An estate plan specifies who will receive an individual’s estate after they pass away or when they become incapacitated and are unable to manage their affairs. It also determines how one would like their assets to be divided among their loved ones. Estate planning lawyers create it to safeguard and preserve one’s estate. It guarantees their family's safety in the event of their death or disability. It even aids in avoiding an expensive and drawn-out legal procedure.
In this blog, we will explore the services offered by estate administration attorneys. We have gathered insights from the expert attorneys at Washington Law Partners (WLP), a trusted law firm widely known for having the Best Estate Administration Attorney in Washington DC. Let’s find out the services rendered by an estate attorney.
Services Offered by Estate Administration Attorney
- Estate Planning
Estate planning is the process of identifying the individuals or groups to whom an individual wishes to leave their estate in the event of their disability or death.
- Will Making
A will is a legal document that serves as an advanced directive specifying how an individual’s estate will be handled or divided if they pass away or become bedridden. Become disabled and are unable to express their wishes for funeral services. Making a living will or testament is something that estate planning lawyers can assist with.
- Choosing Beneficiaries
One can designate beneficiaries for funds in bank and investment accounts and life insurance policies. After their passing, these funds may be moved without going through probate or into a trust.
- Assistance with Other Legal Documents/Situations
- Advanced Healthcare Proxy: A legal document allowing someone else to make medical decisions on an individual’s behalf when they cannot do so themselves. This advance directive tells their loved ones and their preferred healthcare team what kind of treatment they want to receive or to whom they wish to transfer their power to make medical decisions if they cannot.
- A Durable Power of Attorney: It lets one delegate decision-making power to someone else, their lawyer, or their agent to handle financial and legal matters on their behalf. Usually, this authority lasts until one passes or until this document is revoked.
- Different Trusts: A legitimate agreement to transfer assets from one individual to another or a designated trustee entity is called a trust. These resources could include any kind of investment, including homes and cars. The person holding the trust can generally avoid the legal process of probate. There are five main types of trusts:
- Living Trust- A legal document that one establishes during one's life.
- Testamentary Trust: This type of trust is established by the terms of one’s will and addresses how one's estate will be divided after their death. It is usually made to help people with special needs or disabled kids who might inherit their estate before they become adults. It can even be established for pet care. To establish trust after one’s death, one must include this trust in one's will.
- Revocable Trust: One can transfer the ownership of their assets into a separate legal entity to manage and safeguard them. While alive, one cannot exercise control over the entity's assets. They can change or cancel the trust as they see fit, but it cannot be done after their passing. The assets can be managed and allocated to the beneficiaries by the trustee.
- Irrevocable Trust: Once created, it cannot be altered or changed. It covers the assets put inside the trust and those outside of their ownership. It mostly gains from specific tax breaks and safeguards for creditors. It is frequently used to transfer assets that could result in future gift tax or estate tax problems.
- Memorial Instructions: Memorial instructions enable one to give vital information to family members and loved ones. They may be able to assist in such crucial life circumstances in the event of their passing away or legal incapacitation. In addition, one can specify the type of memorial service they would like, their wishes regarding the overall amount spent on these remembrances, their wishes for cremation or burial, or a summary of all the pre-arrangements they have made in this legal arrangement.
Conclusion
Attorneys for estate planning can help individuals with a complete range of end-of-life decisions and drafting their will.
One can contact Washington Law Partners (WLP), a leading Washington DC Law Firm if they are looking for a skilled estate planning attorney. They aid their clients in protecting their assets for the benefit of present and future generations. Book your free consultation with WLP firm now.
