The Importance of an Estate Planning Lawyer

Many of us accumulate a huge estate during our lifetime. The disposing off or distributing this estate according to one’s goals is called estate planning. You can ensure that your estate passes to your intended beneficiaries with the least formalities and hassles by using proper estate planning strategies. Estate planning will ensure that your intended beneficiaries receive their share of your estate without having to move the probate court. Probate can be a costly and lengthy procedure. You can use estate planning strategies to lower estate taxes. Hire the services of an estate planning law firm if you need assistance with estate planning. A probate process can result in complicated situations like tax problems and disputes, ambiguities in the wording of the Will, appointment of guardian for minors, etc. An estate planning attorney can deal with such situations and advise clients on getting their affairs in order to prepare for the possibility of mental disability and eventual death.

A Will is a written document, generally prepared with the help of an attorney that provides instructions for the disposition of a decedent's (dead person's) property. Another term for a Will is "Last Will and Testament". It is the responsibility of the personal representative or executor of the will to execute the will and distribute the assets of the deceased according to the will. An estate planning lawyer can prepare the will and assist the personal representative or executor in the execution of the will including:

Locating and securing both probate and non probate assets
Obtaining date of death values and appraisals of all of the decedent's property
Collecting life insurance proceeds
Rolling over and making appropriate elections with regard to retirement plans, including IRAs and 401(k)s
Advising on the payment of the decedent's final bills and outstanding debts
Keeping track of the estate checking account
Determining if any estate and gift taxes will be due and, if so, then figuring out where the cash will come from to pay the taxes
Addressing income tax issues
Settling disputes among Personal
Representatives/Executors and beneficiaries
Assisting with the sale of estate property
Obtaining court permission for various actions as required by applicable state probate laws<
Retitling the decedent's assets into the names of the estate beneficiaries
Preparing and filing all documents required by the probate court in a timely manner

Generally speaking, there are basically two types of estate planning lawyers: ones dealing with the administrative side of probates and ones who represent clients in fights over who gets the estate. Some of them do both. However most of them tend to specialize in one area or the other. There are no specific educational qualifications for becoming an estate planning attorney. Like all lawyers, an estate planning lawyer must have a JD degree from an American Bar Association accredited law school. He or she must also clear the state bar exam. An estate planning lawyer should be well versed in the state laws that govern probate, Last Will and Testaments, and trusts.