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An estate is the total property, real and personal, owned by an individual prior to distribution through a trust or will.
Estate law concerns the sum of assets – such as cash, investment accounts, real property, and personal property – that an individual owns, and the distribution of those assets per their instructions on their death.
Estate planning involves determining how an individual's assets will be preserved, managed, and distributed after death. It also takes into account the management of an individual's properties and financial obligations in the event that they become incapacitated.
The Canada Revenue Agency (CRA) has priority to estate assets for any amounts owed to it over the reasonable funeral expenses charged by a funeral home for their services to the deceased. This priority becomes important when a personal representative (executor or administrator) is dealing with an insolvent estate.
If you don't have a spouse or children, your estate is divided equally between your parents. If only one is alive, they get your entire estate. If you don't have surviving parents, your siblings will get your estate. If they're not surviving either, their children (your nieces and nephews) get their share.
Step 1: Sign a will You need one to ensure that your chosen heirs will get the assets that you want to leave to them. In your will, you name an executor who will have the power and responsibility to pay your debts and distribute the remainder of your estate according to your wishes.
Estate planning is all about protecting your loved ones, which means in part giving them protection from the Internal Revenue Service (IRS). Essential to estate planning is transferring assets to heirs with an eye toward creating the smallest possible tax burden for them.
The 6 Steps to a Successful Estate PlanStep 1: Define your Estate Planning Goals. What do you want to happen? ... Step 2: Gather and Organize your Financial Data. Gather your documents. ... Step 3: Analyze & Discuss. ... Step 4: Develop your Estate Strategies. ... Step 5: Implement your Estate Plan. ... Step 6: Track & Monitor your Progress.
For lawyers who enjoy writing and studying complex laws along with the occasional court appearance and litigation , estate law can provide a rewarding balance among varying types of law. Estate law can also provide a solid financial foundation for any size legal practice. Practicing estate law may allow a lawyer to sustain a solo practice or work as part of a large firm. Estate law may provide flexibility for an attorney to establish a lifestyle and a legal practice that suits their needs.
Practicing estate law may allow a lawyer to sustain a solo practice or work as part of a large firm. Estate law may provide flexibility for an attorney to establish a lifestyle and a legal practice that suits their needs.
An estate is anything that makes up a person’s net worth. To determine a person’s estate, you add up their assets and deduct their debts. Real property like land can be part of a person’s estate. Personal property like household items and vehicles can also be part of an estate as well as bank accounts and other financial instruments. If a person owns property in common with others, their share of the property may be part of their estate depending on how they share the property with others. To put it simply, an estate is what a person has to their name.
Estate lawyers must be qualified writers. When it comes to effective estate planning, one word can have a big meaning. To be a highly qualified estate lawyer, an attorney must be able to understand estate laws and write effectively so their client documents have the intended effect. Highly qualified estate lawyers also have outstanding interpersonal skills. They must help their clients understand the law and how their estate planning impacts them. Finally, an estate lawyer must understand local court procedure. They must know how to prepare paperwork and where to file it when clients need to bring their cases to court.
Some practice of law is simply reactive. For example, a criminal defense lawyer helps a client react when they’re facing a criminal charge. Likewise, most civil litigation cases involve a dispute over something that’s already occurred. Attorneys sometimes help their clients react to something that’s already occurred.
Attorneys sometimes help their clients react to something that’s already occurred. Other times, attorneys help their clients plan for the future. For example, they help their clients create a contract or they advise their clients on what behavior complies with the law and avoids civil penalties. Estate law is both proactive and reactive.
They must help their clients understand the law and how their estate planning impacts them. Finally, an estate lawyer must understand local court procedure. They must know how to prepare paperwork and where to file it when clients need to bring their cases to court .
While that’s not exactly what the “estate” in estate lawyer is referring to, it comes very close: the estate in this case is everything belonging to a person, which could include big houses and bank accounts, but also includes any items in your possession like cars or pets, essentially whatever makes up your net worth.
Like most lawyers, estate lawyers must obtain a JD, or Juris Doctor, degree, after which they must pass the bar exam for whichever state (or states) they would like to practice in. While quite difficult and respectable endeavors, and while these milestones do allow people to practice as lawyers, specializing in estate law means having to build on-the-job skills and experience beyond that of classrooms and tests. So while many lawyers may have had some passing experience with estate law, it does not necessarily mean they will be able to help you with that area of law. It often takes training at or working with a qualified law firm for years to specialize in this kind of law, as is the case with the other parts of the legal system.
Writing a living will, or advance directive, allowing you to make informed decisions about your health and well-being in the case that you are physically or mentally incapacitated, say through an accident. This could help lessen the burden of having to make important decisions about your medical care on your family and friends, who may not be in the right state of mind to make decisions for you. With a living will you could specify things like whether you would like to donate your organs or if you would like to be kept on life support.
A trust could help you make sure that money is being used how you intended it to, instead of leaving it up to your child who may not be ready yet to handle the responsibility.
As previously mentioned, estate law is a broad field of law that covers matters, such as the following examples:
Specifically, the term “estate” refers to all of an individual’s personal belongings, real property, and intangible assets, such as patents or copyrights. Any debt and taxes on the property owned, ...
However, an executor (also called an administrator) is legally responsible for fulfilling certain duties and must carry out the deceased individual’s wishes in accordance with what is stated in their will. Distribution of Property: The way in which property gets distributed to the rightful beneficiaries is the ultimate goal of estate planning.
Distribution of Property: The way in which property gets distributed to the rightful beneficiaries is the ultimate goal of estate planning. Debt: Any debts that an individual still owes will need to be addressed, even after they have become incapacitated or deceased.
In addition, a lawyer can also provide representation for any related court matters, should you and your loved ones become involved in an estate law dispute.
This might be handled by their designated “ executor ” , or if they died without a will, their property will be distributed according to the laws set out in their particular jurisdiction.
Any debt and taxes on the property owned, may also be included as part of the estate. It is therefore not surprising that estate law covers a broad range of legal matters, which includes virtually anything relating to a person’s real property and its financial aspects.
An estate attorney is someone who you can trust to help protect your estate after death or incapacitation. They’ll make sure your belongings and land are handled properly.
Estate planning is crucial, especially if you’re older, experiencing chronic illness, or just want to protect your assets.
Estate planning attorneys, also referred to as estate law attorneys or probate attorneys, are experienced and licensed law professionals with a thorough understanding of the state and federal laws that affect how your estate will be inventoried, valued, dispersed, and taxed after your death.
Neither Protective Life nor its representatives offer legal or tax advice. We encourage you to consult with your financial adviser and legal or tax adviser regarding your individual situations before making investment, social security, retirement planning, and tax-related decisions. For information about Protective Life and its products and services, visit www.protective.com .
In fact, a good estate planning attorney may be able to help you avoid probate court altogether, but that largely depends on the type of assets in the deceased's estate and how they are legally allowed to be transferred.
An estate lawyer is trained in matters related to passing on your assets after you die, and planning for situations where you can no longer care for yourself. They are experts in wills, trusts, and your local probate process. Some estate lawyers may also have specialties, like planning the succession of a business.
Estate attorneys help you create draft documents and create plan so that your assets go to your intended beneficiaries without any court battles or big tax bills.
To leave assets to a stepchild, stepparent, or half-sibling, consider working with an estate lawyer. Most people could benefit from working with an estate planning attorney, but it may not be necessary (and you may not want to pay for it) in many situations. On the other hand, people in certain situations may need the help ...
This only happens if you aren’t survived by a spouse or child, but a solid estate plan will protect your assets and allow you to pass on as much of your estate as possible. If this is your situation, you may want to look for an estate lawyer who specializes in elder law. You want to set up an irrevocable trust .
You have foreign property or assets . You’re planning to bequeath assets to someone who isn’t a citizen . You could also run into issues if you plan to name an executor who isn't a legal U.S. resident. Certain tasks, like getting a tax ID to open an estate account, may not be possible for nonresidents.
Estate attorneys, or estate planning attorneys, are lawyers who help individuals to get their affairs in order before they pass away.
Probate attorneys are a bit different. Though they can help to advise clients about the terms of their will before their death, probate attorneys have more responsibility after the individual has passed away. These attorneys are sometimes called “executors of the estate,” and they carry out the process of proving the will.
This can be a lot of information to digest at once. To summarize, estate attorneys primarily handle a person’s assets before they die, whereas a probate attorney ensures that the person’s wishes are carried out after they die. The two are similar and sometimes have overlapping responsibilities, but that is the main distinction between them.
It is never too early to hire an estate attorney. After you turn 18, you can create a will in the event that you unexpectedly pass away. Having such a document can be a significant relief to your family, and can ensure that they receive what is rightfully theirs if you do pass.
In many cases, probate attorneys are not absolutely necessary. However, it is always best to hire one after the death of a loved one. As we mentioned, grief is a significant force; many people behave in ways that they otherwise wouldn’t while mourning, and it is not uncommon for an individual to contest a will.
Here at Sweeney Law, we specialize in estate and probate law. Though we have practiced other areas of law, we find that probate and estate law has the greatest positive impact for others.
A probate lawyer helps an executor or administrator to administer an estate after someone dies.
An estate lawyer is a legal professional who assists people in planning their affairs to ensure the administration of their estate goes smoothly.
Probate litigation attorneys are lawyers that represent clients in contested probate court proceedings to resolve disputes such as will and trust contests, breaches of fiduciary duty by executors and trustees, and contested personal representative appointments, and if those matters cannot be resolved to take those cases to trial.
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.
Probate: The legal process of transferring of property upon a person's death, particularly in the absence of a will. Real Property: Property consisting of land, buildings, crops, or other resources still attached to or within the land or improvements; or fixtures permanently attached to the land or a structure on it.
Living Wills: Legal document outlining medical and end-of-life preferences in the event that you are unable to communicate these wishes.
Intestate: Having not made a valid will before death; not disposing of property of by a valid will.
Trusts: Legal/fiduciary arrangement in which one party holds legal title to another's property, as a trustee , and manages the property for them on their behalf; similar to a will, but dictates how assets are to be transferred or used during life (for instance, children may obtain certain assets prior to their parents' death).
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.
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: