Question: What is an estate planning lawyer? What do they do? Do I need one?
An estate planning lawyer is a licensed attorney who helps individuals and families create and implement financial, health, and other legal plans for the management of their affairs upon death or incapacity.
At Yu & Yu Law, our estate planning lawyers personally handle every case without the assistance of a non-licensed person to draft your legal documents. We use a variety of legal tools and strategies to help our clients achieve their goals, including the drafting and execution of wills, trusts, powers of attorney, and advance healthcare directives.
Drafting wills: a will is a legal document that outlines how you want your assets to be distributed after your death. An estate planning lawyer can help you draft a will that reflects your wishes and ensures that your assets are distributed according to your wishes.
Setting up trusts: a trust is a legal document that allows you to transfer your assets to a trustee (which is often yourself until your incapacity or death), who manages the assets for the benefit of yourself and your beneficiaries. There are dozens of different types of trusts, and the correct one must be tailored for each client depending on their specific circumstances.
Establishing powers of attorney: a power of attorney grants someone else the authority to act on your behalf. An estate planning lawyer can help you establish powers of attorney for financial and healthcare matters, to ensure that someone you trust can make decisions for you if you become incapacitated.
Creating advance healthcare directives: an advance healthcare directive outlines your wishes for medical treatment if you become unable to make decisions for yourself.
Providing tax planning advice: estate planning lawyers can help you minimize taxes on your estate and ensure that your assets are distributed in the most tax-efficient manner possible.
Whether or not you need an estate planning lawyer depends on your individual circumstances and goals. If you have a complex estate or have concerns about how your assets will be distributed after your death, an estate planning lawyer can provide valuable guidance and expertise. An estate planning lawyer can also help ensure that your estate plan is legally valid and reflects your wishes.