How does An Estate Planning & Will Writing Solicitor Work?

inheritance tax planning

Estate planning involves coming up with a plan or a strategy for individuals who look forward to distributing their property and wealth post their demise. This is a plan or an arrangement that allows authorities to make a proper distribution of wealth among inheritors and family members the way they have been allotted or prescribed. If reports are to be believed, estate planning is not only beneficial for the elderly but even for the benefactors. Friends, family members, business colleagues and even someone anonymous can become a beneficiary or an heir.

Services Offered by an Estate Planning Attorney

If you too are considering estate planning and will writing Birmingham services, then it is necessary for you to get the services of an estate planning attorney. Some things are essential for success in estate planning. It is therefore essential to take the services of an estate planning lawyer. Consulting a lawyer in this field not only helps in coming up with the right will but it also ensures that the request of the client regarding his or her distribution of property would be granted appropriately on his or her death. So, what are the services offered by an estate planning attorney? The services are as follows:

  • An estate planning lawyer does not only establish the legal will of a client but will also remain adept at minimizing the fees and the taxes related to the real or personal property.
  • Such lawyers are capable of setting up contingency plans in case of unwanted events such as legal or family disputes.
  • The other services offered by an estate planning lawyer include dealing with trusts, gift tax, uniform probate code, joint tenancy and dynasty trust.

The Services Offered by Lasting Power Of Attorney Solicitors

There can be absolutely no doubt in the fact that there is the great importance of offering the lasting power of attorney to a close and trusted friend or relative. Lasting power of attorney gives individuals the flexibility of choosing people who can act on behalf of them in the form of an attorney and come up with their own decisions regarding the financial affairs and the property of the individual. The lasting power of attorney is granted to friends or relatives only when an individual is no longer able to make his or her decisions himself or herself. The decisions include running savings accounts and bank accounts; decisions on spending money and decisions regarding selling or making investments.

The Definition

A lasting power of attorney is a legal document that is made by a certain donor allowing an attorney or some other person to make decisions regarding the welfare and the health of the donor along with his or her affairs and property. There are two varieties of the lasting power of attorney, and they are:

  • A Personal Welfare LPS that offers power to the attorney for making decisions regarding the personal welfare and the healthcare of the donor.
  • A Property and Affairs LPA that offers power to the attorney for making decisions regarding the financial affairs and the property of the donor.

How can a Lasting Power of Attorney Solicitor Help?

Lasting power of attorney solicitors offer proper advice on preparing a lasting power of attorney. They also carry out the task of preparing this legal document on behalf of their clients or the donors.