McKenzie Legal & Financial

Key Responsibilities

Drafting Wills and Trusts: One of the primary functions of an estate planning attorney is to draft and revise wills and trusts. A will outlines how a person’s assets should be distributed after death, while a trust can help manage assets during a person’s lifetime and distribute them upon their death.

Tax Planning: Estate planning attorneys help minimize the estate tax burden. They can advise on strategies to reduce estate taxes, such as setting up charitable trusts or making use of lifetime gift exemptions.

Asset Protection: They work to protect a client’s assets from potential creditors or legal claims. This might involve setting up certain types of trusts that shield assets from lawsuits or bankruptcy.

Healthcare Directives: Estate planning attorneys draft healthcare directives, which outline a person’s preferences for medical treatment if they become incapacitated and unable to communicate their wishes.

Durable Powers of Attorney: They help set up durable powers of attorney, which designate someone to manage financial affairs if the individual becomes incapacitated.

Probate Guidance: If a person dies without a will, their estate must go through probate—a court process to distribute the assets. Estate planning attorneys guide executors through this process, helping to resolve any disputes and ensure the estate is settled according to the law.