The law is a complicated entity, and it would take years and years to even partially understand it. That is why legal help is necessary to complete so many seemingly basic financial and business related tasks. In order to take care of estate planning, for instance, you need a skilled financial attorney to help sort out all of the details. While there are many different kinds of financial attorneys, it is an estate lawyer that is responsible for handling estate planning.
Estate planning is the process by which a person figures out how their property will be distributed upon their death. While some people assume that wills are straight forward, the reality is that they are not, and the estate planning process can take a very long time and still not come to a reasonable conclusion. There are many reasons why this is the case. First of all, in order for a will to hold up, you need to make sure it is worded properly and accounts for everything accurately. This is difficult to do, and there will always be people who will try to dispute it. Because of this, a big part of the estate planning process is to ensure that there are as few areas to dispute as possible. The more airtight the document is, the less problems will arise down the line when it comes time for it to be implemented. Because of this, the estate planning process is arguably even more important than the probate process, since the former sets up the conditions for the latter.
Probate is a little bit different from estate planning, in a couple of ways. First of all, estate planning has to occur before the person in question passes away. Probate is the process of figuring out who receives what, after this has occurred. Probate has the potential to get a lot messier than estate planning, since people will not always agree. Once the probate process has begun, it is almost outside the hands of the attorneys as to what will happen. One other factor that makes the probate process so unpleasant is the fact that debts can come into play at this time. If the person had any outstanding debts, some of the assets may be taken by the debt collectors. The attorney will of course try to minimize this outcome as much as possible.
One other similar field of law that is directly related to both probate and estate planning is elder law. Elder law has to do with how to go about dividing a person’s assets who has no longer the ability to manage their own affairs. Because of this, it is important to get an impartially and trustworthy mediator to help establish the will of someone in this position. Elder law has a high potential for issues arising, which is why it is important to have only the best estate attorneys handle it. It is a delicate situation, which requires a great deal of finesse and care.