Firstly, lets us define this term, for the layman. Who is an Estate Planning Attorney? Let’s us break it up, to make you understand it better. A person is basically known, by his or her net worth. ‘Net worth’ is a sum of the assets, leaving out the liabilities. There are some financial regulations in place incorporating estate, will, trusts and power of attorney to facilitate the proceedings of an estate.
Here, the Estate Planning Attorney comes into the picture. Now, you just cannot appoint any lawyer, can you? No, you need to appoint someone who has the following qualities and educational degrees:
- Firstly, the incumbent should have a degree in law.
- Next comes the specialization, in this case, topics like estate planning, real estate, family law and trusts should be a part of the specialization.
- A LLM degree is even more beneficial.
Estate Attorneys help clients take decision on their estates, in planning, counseling, litigation etc. An Estate Planning Attorney should have a thorough knowledge about the federal tax laws, trusts, wills, probate and real estate.
It is a division of the superior court in California. The probate court can take administer decisions for you, if you are incapacitated or disabled. The court makes sure, that you have the services of a guardian who can look after you and that no one abuses you.
If you die, then the probate court intervenes in paying off your liabilities and collecting payments related to your receivables. The court appoints a legal executor who can properly take decision, on your behalf.
How long does it take?
It can take from say, eight months to two years at the most to settle the issues. In the meantime, family members, if hard pressed for money can appeal to the court for release of some finances.
How to avoid probate?
It is advisable to have an estate plan in place, though an attorney to avoid all the hassles of a probate.