Estate Attorney Washington
A person’s estate is the total amount of assets minus liabilities and is relevant in cases of bankruptcy or death. An estate lawyer like Liberman estate attorney Washington DC deals with state and federal laws as they apply to an individual’s estate. Typically, this will include the estate inventory, its value, and how it is dispersed to the beneficiaries and what tax is applicable.An estate is a written and witnessed record of your wishes and intentions in regards to your assets and how they shall be distributed to the bequeathed persons. The estate is a legal document that is drawn up with the help of a qualified estate lawyer such as S. Liberman estate attorney Washington DC.
It is important to arrange your estate while you are still living as if not it will be done by the state after your passing. To make sure your estate is properly organized, legally binding and accurately records your wishes after death, it is important you create your estate in conjunction with a professional estate lawyer like S. Liberman estate attorney Washington DC.
What does an estate consist of!
An estate will consist of assets that are passed onto the beneficiaries. Typically, these assets will include:
- Bank accounts
- Stocks and shares
- Investments
- Retirement savings
- Real Estate (House or land)
- Artwork
- Jewellery
- An operating business
- A corporation
- Household furnishings and household contents
- Motor vehicles
- Smartphones
- Livestock
- Debts owed to the deceased
- Intellectual property
- Patents
- Trademarks
Why it is important to use an estate lawyer.
An estate plan composed by an estate lawyer like S. Liberman estate attorney Washington DC arranges the affairs and finances of a deceased person, or sometimes when an individual is still alive but unable to handle the affairs and finances for reasons of incapacitation.
There are many legal aspects to be taken into consideration when drawing up an estate which is part of the reason it is always best to use a qualified estate lawyer such as S. Liberman estate attorney Washington DC.
Estate planning helps minimize taxes and legal tie-ups and appoints people to take care of your children if you become incapacitated or die. An estate will also provide:
- Power of attorney to appoint people to make decisions on your behalf. These decisions will normally be medical or financial and are made by the appointed people when you are incapable of making them yourself.
- An estate drawn up by a qualified estate attorney such as S. Liberman estate attorney Washington DC will state medical directives in regards the medical treatments you shall or shall not receive if and when you become incapacitated and unable to make those decisions yourself.
- An estate composed by a qualified estate lawyer like S. Liberman estate attorney Washington DC will designate who shall receive money upon your death. This can include money received from insurance policies, annuities and a range of other financial accounts.
- An estate will facilitate the proper passing of property to the persons bequeathed. Plus, when an estate is composed by a professional estate lawyer such as S. Liberman estate attorney Washington DC it can provide provisions that help minimize tax obligations for your designated beneficiaries.