An estate planning attorney, also known as a probate lawyer or estate attorney, is qualified and experienced legal professionals with an extensive knowledge of the federal and state laws which affect your estate. Estate planning attorneys are fully aware of the tax laws and can assist you in the preparation of tax-free (or tax deferred) forms. They can advise you on the use of tax-deferred options like retirement accounts, real estate and even make suggestions regarding how to avoid probate. Their assistance can be particularly helpful in situations where you have already passed and there may not be any will or living trust. For these reasons, many people elect to retain the services of an estate planning attorney when planning their estates. You can learn more at JacksonWhite Law – Peoria Estate Planning Attorney.
There are two main functions of estate planning attorneys. One is to protect your interests in your belongings, financial resources and your family through proper administration. The second, and arguably the more important role, are to prepare your Will in compliance with applicable federal and state laws. A Will is a legally binding document which establishes the legal specifics of your belongings, including who may access them and what they may do with them. It is extremely important that you have a Will prepared in accordance with both federal and state laws to ensure that your wishes will be followed.
Estate planning attorneys can be quite helpful in a number of different ways, including helping you to deal with potential probate issues, dealing with asset protection concerns, reviewing your estate plan, and more. Many people find consulting with a lawyer to be helpful in these capacities because they understand how to best protect their interests while still leaving them with enough money for their loved ones. For this reason, a lawyer is often times referred to as a “personal representative” of your estate. You should consult with your attorney regarding all matters concerning your estate, including how to protect your family and assets.