Creating directives for how you want your affairs and assets handled throughout your life and after you pass away is essential in preserving your legacy. However, many avoid preparing for unfortunate events like incapacity and death because of the discomfort that often comes with discussing such topics. Moreover, estate planning involves intricacies that discourage people from taking the first step.
This is where the guidance of an estate planning lawyer comes into play. Wiles Law Firm, LLC can help you navigate the ins and outs of estate planning and wealth preservation, so you can help safeguard your hard-earned fortune and leave a lasting legacy for your family.
What Does an Estate Planning Lawyer Do?
An estate planning lawyer specializes in end-of-life planning and educates clients on the strategies and tools they can use to help preserve their estate. They are knowledgeable about the laws governing the transfer, disbursement, and taxation of assets. With their knowledge, they coordinate with financial advisors and tax professionals to create an estate plan tailored to their clients’ unique needs.
Estate planning attorneys can perform the following duties to help you formalize your wishes:
- Create and implement estate planning documents
- Set up trusts to help protect your assets during your lifetime and transfer them to your beneficiaries after your death
- Create healthcare directives for you
- Establish durable powers of attorney (DPOA)
- Discover ways to potentially reduce or avoid estate tax burdens
- Organize and arrange the transfer of your assets to the rightful heirs.
They also guide you in creating legal documents that help to give you control over what happens to your assets in the event of your incapacity or death. These documents include the following:
- Wills and other similar documents
- Revocable and irrevocable trusts
- Powers of attorney
Understanding the Legal Tools Used by an Estate Planning Lawyer
To help you understand what an estate planning attorney does, it’s essential to look at the legal tools they use. These instruments help protect your assets, express your wishes, and provide for your loved ones. Each tool plays a role in safeguarding your future and giving your family peace of mind.
Here are some of the most commonly used legal tools in estate planning:
- Last Will and Testament: A will outlines how your assets will be distributed upon your death and names guardians for minor children. It goes through probate, the legal process that validates the will.
- Revocable Living Trust: A trust allows you to manage your assets during your lifetime and pass them on privately and efficiently after your death outside of probate.
- Durable Power of Attorney: This document authorizes someone you trust to manage your financial affairs if you become incapacitated.
- Health Care Power of Attorney: This document allows you to name someone to make medical decisions on your behalf if you are unable to communicate your wishes.
- Living Will: Also called an advance directive, it specifies your preferences regarding life-sustaining medical treatments, ensuring your health care aligns with your values.
- HIPAA Authorization: Grants medical providers permission to share your health care information with designated individuals, typically your agents or loved ones.
- Guardianship Designations: If you have minor children, this tool allows you to nominate a guardian in case both parents pass away, providing peace of mind for families.
What To Expect From an Estate Planning Law Firm
Working with an estate planning law firm begins with a personalized consultation to understand your goals, assets, and family needs. Your attorney will draft key documents like wills, trusts, and powers of attorney while clearly explaining your purpose in plain language.
A reputable firm also provides ongoing support, helping you update your plan as life changes. They may coordinate with your financial advisor or CPA to create a well-rounded strategy. Most importantly, you’ll receive compassionate, confidential guidance, making complex decisions easier and giving you peace of mind.
The Role of an Estate Planning Lawyer
Estate planning lawyers help you safeguard your assets, protect your loved ones, and ensure your wishes are properly documented. Their primary responsibility is to create a customized legal plan that reflects your personal, financial, and healthcare goals during your lifetime and after.
They assess your situation, recommend the right tools, and help ensure all documents comply with South Carolina and federal laws. In times of change, such as marriage, divorce, or childbirth, your lawyer helps you to update your plan accordingly. Ultimately, they serve as your legal guide, helping you plan wisely and avoid costly mistakes.
How Much Does an Estate Planning Attorney Cost?
The cost of hiring an estate planning attorney can vary based on the complexity of your needs. Some attorneys charge a flat fee for comprehensive planning, while others may bill hourly. Simple wills typically cost less, while trusts or tax planning may increase prices. During your consultation, a reputable firm will provide transparent pricing and explain what’s included so there are no surprises as you plan for the future. These details will help you understand what an estate planning lawyer does and the value of their services.
How Do I Prepare for a Meeting With an Estate Planning Attorney?
Follow these simple steps to get ready for your consultation:
- Gather key documents like deeds, bank statements, retirement accounts, insurance policies, and existing estate documents.
- List your assets and debts.
- Consider key decision-makers like a guardian or executor.
- Outline your wishes, noting any specific goals or distributions.
- Prepare questions or concerns to discuss during your meeting.
How Consulting an Estate Planning Lawyer Can Benefit You
You are free to plan and prepare your estate on your own. However, doing this alone means navigating the complex estate and inheritance laws without guidance.
On the other hand, estate planning for wealth preservation with an attorney helps ensure you have a solid and comprehensive plan to safeguard your hard-earned assets. Ultimately, their guidance helps you to reduce unnecessary emotional stress, confusion, and conflict that often comes with inadequate estate plans.
Here are some of the many benefits you can gain from consulting an estate planning attorney:
- A detailed estate plan tailored to your needs and wishes
- Invaluable insights on the state and federal laws that may affect your estate plan
- Access to a professional who can answer all your questions and concerns
- Personalized assistance for drafting your estate planning documents
Do You Need an Estate Planning Attorney?
Whether or not you need an estate planning attorney depends on your unique situation, but you will likely benefit from their legal skills if any of the following circumstances resonate with you.
If You Have Kids
The best way to ensure your children or dependents receive your hard-earned assets is to put safeguards like trusts in place. However, setting one up is often more complex than writing a will, making the help of a legal professional crucial.
If You’re Overwhelmed with the Legal Process
Working on estate planning documents involves encountering confusing and even overwhelming legal terms. An estate planning lawyer can simplify concepts for you or answer any questions you may have to ensure you’re on the right track.
If You’re at Risk for Incapacity
If there is likely a time when you can no longer make decisions yourself, an attorney can help you set up the appropriate documents in advance to determine your long-term care. These estate planning tools can also ensure your wishes for legal and financial matters are honored.
If You Want To Reduce Family Conflict
The death of a loved one can bring out intense emotions that can get in the way when the time comes to manage the assets left behind. A comprehensive estate plan can help reduce and possibly avoid family conflict, allowing your loved ones to move on without undue emotional stress.
If You Want To Protect Your Legacy
A well-rounded estate plan includes other helpful documents besides your will, such as a trust, advance medical directive, and power of attorney. Meeting with a knowledgeable and experienced attorney can help ensure you have all these documents – and that they’re set up correctly.
Estate Planning and Wealth Preservation Are for Everyone
Finally, it’s worth stressing that estate planning for wealth preservation isn’t only for the wealthy. Instead, it’s for anyone with personal belongings they would like to be distributed in a specific way after they pass away. It’s also a crucial tool for those who want to ensure their dependents’ financial stability after they’re gone, whether aging parents, minor children or loved ones with special needs.
Whether you’re just starting with your estate plan or want to update an existing one, the wealth preservation planning professionals at Wiles Law are here for you. One of the best things you can do for your loved ones is to safeguard their financial future and protect them from overwhelming taxes, even after you pass away. Let us help you take the first step in building a lasting legacy; contact us at (843) 718-0232 to get started.