A wills and estates lawyer is an attorney who specializes in the practice of law related to the transfer of assets from one person to another upon death. Wills and estate lawyers are knowledgeable in state laws governing inheritance, estate taxes, trusts, guardianship, probate processes, and more.
When someone passes away without a will or trust in place, they are considered “intestate” and their assets must go through probate court. Probate is a legal process that validates the deceased individual’s will (if there is one) and determines how their assets should be distributed among their heirs or beneficiaries. A wills & estates lawyer such as wills & estates in Sydney can help families navigate this process by preparing all necessary paperwork for court approval as well as representing them throughout any legal proceedings that arise during probate.
In addition to helping families with the settlement of a loved one’s estate after their passing, wills & estates lawyers or Danielle Kincaid from Elder Law Group also provide advice on ways to avoid costly probate proceedings altogether by establishing living trusts or other legal instruments designed specifically to protect family members’ inheritances from taxation or other creditors. Wills & estates lawyers can also assist clients with drafting powers-of-attorney documents so that financial decisions can be made on behalf of ill or incapacitated individuals.
Role of a Wills & Estates Lawyer
When dealing with the distribution of assets after a person’s death, it is important to consider the role of a wills & estates lawyer. Wills & estates lawyers are responsible for helping people set up their estate plans and advising clients on how to best manage their estate during their lifetime and after they have passed away. Wills & estates lawyers provide legal guidance on various aspects of wills, trusts, probate and estate planning.
The primary responsibility of a wills & estates lawyer is to help clients create an effective estate plan that meets the individual’s wishes and goals in terms of asset distribution. In this capacity, a lawyer advises clients on how best to structure their will or trust so that all assets are distributed according to the client’s wishes. This can include advice on choosing beneficiaries, specifying executors or trustees for trusts, deciding how assets should be divided among heirs and more. Additionally, a lawyer helps ensure that all necessary documents are properly executed in order to maximize tax savings while minimizing the risk associated with litigation.
Aside from drafting documents such as wills or trusts, wills & estates lawyers also assist with probate proceedings – the court process by which an individual’s last will is validated by law – providing counsel throughout each step of this process.
Services Offered by a Wills & Estates Lawyer
When it comes to protecting the future of your family, a wills and estates lawyer is an invaluable resource. These attorneys are experienced in handling estate planning, probate, trusts and other related matters. Here’s a look at some of the services offered by wills and estates lawyers.
Drafting Wills & Trusts: One of the most important services provided by these professionals is drafting wills and trusts that protect your family’s financial future after you pass away. A will is essentially an instruction manual for how your assets should be distributed upon death while a trust allows you to designate who receives what portion of your estate if you become incapacitated or pass away.
Probate & Estate Administration: When someone dies, their estate must go through probate court before it can be distributed to beneficiaries according to the terms outlined in their will or trust agreement. A wills and estates lawyer can help guide families through this process as well as handle all related legal matters such as filing paperwork, paying debts and taxes, distributing assets, etc.
Tax Planning: This type of attorney also handles tax planning for clients looking to minimize their tax obligations before or after death which could involve setting up trusts and other vehicles designed to protect assets from taxation.
Conclusion
A wills & estates lawyer is an invaluable asset to anyone who wishes to ensure that their assets and estate are properly managed upon their passing. With the help of a wills & estates lawyer, individuals can make sure that their final wishes are respected and that their estate is properly distributed according to the law. With proper legal guidance and support, anyone can rest assured that their legacy will be handled carefully and appropriately.