What an Estate Planning Lawyer Does

What Does an Estate Planning Attorney Do?

You probably know that an estate planning lawyer prepares Wills, but they do so much more. Your hometown Will and trust attorney specializing in estate planning also creates living trusts, implements strategies to avoid or mitigate estate taxes, and develops a plan to protect your assets from your beneficiaries’ creditors upon your death.

In this post, we discuss the many roles of your estate planning attorney.

Estate Planning Lawyers Help with Important Documents

A significant part of an estate lawyer’s job is to draft documents that will protect your assets against lawsuits and address complex healthcare planning issues. With documentation, your estate lawyer can prepare a power of attorney, healthcare power of attorney, and Living Will, all of which will arrange for a trusted individual to manage your affairs if you pass away or ever become incapacitated. The appropriate documents can also prevent unwanted guardianship and conservatorship problems.

Extensive knowledge of state and federal tax laws is a necessary part of a lawyer’s documentation. Because these laws change frequently, your estate attorney must make sure they’re using updated forms in accordance with legal revisions. For example, when Ohio voted to remove its estate tax, thousands of estate-related documents needed reconfiguring.

An estate planning attorney can prepare the two most important documents regarding planning for incapacity: Durable Power of Attorney and the Living Will. These documents have significant legal implications, and it’s wise to get an estate planning professional’s assistance in drafting them.

Living Wills

The Living Will is a significant and consequential document. It provides directives on the medical steps you want caregivers and healthcare providers take on your behalf in case you cannot speak for yourself.

A Living Will allows you to include specific instructions, such as never wanting the insertion of a feeding tube if you lose the ability to feed yourself. If your loved ones have a full understanding of your preferences regarding medical care, they’re better able to implement them, alleviating much stress and heartache away if your loved ones have to face such difficult decisions.

Trusts

Another important function an estate planning lawyer performs is to prepare trusts. You can request one of several types of trusts, depending on your situation. For example, a trust can provide an income for a surviving spouse or ensure continued care for a special-needs child or adult dependent.

A trust can provide for nearly any condition that requires planning and protection of assets and the financial well-being of survivors. A trust can direct how banks and other financial institutions use your assets to care for loved ones after your passing in ways you feel are appropriate. These agreements can cover investment accounts, real estate, business holdings, or just about anything else.

Asset protection upon your death or incapacitation is one of the most important tasks you can initiate to protect your family and avoid probate. Family members who understand your financial and healthcare decisions will be far less likely to get embroiled in conflicts after you’re gone.

Cincinnati Estate Planning Attorneys

Having a trusted estate planning lawyer in your corner provides you with peace of mind. You’ll know that you have the power to protect your assets and minimize your taxes. Most importantly, you’ll safeguard your loved ones from conflicts and adverse financial strain for years to come.

If you need information about estate planning or want to schedule an initial appointment, contact Donnellon, Donnellon & Miller to speak to the best Cincinnati-based probate and estate planning attorneys. Call our office today at 513.891.7087 or use our online contact form to get started.