Estate planning attorneys and probate and trust administration attorneys play crucial but distinct roles in the legal processes. This includes legacy planning, asset distribution, and wealth preservation. Estate planning attorneys focus on creating a plan to manage a person’s money. What’s more, they manage property, and affairs upon their death or if they are unable to manage it themselves. Probate and trust administration attorneys, on the other hand, deal with more. They settle an estate or trust after the person died. While there can be some overlap between these roles, not every attorney handles both.
As part of the estate planning process, you should discuss with your attorney the role they will play during your lifetime and whether they can also assist your loved ones with estate and trust administration when you pass away.
What Does an Estate Planning Attorney Do?
An estate planning attorney can help you create an estate plan when you are alive and offer ongoing plan reviews and guidance throughout your lifetime. An estate plan answers questions about how to settle affairs. These questions include the following:
Who gets my money or property when I am gone?
Who will take care of my minor children if I am unable to?
How can I pay less in taxes and keep more money for my loved ones?
Will people know where to find my important records (e.g., estate planning documents, account information, or life insurance policy information)?
Are the right beneficiaries listed on my accounts?
Does it make sense to put some of my accounts and property into a trust?
Is there somebody to act on my behalf if I am alive but unable to make or communicate decisions about my health or finances?
How do I document my end-of-life care preferences?
What are some ways to provide additional financial security for my loved ones?
Generally, estate planning attorneys recommend that every adult establish an estate plan, especially if they have loved ones they want to provide for. This means at least having a last will and testament (also known as a will) that specifies how your money and property should be distributed and to whom, including items with financial value and those with strictly sentimental value. A will also does the following:
Names a trusted decision-maker (also known as an executor or personal representative) to settle your affairs and manage the court-supervised probate process, which validates the will and oversees distribution of your money and property.
Appoints a guardian (and backup guardians) for your minor children.
Directs the executor or personal representative on how to pay the costs of the estate, such as your outstanding debts, taxes, and probate fees.
Names your beneficiaries and states how your money and property should be distributed.
About Skvarna Law Firm in Glendora and Upland, California
Skvarna Law Firm operates offices in Glendora and Upland, California. We provide legal services. We cover San Bernardino, Los Angeles, Orange, and Riverside Counties. This includes several cities. Upland, Ontario, Rancho Cucamonga, Fontana, Colton, Rialto, Chino, Chino Hills, Glendora, Claremont, Pomona, La Verne, Montclair, San Dimas, Azusa, Covina, West Covina, Diamond Bar, Walnut, La Puente, Corona, Norco & Mira Loma. Visit SkvarnaLaw.com to learn more.
Check back next week when we conclude this two—part series.
