The demand for a quality estate planning attorney will never go out of style. The quality of an attorney improves through the years of experience of working with the law. The estate planning lawman is always in demand mostly because of the changing legal procedures related to property inheritance.
The federal and state laws related to inherited property:
The stricter laws and taxation method related to properties inherited from a deceased person, the demand for estate attorney increased exponentially. The estate planning consists of two parts, and they are managing and distribution of the assets of the deceased person and carry out the wishes of the dead person related to his burial or cremation.
The interference of the Probate Court needs to be kept at bay else a considerable amount of the entire asset gets used up in paying off the inheritance and federal taxes. The estate planning attorney has a few tricks up his sleeve to avoid the probate; one such method is the declaration of living trust.
The ways to avoid probate:
In the declaration of living trust, the owner separates himself from the assets legally, or in simple terms, a separate legal entity provided to the asset in the eyes of the law. Now, the owner may head the board of trustees and control his assets, but legally he is no longer the owner. As the Probate court probates only in the properties of the deceased where he is the legal owner, by the declaration the dead can prevent interference of probate in his assets.
Is making a will viable option?
The other method used by an estate planning attorney is making a will; it consists of four parts. The first part states whom the deceased wants to be his executor, the second states who will receive the assets, the third part states whom the deceased have chosen to be the guardian of his children and final part is related to his cremation or burial rites.