Fri. Dec 13th, 2019

wemogee.com

wemogee.com

WHY YOU NEED AN ATTORNEY TO HANDLE YOUR REAL ESTATE TRANSACTION

3 min read

Before a person passes on, they need to get their affairs in order, including their estate. A person should have everything in writing, so there is no confusion when they leave for heavenly abode. An estate planning attorney can help a person get their estate in order so the family does not have to worry or fight when they pass on. There are many reasons why a person should hire an estate attorney.

Government and Taxes

Depending on where a person lives, there may be laws in place, including tax laws. If all of this information is written down and the estate has a trustee, the assets will be protected. There are also inheritance taxes that the family will have to deal with. These taxes can be as high as 50 percent based on certain assets. The attorney will be able to help a person plan accordingly and find ways to minimize the amount of taxes their loved ones are going to need to pay.

Beneficiaries with Special Needs

If a beneficiary or an heir has substance abuse issues, mental health conditions, physical limitations, or in the middle of a divorce, has an issue with gambling, or cannot handle the financial issues related to the estate, the lawyer can help. They can make special trust arrangements to address these needs and help a person determine the future of their estate.

The executor of the Trustee

Choosing an executor to the estate is very important. They need to find a loved one with good judgment and one who can handle the financial issues. The lawyer can help a person pick the executor and even an alternative if the person is not willing to be in that important role.

Living Will and Power of Attorney

There is legal work to help a person before they pass and make sure their wishes are met. If a person cannot decide on their healthcare or their finances due to illness, it is important to have their wishes in writing. The living will state exactly what a person wants or who can make health-related decisions on their behalf. A power of attorney will allow a person to make a financial decision for their loved one. The lawyer can help a person get their final wishes in writing so that they will have to be followed.

Current Changes in the Law

There are always changes in the law and inheritance taxes. The lawyer should be up to date on all of these changes and keep their clients informed of anything new that is happening in the law. They will then need to make necessary changes to make sure a person’s wishes are honored.

Probate

In most areas, probate has been replaced by trust. There may be some times when probate may be an issue. This is why it is important to find a lawyer that will write a clear and detailed will, so there are no issues or uncertainties when it comes time to follow through on the wishes.

Religious Needs and a Will

There may be a galactic will for people of the Jewish faith. This will can address the needs of the will itself and it will stand up in Rabbinical court. This will clearly state the wishes of the person and cannot be fought. A lawyer can help compose this type of will as well and make sure all religious laws and rules are followed.

These are some of the services that an estate attorney can provide. A person must work with an attorney, so they know that their estate and their final expenses are handled.

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