The Role of a Trusts and Estates Attorney: Advisement and Administration
What is estate planning?
Estate planning involves managing the division and inheritance of an individual’s assets, which together make up their personal estate. Trusts and estates law is the area of law that deals with the protection of a client’s assets during their lifetime and the distribution of those assets following their death.
More specifically, the law of trusts and estates governs the use of certain types of legal tools, such as wills, various types of trusts, advance directives, and even closely held entities, such as partnerships and limited liability companies, to provide for the orderly distribution of assets and the payment of any debts or liabilities that the estate may owe. Trusts and estates law can also serve as a powerful financial planning tool that can help families manage, protect, and preserve wealth for future generations.
The distinct role of a trusts and estates attorney
Trusts and estates lawyers develop close, long-term relationships with their clients, often spanning several years. Because this area of law is so personal, attorneys become deeply familiar with their clients’ financial situations, personal concerns, and family dynamics. Throughout their professional relationship, attorneys may gain access to sensitive and confidential information, leading them to become trusted advisors and confidants who offer both legal and emotional support in navigating financial and personal challenges.
However, the role of a trusts and estates attorney often extends beyond being a confidant and offering legal advice. Estate planning lawyers are responsible for drafting key documents like wills, trusts, and powers of attorney, covering financial and healthcare matters. They also oversee most aspects of estate administration, including the probate process.
Estate planning is multi-faceted
Trusts and estates lawyers often collaborate with other professionals, such as financial advisors, tax specialists, and the client’s heirs and beneficiaries. While coordinating the efforts across multiple professionals, trusts and estates attorneys must also stay up-to-date with relevant laws, including those related to estate, inheritance, income, and gift taxes, as well as changes in government policies. In some cases, these attorneys may also handle contested wills and legal disputes.
In essence, the role of a trusts and estates lawyer is complex, requiring tailored solutions to meet each client’s specific needs. Overall, these attorneys guide clients through the process of organizing their financial affairs and ensuring that their assets are distributed according to their wishes, while minimizing tax implications.
What does it mean to advise and administer estates?
In our role as trusts and estates attorneys, we work closely with our clients to develop and implement effective long-term wealth-planning strategies and ensure that our clients’ wishes are met and their estate plan is properly implemented and effectively carried out.
More specifically, our work includes the following services:
- Counseling clients on domestic and international trusts, including revocable and irrevocable trusts and special needs trusts
- Providing guidance on estate, gift, and income tax matters
- Advising clients on medical and financial directives, including financial powers of attorney and advanced medical directives
- Drafting a range of wills and trusts ranging from simple to complex
- Support clients and advise on elder care, including both long-term and emergency guardianships, and conservatorships
- Guiding clients on the use and benefits of closely held business structures, including partnerships, limited liability companies, and corporations
- Assisting with asset transfers, trust administration, and other trust-related matters
- Ensuring adherence to all applicable state and local laws regarding estate, trusts, and wealth planning
- Offering comprehensive, thorough, detailed, discreet, customized and personal service to all of our clients, during and after their lifetime
- Assist with probate before it begins or during the process
Plan and build your future – begin today!
Effective estate planning is essential for preserving your assets for future generations. It’s an ongoing process that addresses changes in your family situation, business and financial circumstances, the tax code, and other laws and regulations while accomplishing your goals and meeting your objectives. Choosing a trusted and knowledgeable partner to advise and assist you is fundamental.
Braggs Law is a team of experienced professionals and we understand how valuable it is to have a trusted resource available to guide and support you as you plan for your future and the future of your loved ones. Contact us or schedule an appointment online. Our staff is also available to answer questions and set up appointments over the phone, give us a call at (703) 972-5640.
