What a Washington DC Estate Planning Attorney Can Do for You
No matter your situation, it’s important that you plan ahead and start thinking about preserving your legacy. Some people mistakenly assume that there is no need for an estate planning attorney if you have a small asset portfolio. In truth, some of the biggest disputes and issues can arise with smaller, seemingly non-complex estates.
It’s important to meet with a Washington DC estate planning attorney and determine the best way to manage your assets before something unexpected happens. Here’s a look at a number of reasons you may want to hire an estate planning attorney.
Protecting Your Assets
In order to protect your assets and businesses, if applicable, you need to do some financial planning for your future generations. An estate planning attorney can help with asset protection strategies while ensuring you are in full compliance with all federal and state laws. You want to protect your assets while also ensuring funds are accessible if necessary while minimizing any tax penalties.
Estate planning is more than just drafting a will. A lot of people opt to do trusts, as they can eliminate the need for probate, can be implemented immediately upon death, and they can also reduce taxation.
If someone you love becomes incapacitated due to injury, it may be necessary to appoint a guardian who can tend to their personal affairs and/or manage their estate.
Trust and Estate Litigation
Unfortunately, disputes do arise from time to time regarding trusts and other estate matters. These can be complex, and they are often rather contentious, since many times these disputes involve family members going after each other. Some of the common disputes include contesting a will or trust, tax-related issues and valuations, or claiming of breach of fiduciary duty. You do not want to attempt to resolve disputes involving estates without the guidance of a knowledgeable estate planning attorney.
Advanced Medical Directive
Have you decided on important topics related to your healthcare and wishes? An estate planning attorney can help you draft a living will and prepare a power of attorney as well as healthcare proxies.
Estate and Trust Administration
After the passing, there is a process of following through with the wishes spelled out in the will or executing the directives of a trust. If someone is named the executor or administrator of an estate, there will be a number of duties they have to complete. An estate planning and probate attorney can help with these matters.
Some of these duties can include preparing the valuation of the estate’s assets, ensuring creditors are identified and put on notice, paying estate tax returns, distributing assets to the estate’s beneficiaries, and possible post-mortem tax planning to aid in transferring wealth from one generation to another.
Contact a Washington DC Estate Planning Attorney
If you need to draft a will, open an estate administration, or want to talk more about estate planning options to protect both you and your financial assets, contact the attorneys at Tobin O’Connor & Ewing at 202-362-5900 to schedule a consultation.