Tuesday, April 26, 2016

The Purpose of The Estate Planning Attorney

The estate planning attorney plays a central role in the estate planning process, as he or she must attend to the legal aspects of the process. Go to Austin estate planning attorney for more info. One of the initial matters to be taken care of is to be sure that there is an up-to-date will, and possible trust that is in place.

The will states the instructions of the estate owner or owners, if a couple is involved, for the distribution of assets to designate heirs. A trust, is a legal vehicle that can hold assets for distribution at a later time, or to place assets in prior to a death, to avoid having to pass those assets through probate.

The attorney is looked upon as the the "quarterback" and as the need arises, other professionals, such as the CPA, the banker and the  life insurance professional may also be called upon to provide needed advice in their areas of expertise.

Estates need to be planned for distribution for more than just saving taxes, although that is an important consideration. The assets need to be efficiently transferred to the beneficiaries so that there is minimum delay and little to no doubt as to their status of ownership.

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