What does a wills & estate planning lawyer do?
Estate planning lawyers make sure your money, property and wishes are handled the way you want if you die or can no longer make decisions. They draft wills and trusts, set up powers of attorney and healthcare directives, and plan to minimize taxes and family disputes.
Core estate planning documents
- Will: says who inherits and names an executor and guardians for minor children.
- Revocable living trust: holds assets during your life and can pass them on without probate.
- Durable power of attorney: lets someone manage your finances if you can't.
- Healthcare directive and healthcare power of attorney: set out your medical wishes and who decides for you.
- Beneficiary designations on retirement accounts and life insurance, which pass outside your will.
Taxes
The federal estate tax only affects very large estates, but some states charge their own estate or inheritance tax at much lower thresholds. An estate planning lawyer can explain the rules in your state.
How it works in Europe
Inheritance rules differ sharply across Europe. Many countries have "forced heirship" rules that reserve part of an estate for children or spouses. The EU Succession Regulation lets you choose the law of your nationality to govern your estate, which matters if you own property abroad. In civil-law countries, notaries often play a central role in wills and estates.
Questions to ask before you hire a wills & estate planning lawyer
- Do I need a trust, or will a will do the job for my situation?
- How will my plan affect estate or inheritance tax?
- Do you keep the original documents, and is there a charge for updates later?
- What happens to retirement accounts and life insurance that already name beneficiaries?