An estate planning attorney is an integral part of developing end-of-life strategies. Lawyers who specialize in this field help individuals execute a last will and testament, durable power of attorney, healthcare proxies, and revocable or irrevocable trusts.
Buyer Must be Cautious Without a Good lawyer
If you are planning on saving some dollars by going for inexperienced and cheap lawyer or using forms from the internet when preparing your estate planning papers, then you and your family can prepare for a rude shock when you realize that part or the entire trust, will, or financial power of attorney will not work the way you had expected or even legally invalid.
Your loved ones will have to spend thousands of dollars working with qualified estate planning lawyer to correct your mistakes.If you are looking lawyer for estate planning, you may visit http://www.voyantlegal.com/.
Numerous strategies exist to avoid probate. The most common include establishing irrevocable life insurance trusts, living trusts, and designation of a transfer on death and payable on death beneficiaries.
On average, the probate process takes six to nine months to settle. When decedents die intestate (without a will) probate usually takes between nine months to one year to complete. Much depends on the estate value, court caseload, and family dynamics.
Working with estate planning lawyers is particularly important when family strife exists. Sadly, death can bring out the worst in people. Anger, greed, and envy can drive heirs who feel slighted to contest the will and prolong probate for months or years.
If heirs contest the Will, the estate is responsible for defense legal fees. If the judge rules in favor of the Plaintiff, the estate is oftentimes responsible for restitution of their legal fees as well. This can create a heavy financial burden and potentially bankrupt the estate.