McKenzie Legal & Financial

Understanding The Role of an Estate Planning Attorney

Estate planning is a crucial aspect of managing your assets and ensuring that your wishes are honored after your passing. One of the key professionals involved in this process is an estate planning attorney. In this article, we’ll delve into what estate planning attorney do, why their role is essential, and how you can choose the right one for your needs.

What Is An Estate Planning Attorney?

An estate planning attorney is a legal professional who specializes in helping individuals and families plan for the distribution of their assets upon death or incapacitation. Their role involves creating legal documents and strategies to ensure that a person's estate is managed according to their wishes. This can include drafting wills, establishing trusts, and advising on tax implications.

Key Responsibilities

Drafting Wills and Trusts: One of the primary functions of an estate planning attorney is to draft and revise wills and trusts. A will outlines how a person’s assets should be distributed after death, while a trust can help manage assets during a person’s lifetime and distribute them upon their death.

Tax Planning: Estate planning attorneys help minimize the estate tax burden. They can advise on strategies to reduce estate taxes, such as setting up charitable trusts or making use of lifetime gift exemptions.

Asset Protection: They work to protect a client’s assets from potential creditors or legal claims. This might involve setting up certain types of trusts that shield assets from lawsuits or bankruptcy.

Healthcare Directives: Estate planning attorneys draft healthcare directives, which outline a person’s preferences for medical treatment if they become incapacitated and unable to communicate their wishes.

Durable Powers of Attorney: They help set up durable powers of attorney, which designate someone to manage financial affairs if the individual becomes incapacitated.

Probate Guidance: If a person dies without a will, their estate must go through probate—a court process to distribute the assets. Estate planning attorneys guide executors through this process, helping to resolve any disputes and ensure the estate is settled according to the law.

McKenzie Legal And Financial

McKenzie Legal And Financial

2631 Copa De Oro Drive, Los Alamitos, CA 90720

(562) 594-4200