An estate lawyer is qualified in issues relating to your properties’ disposition after you die and the planning of cases in which you can no longer take care of yourself.
They are specialists in wills, trusts, and in the application of your local probate. Many estate lawyers may have areas of expertise as well, such as managing a company’s succession.
You can also see an estate lawyer called a lawyer for estate planning, an estate attorney, or an attorney for estate planning.
Many individuals could profit from consulting with an estate planning lawyer, but it may not be appropriate (and you may not want to pay for it).
On the other hand, individuals will need the support of a specialist in some cases to ensure that their estate plans are detailed and correctly reflect their objectives.
Instead of attempting to write your asset protection papers, this guideline will clarify some circumstances where you might want to look for a property lawyer.
When To Employ a Property Lawyer
The financial circumstance of everybody is different, and it’s impossible to conclude why you should or should not employ a lawyer, but here are some common circumstances where you might want to consider hiring an estate lawyer rather than doing this on your own:
You are a business person or a business associate who wants business succession planning.
- You have land or properties out-of-state If they cross state lines, passing on assets can get confusing, as two states may have conflicting tax legislation or other legal criteria for how to move a property.
- You have estate or properties that are foreign.
- You are arranging for someone who is not a citizen to inherit money. If you intend to appoint an executor who isn’t a legal U.S. citizen, you might also run into problems. For non-residents, such activities, such as obtaining a tax ID to create an estate account, may well not be feasible.
- You want a close family member to be disinherited. In certain areas, as in collective property states, in which you and your spouse have control of your properties, this could be more complicated.
- You have a mixed family and want a stepchild, stepparent, or half-sibling to bequeath properties. If you take deliberate measures to ensure they do, these people will most likely receive some of your assets.
- You have direct members of your family with disabilities or who may need a guardian. If you have a care in the estate planning documents for someone who has special needs or is disabled, then you probably need to name a guardian for them.
Conservatorship is a significant concern because, on behalf of the parent, the guardian would have to make decisions, likely involving how their money is treated, what sort of treatment they get, and end-of-life actions.
These are only a handful of the myriads of things that estate lawyers can help you resolve. An estate lawyer will assist you in developing a robust strategy customized to your unique needs and desires.