Estate Planning

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How can an attorney help me with my will?

Talking with an attorney about creating your will is a great way to make sure you consider all important aspects of the transfer of your assets. An attorney will consider your personal priorities, your family relationships, your charitable affiliations and the relationship of current tax laws to these objectives. In addition to creating a will, an attorney can help you with the preparation of trust agreements, powers of attorney, and medical directives.

 

How can an attorney help me with planning my estate or setting up a trust?

An attorney will work with you to design the appropriate plan to meet your goals and objectives, prepare the necessary documents to carry out the desired plan and assist with the implementation of your plan. Trust and estate attorneys also handle the administration of estates. Attorneys confer with members of a decedent’s family on the various issues, including:

  • Assistance to the executor with the preparation of the required probate documents and assist in valuation of estate assets
  • Making insurance claims
  • Preparation of final income tax returns and the estate’s income and federal and state estate tax returns
  • Monitoring of the investment of the estate’s assets
  • Arranging for the distribution of the estate’s net assets
  • Throughout the administration of an estate, consideration is given to income tax savings through the timing of distributions and the timing and claiming of appropriate deductions.

 

In the trust administration area, attorneys advise and consult trustees concerning the discharge of the trust’s terms and consult with beneficiaries concerning trust administration matters including the preparation of trust accounts.

 

Text adapted from:

U.S. News and World Report. Best Law Firms. https://bestlawfirms.usnews.com/