What Services Does an Estate Planning Lawyer Offer?
As your income, assets, and family grow, you may realize it’s time to create an estate plan, which often means working with a lawyer. But what is an estate planning lawyer, and why might you need one? In short, an estate planning lawyer provides services to help you manage your assets and end-of-life wishes. Here’s an overview of what a lawyer for estate planning can do for you.
- Draft and update your will: A will is a fundamental estate planning document. It specifies how your assets will be distributed after your death. An estate planning lawyer can help you draft a will that holds up in court and accurately reflects your wishes. They can also update your will over time to reflect your changing circumstances.
- Create a trust: Trusts manage your assets during your lifetime and distribute them after your death. An estate planning lawyer may recommend various trusts based on your situation, including living trusts, special needs trusts, and charitable trusts.
- Minimize estate taxes: An important aspect of leaving a legacy behind is minimizing the tax burden on your loved ones when they inherit your assets. Estate planning lawyers are well-versed in federal and state tax laws. They can devise strategies to reduce your estate’s tax burden.
- Establish powers of attorney: Estate planning isn’t just about what happens after you die—it also accounts for the possibility of incapacity. A lawyer for estate planning can establish a durable power of attorney, which designates someone to handle your financial affairs if you become incapacitated, along with a healthcare power of attorney, which appoints a trusted individual to make medical decisions on your behalf.
- Set up healthcare directives: Also known as living wills, healthcare directives specify your medical treatment preferences if you become unable to communicate them. An estate planning lawyer can help you draft a living will that clearly outlines your desires so healthcare providers know how to handle various situations.
- Appoint guardians and conservators: If you have minor children or dependents with special needs, an estate planning lawyer can help you appoint guardians and conservators to care for them in the event of your death or incapacity.
- Protect your assets: Safeguarding your assets from creditors, lawsuits, and other risks is another beneficial estate planning lawyer service. For instance, transferring your assets out of your estate and into an irrevocable trust is an effective way to keep your wealth intact for your beneficiaries.
- Navigate probate and administer the estate: After your death, your estate may go through probate, a legal process where your will is validated and your assets are distributed. An estate planning lawyer can guide your executor through probate, ensuring the process goes smoothly.
The Law Offices of Robert E. O’Connor, P.C. offer comprehensive estate planning services tailored to your needs. Based in Media, PA, we have served clients in Delaware County and Chester County since 1997. Mr. O’Connor provides professional and personalized legal guidance to help you create a favorable estate plan. Contact us at (610) 566-1110 for a free consultation to discuss your wishes for the future.