Estate planning is something everyone should do, regardless of the size of your estate. This allows your wishes to be carried out. It can also save your family from disagreements and the stress of dividing up your assets after you pass.
As a founding partner of Marchese & Maynard LLP, I’m here to explain if and when you need an estate planning lawyer.
What Can an Estate Planning Lawyer Do?
An estate planning lawyer can help with several aspects of estate planning. These include creating trusts, wills, living wills, and designing a complete estate plan.
Creating Trusts
Trusts are often exempt from estate taxes. They typically avoid probate, which results in the assets being available faster and with fewer fees.
A trust can be revocable, which means you can change it or cancel it at any time until your death. An irrevocable trust is permanent. Once assets are placed into the trust, they are out of your ownership and control.
Wills
Wills are the cornerstone of estate planning. They allow you to designate what assets go to whom upon your death. If you choose, stipulations or requirements can also be added to the will.
Living Will
A living will is a type of advanced directive. It’s designed to ensure that your final medical wishes are carried out. A living will can stipulate which treatments you are willing to accept at the end of your life and under what conditions.
Overall Estate Planning
Estate planning attorneys often work with clients on every aspect of their estate plans. This allows you to create a comprehensive plan.
This is the best way to manage your assets after you pass. You can ensure that your loved ones are taken care of and reduce or eliminate any financial burdens they may face.
Why Hire an Estate Planning Lawyer?
You can do most aspects of estate planning yourself, but it’s helpful to have the expertise of an experienced estate attorney. The process is much smoother, and you’ll know things are done correctly.
You may need to become more familiar with many aspects of estate planning. An estate attorney can help you minimize your tax liability and make sure your wishes are clearly defined in your will.
Having your documents in order will make the probate process faster, which allows your loved ones to access the assets sooner.
Paul Marchese Marchese & Maynard LLP
I helped found Marchese & Maynard LLP in 2005. However, I have a total of 29 years of experience practicing law.
I began my career in criminal law. Eventually, I realized he could make a difference in the lives of everyday people through estate planning.
I discovered that most estate planning attorneys were very impersonal and sought to change that. I offer his clients the expertise needed to meet their goals and a personal touch. I take the time to understand the client’s needs and explain every step of the process to them in terms they can understand.
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