Investing in the services of an estate attorney early is the best way to prepare assets for disbursement after death. However, the services these legal specialists offer extend far beyond basic estate planning and include needs relevant to almost everyone, including advanced healthcare directives and assigning power of attorney.
It's never too early to work with an estate attorney on plans for end-of-life care and the settlement of an estate. Even when assets are not yet significant, healthcare-related concerns are important to address, particularly when a person has strong beliefs regarding sensitive end-of-life matters. Before meeting with an estate attorney, become familiar with the scope of their practice and utilize all personally applicable services.
Estate planning
The basics of estate planning are services offered by many attorneys, including those in this specialty area. A will is the core document for distributing assets and sentimental items after death, but an estate lawyer branches out much further and helps clients consider plans to reduce tax burdens on beneficiaries, ensure the efficient handling of the will, and plan disbursement of assets to any remaining creditors before they are distributed to beneficiaries. Attorneys are particularly helpful at coordinating documents and making sure the names in a will and on other documents match up to streamline the assignment of assets later.
If special tools, such as a trust, can help lower the tax burden on an estate, the attorney can help set up one or more trusts. While these ultimately are for the beneficiary, they can be managed by the grantor of the trust or a trustee until death or until a specific timeframe is reached. Many lawyers also serve as trustees for clients to ensure trust wishes are carried out.
End-of-life planning
One of the important areas an estate attorney assists with is end-of-life planning. Before estate matters are handled, setting clear parameters for medical care following an emergency medical event or through old age is important. An important decision a lawyer helps with is establishing a power of attorney. Setting a limited or durable power of attorney allows a third party to make important decisions on the grantor's behalf if the grantor becomes incapacitated.
Also important is establishing advanced health directives. A durable power of attorney helps a third party manage medical decisions for the grantor, and the living will is the second piece of the plan. A living will spells out the type of emergency treatments a patient would provide consent to or reject and if certain situations alter the decision. Common areas to specify include resuscitation, long-term intubation, or blood transfusions. The importance of a living will increases greatly when personal beliefs in these areas differ from those of family members who would be consulted if there are no pre-formed plans in place. Advance care directives can also specify preferences for long-term care in the event of a lengthy illness or end-of-life condition, such as dementia.
For more information, contact an estate attorney near you.
Share22 June 2023
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