What Does An Estate Planning Attorney Do?
When people think about estate planning, they often picture complex legal documents filled with words like “bequeath” “proxy” and “codicil.” But when done properly, estate planning starts with people rather than documents. A dedicated estate planning attorney takes a look at your situation and goals and then explains your options for preparing for the future and fulfilling your wishes.
At Inhulsen Law, we offer straightforward, practical estate planning services to help you secure your family’s future, protect your rights and your legacy, and offer you peace of mind. Although the assistance we provide will be customized to meet your needs and a little different in each case, here’s a general overview of the role of an estate planning attorney.
Understanding Estate Planning Basics
The majority of estate planning centers on creating a plan to ensure your assets are handled according to your wishes when you’re no longer around or unable to manage your own financial affairs. But a comprehensive estate plan also involves preparations to ensure your preferences for health care are followed as well.
We work to create a clear roadmap to specify what should happen to your belongings and who will handle responsibilities. To create this roadmap, you will need to make critical decisions about who will inherit your assets, who you want to manage your affairs if you cannot, and how to minimize potential disputes among family members.
The Role of a Will in Estate Planning
One of the most common estate planning tools is a will. A will is a legal document that outlines how you want your assets to be distributed after you pass away. It can also appoint guardians for minor children and specify any last wishes you might have. At Inhulsen Law, we work with you to draft a will that accurately reflects your wishes and ensures your estate is managed smoothly.
Why Consider a Trust?
A trust is another popular estate planning tool that can be customized to offer many benefits. Unlike a will, a trust can be used to help you manage and protect assets during your lifetime and ensure they’re distributed according to your wishes after your death. Trusts can also help your loved ones avoid the lengthy and costly probate process, which can be a significant advantage.
There are different types of trusts that are set up to achieve particular goals. A revocable living trust allows you to maintain control over your assets while you’re alive, and it can be changed if your circumstances or wishes change. You can use this type of trust to pass assets to loved ones without the need for probate after you pass away. Irrevocable trusts, on the other hand, generally cannot be altered but they can protect assets from creditors, potential estate taxes, and other losses.
Who Manages Your Estate?
In addition to drafting a will or setting up a trust, estate planning also involves choosing the right people to manage your affairs. This includes appointing a personal representative for your will or a trustee for your trust. These individuals will ensure that your instructions are followed and your assets are appropriately distributed.
Choosing the right person for these roles is crucial. You want someone trustworthy, organized, and capable of handling potentially complex financial and legal matters. At Inhulsen Law, we help you understand the responsibilities and select the best individuals for these critical roles.
How Estate Planning Protects Your Family
One of the primary goals of estate planning is to protect your loved ones. Your family can avoid unnecessary stress, legal battles, and financial difficulties with a clear estate plan. By planning, you can ensure that your assets are distributed according to your wishes and that your family is cared for.
Estate planning also allows you to set up provisions for dependents with special needs, arrange for the care of minor children, and address any other unique family situations. We’ll work with you to address these concerns and create a plan for your family’s future.
Minimizing Taxes and Legal Fees
Another benefit of effective estate planning is the potential to minimize taxes and legal fees. By carefully structuring your estate plan, you can reduce the amount your estate owes in taxes and avoid costly legal disputes. This means more of your assets can go to your loved ones rather than being consumed by taxes and fees.
At Inhulsen Law, we offer guidance on strategies to minimize estate taxes and ensure that your estate plan is as efficient and cost-effective as possible. We aim to help you preserve your wealth and ensure it benefits your family as intended.
The Ongoing Process
Estate planning isn’t a one-time event but an ongoing process. As your life changes, so too should your estate plan. Major life events such as marriage, divorce, the birth of a child, or the acquisition of significant assets can all impact your estate plan.
Regular reviews and updates ensure that your plan remains relevant and practical. At Inhulsen Law, we’re here to assist you with ongoing estate planning needs, helping you make necessary adjustments to keep your plan up-to-date.
Get Started with Estate Planning Today
At Inhulsen Law, we’re committed to helping you create a comprehensive estate plan that protects you and your loved ones. Whether your needs are simple or complex, we’re here to assist you every step of the way.
Please contact us if you have questions or need help with estate planning. You can fill out our online form or call us at (616) 747-0000. We look forward to helping you secure your family’s future and fulfill your wishes.
