How We Can Help
Estate planning attorneys, also known as estate law or probate attorneys, are licensed legal professionals proficient in state and federal laws governing estate inventory, valuation, distribution, and taxation. Beyond probate process education, they facilitate:
Services
- Beneficiary designation
- Durable power of attorney and medical durable power of attorney establishment
- Collaboration with financial professionals for estate tax minimization/avoidance strategies
- Probate avoidance strategies
- Trust establishment for asset protection, both during incapacity and postmortem for beneficiaries.
The Necessity of a Estate Planning Attorney.
- Personalized planning tailored to individual needs and optimal legal counsel.
- Expertise in current state estate planning laws, ensuring legal compliance and enforceability.
- Access to specialized resources for questions, concerns, modifications, and will/trust updates.
Estate planning attorneys also guide those with power of attorney through probate for a deceased individual's estate, potentially facilitating probate avoidance depending on asset types and legal transfer mechanisms.
Should a beneficiary (or non-beneficiary) contest a will and sue the estate, immediate consultation with an estate planning attorney is advisable.
Litigation can rapidly deplete estate assets, potentially hindering all beneficiaries.
What are the typical fees for estate planning legal counsel? Estate planning attorneys frequently utilize flat fees for preparing essential legal documents like wills and durable powers of attorney. However, hourly billing is also common for ongoing estate management, dispute resolution, and execution oversight.
Understanding Guardianship
A guardian assumes the care of minor children when parents are unable. This responsibility encompasses personal care and financial management, entrusting the individual with child-rearing and inheritance management.
Types of Guardianship
A Guardian of the Person is responsible for the children's daily care, including housing, education, and well-being. A Guardian of the Estate manages the children's financial assets and inheritance until adulthood.
Legal Considerations in Guardianship
Without a designated guardian, the court decides, potentially conflicting with personal preferences. Estate planning ensures your wishes are honored.
Factors to Consider When Choosing a Guardian
Consider the potential guardian's location, ensuring a safe and suitable environment. Assess shared values and lifestyle compatibility and confirm their willingness and capacity to assume this responsibility.
Assessing Potential Guardians
Evaluate the relationship with your children and their financial acumen, ensuring they can manage financial responsibilities effectively.
Discussing Guardianship with Candidates
Open communication with potential guardians clarifies expectations and avoids future surprises.
Documenting Your Guardian Selection
Legally document your selection within estate planning documents, such as a will or trust. A letter of intent further clarifies wishes and expectations.
Revising Your Guardian Choice
Periodic reviews and updates to your estate plan reflect changing circumstances and preferences.
Common Mistakes to Avoid
Procrastination leads to court-appointed guardians. Ensure clear documentation of your choice and specific wishes.
How to Communicate Your Decision to Family
Transparent communication prevents misunderstandings and conflicts. Address concerns and explain your rationale.
Impact of Guardianship on Children
Guardian selection significantly impacts children's emotional and psychological well-being. Choose someone providing stability and support.
Guardian of the Person
This role demands a loving home, quality education, and meeting daily needs. Seek a nurturing, responsible individual who shares your parenting philosophy.
Estate Guardian Responsibilities
The estate guardian manages financial assets, ensuring the prudent stewardship of your children's inheritance. Select a candidate demonstrating trustworthiness, organizational skills, and financial acumen.
Consolidated or Separate Guardianship
Appointing a single individual to serve as both guardians of the person and the estate may be advantageous in certain circumstances. Alternatively, dividing these responsibilities can prove beneficial, contingent upon the respective strengths of the chosen individuals.
Contingency Planning for Guardianship
Establish backup guardians to ensure continuity of care should your primary choice become unavailable. Develop a comprehensive plan addressing potential contingencies and various scenarios.
Legal Procedures for Guardian Appointment
Formally appointing a guardian necessitates adherence to established legal protocols, including the preparation and execution of the requisite documentation. Consult with an estate planning attorney for guidance throughout this process.
Estate Planning Attorney's Role
An experienced estate planning attorney provides indispensable support in the selection and legal appointment of a guardian. Their expertise encompasses advice provision, document preparation, and the validation of the legal soundness of your estate plan.