Trusts, Estates, and Estate Lawyers
An estate lawyer doesn't just write wills and probate them. Estate attorneys assist clients with estate planning, estate tax issues, the creation of trusts, and more. Poor planning can lead to hefty tax consequences, so estate law also requires a solid understanding of the Internal Revenue Code.
You may be uncertain about the best way to make gifts to friends, family, and charitable organizations. Some gifts are better made during your lifetime. For property you intend to bequeath to someone else, you may be unsure whether it's better to make that bequest through a will or give the property to the other person or organization outright, or to create a trust for the beneficiary, or a living trust wherein you are the temporary beneficiary-or perhaps some combination.
An estate lawyer can untangle and explain the options and the consequences of each in terms of transfer of property rights, tax obligations, and other ramifications. There isn't necessarily one right answer for everyone, but an estate attorney will be able to lay out the pros and cons of each option as they apply to your particular situation.
If you don't have a lot of property or plan to leave everything to your spouse, it may be that a simple will is all that's required. You may even be able to hold property jointly with your spouse during your lifetime in a way that automatically transfers your interest upon your death.
However, it's important that everyone makes some provision-otherwise, the state laws of intestate succession will determine how your property is distributed after your death, regardless of your wishes. And you don't want to entrust that kind of planning to the attorney who handled your real estate closing or your brother's traffic ticket.
If you're not sure of the best way to provide for your family after your death, make charitable contributions during your lifetime and as final bequests, and avoid leaving behind heavy tax obligations for your family to contend with, talk to an estate lawyer and plan ahead. Often, a few simple documents will protect your property and your family.
