Estate, Wills, Trust, Power of Attorney, Advanced Directives, Guardianships
What is an estate, what does estate law involve, and how can an Estate Lawyer help?
To put it quite simply, an estate encapsulates things that make up a person’s net worth. Whether it be a house, a vehicle, a bank account, etc. The value of a person’s estate is determined by the sum of it’s parts minus it’s debts. An estate lawyer can help you work you way through the complex process of estate planning.
Estate law deals with a person’s personal and physical property. These laws also effect the decisions that can be made and their directives. Estate law lays the groundwork for estate planning with things like wills, trusts, guardianship, power of attorney, and advance directives.
An estate lawyer can help a client draft a will that documents what the person wants to happen to their estate after death. Drafting a will can help avoid, dying intestate, which is what happens when a person dies without a will.
A trust can be created which is a legal instrument allowing a person to hold another person’s property for that other person’s benefit. Trusts can be created by an estate lawyer for many reasons such as minimizing estate tax, or helping with the process of estate distribution. Trusts can also be created to manage assets of a disabled person or a minor.
Advance directives and Powers of attorney are created to give direction in the event a person is incapacitated and unable to care for themselves. Powers of attorney allow another to make financial decisions while advance directives contain information on how they want life saving care to be administered if they are incapacitated.
Guardianships are created when a person is physically or mentally incapacitated and can not manage their own affairs. Children need guardianships if their parents are not able to care for them. Adults need guardianships when they can not care for themselves and handle their affairs.
If you need assistance in dealing with estate issues and need an estate lawyer contact The Low Law Firm.