The property market can seem daunting if you don’t get the correct guidance!
Don’t stray away from life-changing opportunities just because you don’t fully understand the process and the role of individuals,
Like an estate attorney, who plays a vital role in the financial sector.
Don’t worry; We’re here to offer FREE advice.
We’ll help you discover:
- Precisely what an estate attorney is.
- When you might need one.
- The role of an estate attorney in the equity release process.
As experts in our field, we’re no strangers to estate attorneys.
We’ve put together this simple guide to teach you everything there is to know about this essential and how they can serve you throughout your life and in your retirement.
Check this out!
What’s an Estate Attorney?
An estate attorney is a professional who’ll provide legal guidance during many property-related processes.
This particular professional is a qualified lawyer who’s specialised in all things estate-related.
Could you perhaps do with an estate attorney? Let’s take a closer look at their role.
5 Roles of an Estate Attorney to Know When You’ll Need One
Estate attorneys work within the realm of estate law1.
While each individual may have specific specialisations, here are some responsibilities that their role might include:
Drawing up a Will
Firstly, it’s never too late to draw up a will. If you haven’t, you must get in touch with an estate attorney today.
If you don’t want to leave everything to your spouse and children or avoid arguments between family members, drawing up a will is vital.
While writing up an informal will is an option, that document is easily contested and doesn’t come with the guarantees of a professionally drawn-up legal document. In such cases, an estate attorney is essential.
Inheritance Taxes and Probate Tax-Reduction
The last thing you want is your family to be in trouble for not paying the appropriate taxes.
In addition, without professional support, you could end up paying more than you need to.
While an estate attorney does cost, appropriate legal advice can help you save 1000’s of pounds.
Writing Living Wills
While none of us ever want to consider this, the fact of life is that we all could end up mentally or physically incapacitated.
A living will highlight your wishes, should you end up in such a position.
This would include whom you want to live with and who’ll manage your estate, taking the burden of these crucial decisions away from your nearest and dearest.
Setting up a Trust
A trust could help you ensure your hard-earned pounds are being used how you intended them to be.
This would be instead of leaving everything in the hands of your children who might not be ready for such a big responsibility.
Determining Legal Guardianship for Your Minors
While most of us don’t wish to die when we have young kids, it could be a reality that every family might face.
If you don’t want your children to be in the hands of your family members,
It’s vital to get an estate attorney involved to help set you in the right direction.
Estate Lawyers in the Equity Release Process
In addition to using a financial adviser, UK law dictates that an estate lawyer MUST be involved in the equity release process.
They ensure that you have had financial and legal advice on the implications of taking out equity release.
In addition, their role is to safeguard you from illegitimate lenders and negative third-party influence.
Your estate lawyer works for you, and no one else is involved in your equity release process.
Your equity release lender will also have a legal services provider represent their needs.
This role primarily ensures that the equity release provider secures legal charges over the property on which the loan is taken out.
No matter what stage you are in your financial journey, there’s no doubt that you’ll come across an estate lawyer in the process of securing your legacy and your heirs’ financial future.
In addition, seek guidance from a professional financial adviser who will help you make all the appropriate steps to get the most out of your money.