How Can an Estate Planning Lawyer Help You 0ut?
Posted by edwardselderlaw on October 26th, 2022
Individuals should consult a lawyer specializing in estate planning to assist them draft a will or set up a trust to safeguard their heirs' financial interests after their passing. Choose a lawyer with experience in probate law who will listen to your concerns and provide you practical guidance as you work to protect the interests of your beneficiaries.
A coworker recently retained an Estate Planning Lawyer to help with the affairs of her mother, who was in the last stages of her illness. While she did not come from a rich family, her mother did have some financial security in the form of a house, a vehicle, and investment and life insurance portfolios.
Her mother's credit union provided a referral to the attorney handling the estate. Considerable family friction developed among the family and her mother intended to disinherit one of her sons. The estate planner drafted and signed a basic will and suggested ways to avoid having any of the family's valuables go through Probate and estates.
The woman's daughter was too unwell to shop around for a good probate lawyer. Instead, she had to engage with an attorney for asset protection who knew nothing about her mother, family, or planned distribution of inherited funds.
Due to reduced funding, the credit union had to shut down its estate planning department. After her mother died away, the daughter learned that she had no longer had a lawyer for probate, and she had not been told of this. This caused a lot of confusion for the daughter who was supposed to be handling the probate.
Unfortunately, the estate administrator was located in a different state. A few days before she was set to go back home, she was compelled to find a new probate litigation counsel. During their encounter, the guy displayed little interest in her mother's wealth and was unable to give guidance on how to safeguard her mother's Will from being disputed by the disinherited son.
Thankfully, she was an expert in estate planning and had taken measures to safeguard her possessions. The remaining assets was so modest that the Administrator was able to settle her mother's estate without going through probate and in a matter of months.
The results of this illustrate how disastrous it may be to put off estate planning until a person is near death. Trust and estate administration during a person's dying days might cause a lot of complications.
This is crucial information to have on hand when drafting a will and dividing up assets among a troubled family. When probate estate planning is done in the later phases of life, disinherited heirs might dispute the will by arguing the deceased was not of sound mine or under the influence of another's persuasion.
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About the Authoredwardselderlaw
Joined: July 8th, 2020
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