Role of an estate law attorney in your real estate
A person’s estate consists of all his assets and holdings, including debts and other liabilities. A person’s net worth is determined by deducting the amount of liabilities owed from the value of all of his assets. An estate planning attorney provides services aimed at increasing the value of your estate by helping you make effective use of your assets, reduce your tax liabilities, and finding ways to efficiently manage your expenses. Your estate planning attorney will give you advice and help you to create a plan for how your estate and taxes will be managed in the event of your incapacity. In the event of your death, your estate planning attorney will guide your estate through necessary procedures and ensure your assets are distributed to their rightful heirs. Your attorney will also facilitate settling the remaining taxes you owe.
An attorney that specializes in estate planning is equipped with knowledge that can be utilized to save, reuse and reserve your assets for a special beneficiary and this is why clients seek one. An estate planning attorney, or one that specializes in wills or probate, is also needed in the event that the owner dies and does not provide for his property or other assets to be given to a particular beneficiary. In that event, the assets are divided pursuant to the state’s probate code to the rightful heirs at law. Apart from providing you with legal advice, your attorney can also help you make plans for your trusts or estate and in addition, can provide you with insight regarding your insurance policies and managing your retirement plan. There are basically two types of estate law attorneys: litigation attorneys that handle all the work related to probate court proceedings, and transactional attorneys, that negotiate terms, draft agreements and prepare other types of non-litigation documents, securing legal rights on behalf of their clients.