Estate Lawyer Responsibilities, and the Different Documentations They Deal With:
Estate lawyers work to protect your family and estate in a well-crafted estate plan. There are different ways in which to prepare for the different circumstances that may befall you, and it is up to estate lawyers to lawfully draft the documentations which will serve to protect the deceased’s family and estate from unwanted scenarios, such as probate, for instance.
Probate is a legal process in which the court distributes your property after death, and which can be a lengthy and costly affair. Probate can result in selling much of your estate to settle debts and pay taxes. An estate lawyer, or estate lawyer South Africa, work to avoid this. In doing so the estate lawyer sets up a trust, which is the best way to provide tax protection. One of the best ways to avoid probate is to set up a living trust. In life you are the trustee of your estate, but after death a designated trustee takes over. There are different kinds of trusts one can set up, such as a revocable and irrevocable trust. The most common of these, which estate lawyers deal with, are revocable trusts, which can be changed at any given time, while irrevocable trusts cannot be changed and may offer more tax benefits.