What Does an Estate Attorney Do Exactly in 2022?

The Role of an Estate Attorney: Are They Essential?

Contributors: Nicola Date, Katherine Read. Reviewed by Francis Hui

An Attorney Can Be Someone's Best Friend When They Are in Need. But What Does an Estate Attorney Do? This Post Will Break Down the Basics of This Profession So You Can Get To Know Them Better.

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Discover Now: What Does an Estate Attorney Do Exactly?

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.

In Conclusion

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.

Editorial Note: This content has been independently collected by the SovereignBoss advisor team and is offered on a non-advised basis. Sovereignboss may earn a commission on sales made from partner links on this page, but that doesn’t affect our editors’ opinions or evaluations. Learn more about our editorial guidelines.

rachel w

Rachel Wait
Personal Finance Journalist

Rachel is an experienced finance journalist and editor with a particular interest in personal finance and consumer affairs. She has vast experience writing about money issues, property, insurance, and consumer affairs, and you’ll find her articles regularly featured in top media and newspaper publications.
John Lawson

Written by
John Lawson
Founder SovereignBoss

John is passionate about education and has made it his life-long mission to assist UK citizens on their future financial options, with a specialist interest in equity release, and SovereignBoss is the natural extension of this passion.
francis

Reviewed by
Francis Hui
Senior Risk Manager

Having held various high-level roles across the industry, Francis is truly an expert in aiding UK citizens in their financial decisions and risk analysis. His unique insight and statistical knowledge make him the perfect person to help you take your financial future to the next level.
kath icon

Katherine Read
Consumer Affairs Writer

Since joining the editorial team at SovereignBoss, Katherine has become focused on bringing transparency to finances and opportunities for those approaching retirement age. She writes on the topics of equity release, home reversion, and mortgages.
nicola

Nicola Date
Writer & Journalist

Nicola is a financial writer for SovereignBoss and is passionate about the opportunities that equity release can open up for homeowners. Her extensive business experience and deep understanding of the industry means that she’s always up-to-date with the latest developments.

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