Attorneys who help with issues regarding an inheritance are also called “estate planning attorneys” or “probate attorneys.” More specifically, estate planning attorneys help people plan for the distribution of their assets after death, and estate administration or probate attorneys help with carrying out that distribution when the time comes, in the event an estate goes through the probate court. (Not all estates do, though; for example, assets held in trust do not go through probate.)
In practice, many attorneys handle both estate planning and probate, allowing them to advise clients on how to achieve their planning goals, and then to guide surviving loved ones through the administration of the estate. When do you need an inheritance attorney to help you? It depends on your situation.
When to Work with an Inheritance Attorney for Estate Planning
This may not come as a surprise, since it comes from a law firm that does estate planning, but almost everyone should have an attorney whose practice is focused on estate planning when they create an estate plan. This is true regardless of your age, marital status, or the amount of assets you have.
First and foremost, estate planning isn’t only about your assets. One often-overlooked aspect of estate planning is incapacity planning: deciding who will make medical and financial decisions for you if you are unable to make them for yourself.
Incapacity planning is important for people as they age, in the event they develop dementia or other health issues that cause them to be legally incapacitated. But incapacity can happen to anyone at any age, due to a sudden injury or illness. An estate planning attorney can ensure that you have the necessary documents for your protection, so you and your loved ones are prepared.
You should also have an attorney prepare your will or trust. While there are numerous online options for creating an estate plan, there’s one glaring problem with all of them: if there’s a problem with your documents, it probably won’t become evident until after you’re gone. At that point, your loved ones may be left with no recourse because your estate planning is incomplete or unclear. This will likely lead to a court proceeding, and often family fighting, as well as additional costs and stress.
Your attorney is not just someone who churns out estate planning documents you could get elsewhere at a better price. He or she is an advisor and counselor who helps you brainstorm options, clarify your goals in writing, and customize a plan to effectively address your needs, as well as update your documents as those needs change through the years.
When to Work with an Inheritance Attorney as a Trustee or Personal Representative
You may someday find yourself responsible for administering a loved one’s assets after their death, either as the trustee of their trust or the personal representative (executor) of their will in the probate court. It’s likely that you will want an estate or trust administration attorney to help you in this role.
Not every estate requires the guidance of an attorney. Smaller estates or those with one or two heirs (and no fighting) may be simple enough that hiring an attorney isn’t necessary. However, here are some indicators that you should have an attorney:
- The estate is large or contains complex assets, such as business interests or international holdings
- The estate contains assets that are unique or difficult to value, such as artwork, intellectual property, or cryptocurrency
- There are significant tax complications, such as estate tax or gift tax obligations
- Creditors are challenging the estate or making large claims against the estate
- A beneficiary is challenging the will or trust on the grounds of fraud, undue influence, or lack of testamentary capacity
- There are conflicts between beneficiaries that could ripen into litigation
- There are allegations of trustee misconduct or claims against the personal representative of a probate estate
- The will, trust, or other estate documents are incomplete or unclear
- You are confused about your duties as trustee or personal representative
- There are unusual circumstances, like minor beneficiaries, beneficiaries with special needs, or estate property in multiple states or countries
- You are too busy and don’t have the time to oversee the administration
Administering a trust or a will is a big responsibility. The bottom line is that if you feel like you need help, you should hire an attorney who concentrates their practice in this area of law. An attorney’s services are considered a benefit to the estate or trust, so their fees are typically paid out of estate or trust assets, not the personal representative or trustee’s pocket. In other words, getting the help you need doesn’t cost you anything.
When to Work with an Inheritance Attorney as an Heir or Beneficiary
As a general rule, heirs and beneficiaries of estates and trusts do not need an attorney. The trustee or personal representative is a fiduciary, obligated to put the interests of beneficiaries and heirs above their own. However, if there appears to be fiduciary misconduct, intentional or otherwise, an heir or beneficiary might want to seek the counsel of a Michigan or Florida inheritance attorney.
Work with an Experienced Michigan Inheritance Attorney
Estates can be complicated, whether planning ahead for your own, or navigating the realities of a loved one’s estate. Working with an attorney when needed can make the process easier and the outcome better.
The skilled estate planning, estate and trust administration, and probate attorneys at Barron, Rosenberg, Mayoras & Mayoras help individuals and families navigate the legal process with care and compassion. Schedule a consultation today by calling (248) 641-7070 in Michigan or (941) 222-2199 in Florida to learn how we can assist you. You can also use our simple online contact form.