An estate-planning lawyer can be defined as an attorney who will assist anyone with limited power of attorney to manage their estate during the probate process through the legal process of probate courts. In fact, an estate planning lawyer can help you avoid probate altogether, but this mainly depends on how many assets you have and how those assets are going to be handled during the life time of your deceased relative.
Some people may think that they don't need an estate plan because they have a limited amount of money and can't afford the expensive fees associated with having an estate plan developed. However, just because you have money does not mean that you don't need some type of plan. Even if you had a large fortune, it may still be in your best interest to have a plan.
Probate can be difficult and time consuming and the last thing you want is for your family and friends to go through that. It can be quite emotionally draining on them, especially if they spent the majority of your lives together. If you die without a will or you are unable to make any of the decisions for yourself, you can ask your family and friends to make those decisions for you. However, most will be unwilling to do so. The same is true if you have very little money left in your estate to pay for the final expenses that the court has ordered you to cover.
If you do have no assets to give to your family after your death, you can ask the help of an estate planning lawyer. An estate plan is designed to protect your assets and help your loved ones when they have to pay the creditors of your estate. Your lawyer will tell you exactly what types of estate planning can work for your particular circumstances.
An estate plan is important whether you have a will or not. You must have one, regardless of whether or not you have property. A will is something that you write and make sure your estate planning lawyer knows about in advance. If you don't have a will or if you don't know what your property is worth, an estate planner will do a thorough investigation of your finances to determine whether or not you have enough to cover your needs after your death. Your lawyer will also review the probate procedures so that your assets are properly distributed.
An estate plan should not be confused with an insurance policy for your wealth and financial affairs. An insurance policy will provide coverage for your entire estate and is an excellent way to provide for your family after your death. An estate plan, on the other hand, is a document that your estate will provide your beneficiaries with a blueprint for managing your estate after your death and will provide them with the knowledge they need to properly care for your money and assets.