What Inheritance Lawyers Do

Inheritance lawyers, more commonly called estate lawyers or probate lawyers, are attorneys who handle different aspects of inheritance. Because of this, inheritance lawyers may have different types of expertise: estate planning, disability, estate administration, estate and trust accounting, and estate litigation. Not all inheritance lawyers practice all types of inheritance issues, although there may be some with experience in all. The type of inheritance lawyer you need will depend on the type of inheritance issue you need assistance with.

Estate Planning

One of the most common law practices related to inheritance is estate planning. Simplistically, it may refer to the drafting of wills and trusts. However, an experienced estate planning lawyer will take into account your total property value, the kind of assets you have, your family composition, your objectives in distribution, and other tax consequences to arrive at proper estate plan which could include a mix of revocable and irrevocable trusts and a pour-over will.

Disability

Another common law practice related to inheritance is disability. Disability is related to inheritance because planning for disability ensures that there will be enough wealth left for the next generation’s inheritance.

Caring for a disabled person can be expensive. For this reason, having the proper estate planning documents that can ensure you are eligible for government benefits, such as Medicaid, while preserving your assets for the next generation is important. Medicaid lawyers specialize in Medicaid Asset Protection Trusts and other Medicaid strategies, such as half-a-loaf planning, to ensure you protect your assets while still being eligible for Medicaid.

Estate Administration

Another law practice related to inheritance is estate administration. This involves the filing of a petition for probate or administration. It also includes validating the decedent’s will, identifying and valuing their assets, paying off debts and taxes, and distributing assets to the heirs.

Estate and Trust Accounting

Although estate and trust accounting is part of estate administration, estate and trust accounting requires specialized skills for the preparation of accounting schedules. For this reason, inheritance lawyers specializing in estate administration may not have the expertise in estate or trust accounting. This practice of law includes coordinating with other beneficiaries for the execution of receipts and releases and preparing adequate responses to objections on the accounting.

Estate Litigation

Estate litigation is another practice related to inheritance law. This includes will contests, the discovery and turnover of assets, contesting beneficiary designations, contesting deeds, removing executors or trustees, and making objections to the accounting, to name a few.

Inheritance lawyers are critical in ensuring the eligibility of clients for government benefits while protecting assets, preparing proper estate planning documents that transfer assets upon death at the fastest way possible with minimal costs, representing clients with the court on many different aspects, and ensuring that generational wealth is preserved.

If you are facing legal issues related to inheritance or estate planning, we at the Law Offices of Albert Goodwin are here for you. We have offices in New York City, Brooklyn, NY and Queens, NY. You can call us at 212-233-1233 or send us an email at [email protected].