A Good Probate Lawyer is a Must Have During the Estate Planning Process
Estate planning and trusts should be matters of great concern to most Americans. However, many people are not aware of what estate planning is or what is an estate planning attorney. Estate planning encompasses the anticipation and arrangement of the dispatch of an estate. This would include all of your assets and property, as well as any other belongings. There are many estate planning tools available to you in regards to all of your estate planning and trusts. The most important tool, however, in the estate planning and trusts process, is a Phoenix estate planning lawyer.
Estate planning and trusts require a great deal of legal expertise, so it is not a good idea to attempt the process without legal representation, especially if you have a sizable estate and a number of inheritors. A good probate law attorney can help you to navigate the nuances of estate planning. For instance, a sophisticated estate planing and trust plan might necessitate deferring or decreasing estate taxes or tying up the loose ends of a business.
Another aspect of estate planning and trusts that your lawyer would help you with is setting of a life insurance trust. The purpose of doing this is to decrease your estate tax burden, as United States tax code does not tax life insurance proceeds as income. As well, hiring a lawyer will come in handy should anything in your estate be contested in a court of law once it have become a probated will. Lastly, a probate attorney can help you determine whom you should name as executor of your estate. The executor will be named in the will, and this person will have legal power to disperse your assets in the manner you have specified. Choosing a trustworthy executor is one of the most important aspects of estate planning and trusts procedures, and your lawyer can be a good resource for you in regards to making that decision.