiring an attorney, identify your needs and avoid probate in advance with an estate plan. If it’s inevitable, have a probate attorney for backup.