An estate is the real and/or personal property a person possesses at death. The practice area of estate planning law involves the drafting of living wills, trusts, powers of attorney, and other documents to facilitate the transfer and management of property after death.
When estates aren't managed and someone dies without a will, their possessions will distributed to their next of kin. By not making a will or otherwise making estate plans, the individual gives up control of their estate and has no say in how the property is divided.
Estate Planning Law: Terms to Know
There are key terms to know that help to understand estate planning law, including the following:
Do You Need an Estate Planning Lawyer?
Depending on the complexity of the estate, the health of the individual, and other factors, practically everyone may need the services of an estate planning lawyer at some point. Sometimes individuals will work with a lawyer on behalf of a relative or loved one who is no longer able to manage their own affairs. After having children, some families decide to create trusts, which is a document similar to a will, but also helps manage property before death. Some common reasons for hiring an estate planning lawyer include the need to create:
Estate Planning Law: Related Practice Areas
Like many other legal specialties, estate planning law overlaps with various practice areas including the following:
Ask a Lawyer How Estate Planning Law Can Protect Your Assets and Loved Ones
Although it can be difficult to discuss, death is a reality that everyone must face. Why not deal with this inevitable outcome with a thoughtful strategy detailing what will happen with your estate? Get peace of mind by talking to an experienced estate planning attorney, who can tailor a plan to your particular needs.