You can trust an estate planning attorney in San Fernando Valley to help protect your long-term financial situation. The attorney has a thorough grasp of the state and federal laws that impact how your estate may be inventoried, distributed, valued, and taxed in the event of your death or incapacitation due to severe illness. 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. As part of your estate plan, the lawyer will also come up with tax-efficiency measures meant to limit taxation to all your earnings and financial investments.
A thorough estate plan also includes techniques to legally circumvent probate litigation because the process takes time and is costly. That’s why you may hear an estate planning attorney being referred to as a probate lawyer. 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. The lawyer may be asked to temporarily help someone assigned a power of attorney over the estate of a recently deceased person manage a probate process in court. 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.
In case you’re a beneficiary, and another beneficiary (or even someone not named as a beneficiary) declares that they plan to challenge in court the will left by a recently deceased family member or a dear one from whom you stand to benefit, you’re better off protecting your interests by engaging an estate planning lawyer. It’s possible for such lawsuits to eat into the estate’s funds pretty quickly, leaving beneficiaries with little or nothing to guarantee their welfare going forward.
It’s advisable that you create an appropriate plan to manage your assets as long as you’re living. 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.