What Does an Estate Planning Attorney Do?What Does an Estate Planning Attorney Do?
Estate Planning Attorneys help clients establish wills, trusts, and other legal documents to protect their assets from unnecessary taxes or guard against incapacity. They also provide advice and guidance on transferring property and choosing an executor after death.
Whether you’re a business owner or a single parent, an experienced estate planning attorney can guide you through the entire process and make sure that your wishes are honored. They can help you create a plan that meets all your needs, including providing for your spouse or children, ensuring that your assets are passed on in accordance with your wishes, and avoiding probate.
A good Estate Planning Attorney in Chicago Illinois should have an established reputation as an effective estate planning lawyer. They’re likely to have years of experience and have an excellent track record of successfully delivering results for their clients. They should be well-known for their professionalism, integrity, and honesty.
They should have a strong understanding of the laws in their state and federal jurisdictions, as well as of the various tax issues that may be relevant to an individual’s estate plan. They should be able to answer your questions and give you clear and concise explanations of what’s involved in an estate plan.
It’s a good idea to find out if an estate planning attorney is a member of the National Academy of Elder Law Attorneys, which provides educational opportunities for its members and provides referrals from other attorneys. These members are selected through a patented peer selection process, which is based on research and professional achievement.
In addition to practicing in the area of estate law, these lawyers also specialize in probate and trust administration, estate taxes, and other related areas. They can provide comprehensive guidance and support for their clients throughout the process, helping them to achieve their goals with a minimum of stress.
Their responsibilities vary depending on the type of client they’re serving, and some focus more on estate planning than others. They may also have special certifications in the field of estate planning, which could indicate that they’re especially qualified for this kind of work.
An estate planning attorney in Chicago Illinois should have a thorough understanding of the laws and regulations that apply to an individual’s assets. They should be able to identify potential tax savings, as well as provide guidance on how to maximize the value of an estate without negatively impacting the beneficiaries’ eligibility for public benefits or social security.
They should be knowledgeable about the different kinds of assets an individual owns, such as stocks, real estate, and bank accounts. They should also know about the various types of insurance policies and retirement plans that are available, as well as their advantages and disadvantages.
If an individual has a number of different financial accounts in several places, it’s a good idea to transfer all of those accounts into one location and make sure that the proper designation is made for each account. This will ensure that if an individual dies, their heirs and beneficiaries will have easy access to all of the information they need for making decisions.
The probate attorney will help his or her client to draft a Will. This process is not too complicated, but there are a number of questions that must be answered. For example, the Will must specifically name the person (or persons) who will be allowed to make decisions on behalf of the decedent, while providing instructions for how those decisions should be made. Also, the Will must describe who should be considered as a beneficiary if the decedent has no children. If the Will does not specify how the probate attorney will handle the distribution of the assets, then the attorney may consider making arrangements with other family members or with any other third party.