Planning the estate is an essential part of managing your private affairs. Senior people who want to maintain their financial legacy and want to make sure their wishes are given respect and honored. To do that, a person can hire an estate lawyer to fulfill the deceased’s wishes after their demise. They will provide legal assistance to the senior person and help them with the complex legal process of estate planning.
Creation and Updating of Wills:
The first and foremost job of an estate lawyer is creating and updating a will. A senior must have a well-drafted will in order to have a problem-free distribution after they are gone. Having a well-documented will by an estate lawyer will ensure the property is distributed as the deceased person wanted. The distribution of assets, investments, and personal property is outlined with the assistance of an estate lawyer. Estate lawyers like Aminov Law can also help revise the will to consider modifications to one’s circumstances, like getting married, divorced, or having grandchildren.
Establishing of Trust:
Trusts are the best way to manage a property during a person’s lifetime and beyond it. An estate Lawyer Queens will assist the senior property owner to build a trust. It could be a revocable living trust or an irrevocable trust. Creating a revocable living trust means the senior can maintain ownership of their property during their lifetime, and it helps make the transfer of these properties on their death less complex. This helps avoid the process of the probate court. On the other hand, an irrevocable trust offers some tax advantages and asset protection but entails loss of control over these assets.
Power of Attorney – Healthcare Directives:
When we talk about estate planning, it does not only comprise the financial assets to be handed over, it also includes the medical planning of the senior. Attorneys for estates assist older adults in developing advanced healthcare directives like a living will or durable power of attorney for healthcare. These decisions pertain to the amount of medical care a patient desires to accept or refuse when they can no longer make such decisions. A durable power of attorney for healthcare estate law Queens permits someone else to make medical decisions on behalf of the person in case they cannot make medical decisions themselves.
Financial power of attorney:
Financial power of attorney is essentially a legal document that states the senior person has appointed someone to manage his or her financial matters on their behalf if they are unable to handle those themselves. An estate lawyer assists in drafting this document in accordance with the law and ensures that it accurately reflects the senior’s preferences for financial management.
Hiring an estate lawyer near me is an essential part of a senior’s legal planning. They play a key role in making various adjustments according to the senior’s wishes and making sure the property is distributed without any disputes among the beneficiaries. From estate planning to asset protection, from probate process guidance to tax planning, an estate lawyer ensures the deceased’s wishes are honored, providing peace of mind to the senior while they live.
