An attorney can help protect the future of a person’s family by advising on guardianship and drafting power of attorney (POA) agreements. The attorney can guide the person through the whole process of drafting a legally binding Will. A Will is a legal document that allows smooth asset distribution according to the wishes of the testator (Will maker). An attorney’s involvement is also crucial during the estate plan’s review and update.
Key Roles of an Attorney in Estate Planning
Providing Comprehensive Legal Advice on Guardianship
A parent should prioritize guardianship of his or her minor children when creating an estate plan. The parent should choose a reliable and trustworthy guardian who will instill the ideal values in the minor children. An estate planning attorney can guide the parent on appointing the best guardian.
The attorney can help the appointing parent and the appointed guardian to formalize the appointment process in writing. Naming a backup guardian is a wise idea. The secondary guardian will step in if the primary guardian cannot perform guardianship duties.
Developing a Will
The last Will spells out the wishes of the testator in a legal document. This document contains the name of the guardian for the minor children. It also specifies the formula for asset distribution. The Will also names an executor who will execute the Will according to the testator’s wishes.
An attorney can help a parent draft an error-free, legally binding Will. The attorney can also advise the parent on how to choose an executor.
Drawing up Power of Attorney (POA) Agreements
An estate planning attorney who is knowledgeable in drafting POAs can help a parent draw up a POA that meets state requirements. An attorney who knows how POAs work and is familiar with issues that may arise when they are invoked will, outline the responsibilities that the parent wishes to convey in clear language.
Reviewing and Updating an Estate Plan
Factors that directly affect the estate plan, including the addition of new family members and increased market unpredictability, can rapidly change. This change may create a need to update the plan so that it keeps on matching the owner’s goals.
An attorney can review and update the existing estate plan to reflect the parent’s goals and lower estate taxes. The attorney can also help the parent to establish trust. A trust safeguards the parent’s family assets from creditors, former business partners, and beneficiaries with overspending habits.
