The individual responsible for managing and handling an individual’s estate after their passing is known as the trustee. This involves taking care of all the deceased person’s tasks and assets before transferring them to their heirs or beneficiaries. Trust alone cannot ensure effective estate planning, as the trustee must be competent to successfully carry out this responsibility.
One advantageous approach is to appoint an estate planning lawyer as the trustee, leveraging their professional skills to handle the task. While this may come at a cost, it is well worth it as the lawyer can legally distribute the assets among the heirs without encountering any issues.
Benefits of Hiring a Lawyer as a Trustee
Updating Estate Planning Documents
It is important to regularly update legal documents such as wills and trusts as financial changes may affect their intentions over time. An estate planning lawyer can review these changes and ensure that the documents align with the wishes of the individual.
Drafting Documents According to the Current Law
State probate and trust laws undergo regular changes, making it difficult for individuals to keep track. Hiring an estate planning lawyer guarantees that the documents are drafted according to the current state laws, preventing any potential legal problems in the future.
Fulfilling the Intentions of the Documents in Estate Planning
The key goal in drafting a will or trust is to fulfill the wishes and desires of the individual after their passing. An estate planning lawyer ensures that the conditions and instructions in these documents align with the decedent’s wishes, thus preventing any future errors.
Professional Drafting in Estate Planning
While online legal firms offer the option to draft wills or trusts, it is more beneficial to hire a lawyer due to their professional expertise and personalized advice. This incurs a higher cost but ensures a valuable and effective outcome.
Estate Taxes
After an individual’s passing, estate taxes may be imposed leading to a reduced amount of the estate for their heirs. An estate planning lawyer can provide advice on ways to minimize these taxes and exempt the estate from unnecessary tax burdens.
a successful and productive estate planning is crucial for a family’s security, and hiring an estate planning lawyer is the best way to achieve this. The professional skills and expertise of a lawyer are essential in ensuring effective estate planning.
