An estate planning attorney in San Fernando Valley can devise strategies that can guarantee your financial future. 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.
An estate planning attorney will help you create a will and designate your beneficiaries. You’ll need them to prepare a durable power of attorney, including medical power of attorney. You need to be tax efficient, which is also achieved via estate planning, through techniques that reduce the amount of your income and financial assets that are subject to tax.
A thorough estate plan also includes techniques to legally circumvent probate litigation because the process takes time and is costly. That’s the duty of your probate lawyer, who’s generally also known as estate planning attorney. Don’t forget to ask the attorney to establish a trust that you may need to secure your assets should you suffer severe mental/physical disability and also to guarantee your beneficiaries’ welfare after you die.
Estate planning lawyers may be enlisted for a long-term project or short-term service. Such an attorney may briefly liaise with a person possessing a power of attorney regarding the estate of a lately bereaved client toward managing a court probate case. It is still possible to have an estate planning attorney look at the specific types of assets in the estate of the deceased as well as the provisions for how these assets are to be legally transferred, with a view to helping someone with the power of attorney avoid probate proceedings all together.
When you stand to benefit from a will, such as after the death of a family member or someone close you dependent on, but a beneficiary or a party that’s not designated as such proclaims that they’ll challenge the estate of the deceased in court, move quickly and enlist an estate planning lawyer to safeguard your best interests. 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. With the help of an estate planning attorney, you can have this plan that guarantees your own welfare today and the welfare of your beneficiaries after you’re gone.