It’s important to know the difference between an estate lawyer and an estate planner. Both are key in managing your assets. An estate lawyer deals with legal matters after you pass away, like probate and wills. They make sure your wishes are followed.

An estate planner, on the other hand, helps with planning the transfer of your assets. They set up trusts and create a detailed plan for your financial, medical, and end-of-life needs.

In states like Aizona, estate planning attorneys can get certified in wills, trusts, and estates. This shows their deep knowledge. The American College of Trust and Estate Counsel (ACTEC) also helps find experienced estate planning attorneys. Knowing the difference between an estate lawyer and planner helps you choose the right one for your needs.

Key Takeaways

• Estate lawyers manage legal aspects such as probate and ensuring the execution of wills.
• Estate planners focus on broader asset transfer strategies, including trusts and end-of-life planning.
• Certifications and organizations like ACTEC help find qualified estate planning attorneys.
• Estate planning services can potentially reduce estate taxes by an average of 40%.
• Only 25% of adults have discussed their estate plans with family, highlighting a need for estate planning services.

Defining Estate Lawyers and Estate Planners

It’s important to know the difference between estate lawyers and estate planners. Both help with estate planning but in different ways. Estate lawyers focus on the legal side, while estate planners handle the overall management.

What is an Estate Lawyer?

An estate lawyer, or probate lawyer, is a lawyer who deals with estate law. They help with the probate process, making sure wills are valid and assets are distributed correctly. They also deal with debts and taxes.

These lawyers are key for estates worth over $12.96 million for one person or $25.92 million for couples. About 50% of estates go through probate, making their help very important. They make sure the process is legal and represent clients in court.

Who is an Estate Planner?

Estate planners offer a wider range of services for managing estates. They help with wills, taxes, trusts, and asset protection. Their goal is to help people achieve their financial goals and reduce taxes.

They are essential for family businesses, as 70% fail to pass on to the next generation. They also help update plans after big life changes, like marriage or having a child. Estate planners make sure your financial wishes are followed, giving peace of mind to your loved ones.

Key Services Provided by Estate Lawyers and Estate Planners

Knowing what estate lawyers and planners do is key for securing your financial future. They help manage and distribute your assets as you wish. Let’s explore what each offers to help you choose wisely.

Services of an Estate Lawyer

An estate lawyer helps with legal matters in managing an estate. They ensure your wishes are followed. Here are some of their main services:

• Filing the Will for Probate – They help file your will in court.
• Representation in Probate Proceedings – They handle legal matters in court.
• Assisting the Executor – They guide the executor in distributing assets and settling debts.
• Tax Obligations – They advise on estate taxes to reduce costs.
• Resolving Claims – They manage claims against the estate.
• Ensuring Asset Distribution – They make sure assets go to the right people.

Services of an Estate Planner

Estate planners focus on planning the transfer and management of assets. They offer:

• Creating Wills and Trusts – They help create wills and trusts for asset distribution.
• Designating Beneficiaries – They help choose beneficiaries for assets.
• Future Healthcare Needs – They plan for healthcare needs with living wills and powers of attorney.
• Minimizing Estate Taxes – They find ways to lower estate taxes.
• Long-term Asset Protection – They protect assets for future generations.
• Personalized Strategies – They create plans that fit your needs.

With 70% of Americans without a will, estate lawyers and planners are vital. They help plan your estate and secure your legacy.

What is the difference between an estate lawyer and an estate planner?

It’s important to know the difference between an estate lawyer and an estate planner. An estate lawyer handles legal matters after someone has passed away. They make sure wills are valid, deal with probate court, and solve disputes among heirs. Probate can take 6 months to 2 years and cost 3% to 7% of the estate’s value.

An estate planner works with a person while they are alive. They create wills and trusts, help with financial planning to lower estate taxes, and set up healthcare plans. Estate planners help avoid problems and disputes that could happen after someone dies. A good estate plan can reduce family disputes by up to 50%.

About 60% to 70% of Americans don’t have an estate plan. This can lead to more problems and costs for their families. Estate taxes can take up to 40% of an estate’s value. An estate planning attorney can help create trusts to protect assets and lower taxes. Trusts like Bypass Trusts can save up to 30% in taxes, and Charitable Remainder Trusts benefit both the donor and charity.

In short, an estate lawyer deals with legal issues after someone has passed away. An estate planner works on planning and preparation before death. Choosing the right professional depends on whether you need planning or legal help with an estate.

Conclusion

Deciding between an estate lawyer vs estate planner depends on your needs and estate complexity. An estate lawyer is best for legal help with asset management and distribution after death. On the other hand, an estate planner is better for a full plan that includes financial and health care aspects. Both are key to making sure your estate is in order and follows your wishes.

About 70% of Americans do not have a will or estate plan, showing the need for estate planning services. Around 40% of adults over 55 have a trust, highlighting the importance of estate planning attorneys and trust lawyers. Even though hiring an estate planner costs $1,500 to $3,000, it’s worth it for the financial security and peace of mind it offers.

Estate planning services can cut estate taxes by up to 40%, making a qualified estate planning attorney essential. It’s important to know that estate lawyers and planners offer complementary services. Depending on your assets and needs, you might need both to get a complete and secure estate management plan.

If you need help with an estate plan, trusts, wills and more and are in Mesa, Gilbert, or the Phoenix, AZ metro area contact Woods Law Group, PLLC for a consultation and help.