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Estate planning refers to organizing and arranging one’s assets and financial affairs to ensure they are distributed according to one’s wishes after death. It involves making decisions about how assets will be managed during one’s lifetime and how they will be distributed to beneficiaries after death.
The estate planning process typically involves working with an attorney or financial planner to create a comprehensive plan that considers various factors, including tax implications, asset protection, and the needs of beneficiaries. Some joint estate planning tools include wills, trusts, powers of attorney, and advance directives.
Estate planning is necessary to provide peace of mind and ensure one’s wishes are fulfilled after death. It is essential for individuals with significant assets or complex financial situations, but everyone can benefit from having an estate plan in place.
An estate planning lawyer is a legal professional specializing in helping clients create a plan for managing and distributing their assets after they pass away or become incapacitated. Estate planning lawyers typically work with individuals, families, and business owners to develop a comprehensive plan that includes wills, trusts, powers of attorney, and other legal documents.
To become an estate planning lawyer, one must typically complete a law degree program and obtain a license to practice law in their state. Some lawyers may also pursue additional training or certification in estate planning law to develop specialized expertise.
Regarding their day-to-day work, estate planning lawyers may meet with clients to discuss their goals and preferences for the distribution of their assets. They may also draft legal documents, review existing estate plans, and advise clients on tax implications and other legal considerations.
You may want to research lawyers in your area, read reviews and testimonials from past clients, and schedule consultations with several candidates to find the fit for your needs.