Estate Planning Lawyer – Protect Your Family Now

Creating a solid estate plan will be challenging if you don’t have a good estate planning lawyer by your side. In this article, we would like to explain why this is the case and how beneficial the services of a lawyer can be to creating a legitimate and comprehensive estate plan.

If you have an estate, it is likely that you would want it to be passed down to the people or organizations you care about. An estate plan is a legal document that makes this possible. The document dictates your wishes, which could entail who would inherit your wealth, who’d be assigned the guardianship of your minor children, etc. upon your incapacitation or death.

An estate plan is fundamental as without it, a court will be in charge of taking important decisions like the ones above. This could put the welfare of your heirs in great jeopardy. Needless to say, an estate plan could help you protect the value of your assets and the future of your loved ones long after you’ve bid goodbye to this world.

That being said, creating an estate plan is no child’s play. It entails an overwhelming amount of paperwork and demands deep insight into federal and state laws pertaining to an estate. This is where the services of an estate planning attorney become so imperative.

What is an Estate Planning Attorney and what is their Role?

Attorneys specializing in estate planning can be defined as lawyers that possess profound insight and experience in dealing with federal and state laws that apply to estate and other crucial elements associated with it. A good lawyer reviews the specific demand of their clients and creates a customized estate plan that is best suited to meeting their requirements.
Below are just some of the duties such lawyers can perform at your behest

1. Will and Testament

A last will and testament basically contain wishes that you would like fulfilled upon your death. A good lawyer will take the laws and regulations of the state into consideration and employ comprehensive language to draw a will that dictates how your affairs are to be handled after your death. You can use the will to determine a guardian for your child or name charities and individuals as beneficiaries of your estate.

2. Establishing a Trust

An attorney can help you establish a trust and transfer your assets to them. The attorney can serve as a trustee that manages the trust fund on behalf of its beneficiaries. There are different types of trusts – irrevocable and revocable trust. Your lawyer could advise on the type of trust to choose to minimize the impact of taxes on your assets.

3. Designate Beneficiaries

An attorney can help you choose and name beneficiaries. They’ll carefully craft a document that clearly mentions who the beneficiary is and what they are entitled to inherit upon your death. They could curb any confusion that may stem from an incompetently conceived estate plan and prevent ugly family disputes.

4. Creating a Medical and Financial Power of Attorney

Power of attorney is a legal document that allows you to name people who you’d like to make important medical and financial decisions on your behalf. With this document, you can rest easy knowing the person you trust is in charge of making important decisions regarding your finances and healthcare.

Benefits of Hiring an Estate Planning Lawyer

1. Protect the future of your family

An estate planning lawyer can help you craft legal documents with the help of which you can basically secure the future of your family for years to come. They will assist you in creating the following crucial documents

• Living Will
• Power of Attorney
• Medical Directive
• Nominating Guardian
• Family Trust

With the help of these documents, you could ensure that your assets are transferred to the people you care about the most. You could also set rules to facilitate the fair and equitable distribution of your estate among your beneficiaries.

2. Avoid Common Mistakes

As we mentioned before, lawyers specializing in estate planning are privy to state and federal laws that dictate them. Not taking these laws into consideration could affect your asset protection strategy or put your loved ones in a hassle after your death.

As such, they’ll help you avoid common mistakes that could render your estate plan void in court. They’ll make sure there are no compliance violations and that all of your wishes are clearly mentioned in the estate plan. They’ll also help you update the estate plan occasionally based on changing circumstances.

3. Avoid the Complex Probate Process

Probate is a process that comes into play when transferring the assets of a deceased person to their rightful heirs. This is a lengthy and expensive process that most folks would like to avoid. By designating all your assets to the rightful beneficiaries proactively, a lawyer can help you avoid this process altogether, thus saving you a lot of time and money. Even if the situation calls for the process, you can count on a lawyer to help you navigate it without a hassle.

4. Help Reduce Tax Liabilities

Depending on what state you live in, your state can be subject to estate and inheritance tax. The tax can be determined on the basis of the following factors

• Debt owed at the time of death
• Total expenses incurred while establishing the estate
• Gross value of the estate
• Eligible deductions

An estate planning attorney will be privy to the region-specific taxation laws that will applicable to your estate. They’ll implement strategies that can reduce the tax impact on your estate and prevent the minimization of its value.

Who Needs an Estate Planning Lawyer?

You’ll need the assistance of a seasoned lawyer if you

• Have minor children or family members with special needs
• Have assets you’d like to transfer to your heirs or charities.
• Have a large family to take care of
• Own a family business
• Wish to establish a trust
• Wish to protect your assets from inheritance and estate taxes

Hiring the Best Lawyers in Michigan for Estate Planning

If you wish to create a sound estate plan, then nothing short of a good estate planning lawyer will suffice. When it comes to lawyers, you have a plethora of options at your disposal in Michigan. However, only a few of these individuals actually deliver on the promises they make.

You need a lawyer that possesses profound insight into the various aspects associated with estate planning. They should be privy to state and federal laws pertaining to estates, wills, and trusts. You need a lawyer that holds a strong track record in the field and enjoys a celebrated reputation in the industry.

These are qualities you’ll find in the law firm of Sean Patrick Cox. For decades, we at the trusted offices of Sean Patrick Cox have helped many navigate the complicated terrain of estate planning. We know what it takes to craft an estate plan that can protect your assets and secure the future of your loved ones after your death.

Call us now to book a free consultation with our reputed lawyers.