Estate Planning Lawyers Dubai : Legal Firms in Dubai : Best Law Firms in Dubai : Top Lawyers in Dubai, Advocates & Legal Consultants in Dubai UAE. By definition, a real estate planning lawyer is an attorney who gives legal advice to clients who own assets that need to be managed during their incapacity or death. This includes the granting or release of these assets to heirs, and the payment of corresponding estate taxes to the state.
Basic Responsibilities of Estate Law Attorneys
Estate planning attorneys are responsible for the determination of specific distribution of their client’s estate to their heirs. They are also the most knowledgeable people who can give advice to clients who plan to set up a trust where assets are saved and reserved for a specific beneficiary. These law practitioners draft wills and other documents that revolve around trusts and estate planning.
Aside from taking care of estate plans and trusts, estate planning lawyers in Dubai are the best persons who can give insights regarding retirement plans and life insurance laws. They also settle trusts, real estate plans, wills, and related deeds that need court litigation.
An effective estate law attorney is one who has a detailed knowledge of property, trust, wills, and state and federal tax laws.
Actually, there are two kinds of estate law attorneys, the litigation real estate attorney and the transactional real estate attorney. Transactional attorneys work on the preparation of documents, review of the documents and negotiate terms, and perform other tasks to get things done on behalf of their clients. The litigation attorney on the other hand, works to resolve in the court of law, real estate transactions that have legal impediments.
Real estate refers to a person’s assets, property or holdings. It is deemed as a person’s net worth at any given time, minus his liabilities. It is important to engage the services of an estate planning lawyer in the disposal or distribution of his estates because it makes the process more systematic and it helps to increase the estate value by way of reduced taxes and other expenses.
Probate is the first and primary step in the legal procedure of managing a deceased person’s estate. It is the process of validating and approving a person’s will through the probate court. It makes the will a legal document which can be enforced.
These are the most basic facts regarding real estate and estate planning lawyers in Dubai. These will be your first step should you want to establish a trust or find a lawyer to work for the distribution of your estate.
Estate Planning Lawyers
Estate Planning Lawyers Dubai : Legal Firms in Dubai : Best Law Firms in Dubai : Top Lawyers in Dubai, Advocates & Legal Consultants in Dubai UAE. An estate planning lawyer in Dubai can help individuals create a last will or establish a trust to protect inheritance assets in the event of their death. It is important to select a probate law attorney who listens to your needs and provides sound advice for developing strategies which benefit designated beneficiaries.
Recently, a colleague hired an estate planning lawyer in Dubai to assist with her terminally-ill mother’s estate. Although her mother was not a wealthy woman, she owned a home, automobile and held financial portfolios and life insurance policies.
The estate attorney was referred through her mother’s credit union. Considerable family strife existed within the family and her mother wanted to disinherit one of her sons. The estate planner executed a simple will and provided strategies to prevent assets from passing through probate.
Due to the nature of illness, the woman’s daughter did not have time to consult with multiple probate law firms. Instead, she was forced to work with an asset protection attorney who had no prior knowledge of her mother, family dynamics, or how she intended to distribute inheritance assets.
The credit union closed their estate planning division due to budget cuts. The daughter was not informed of this and only discovered she no longer had a lawyer for probate after her mother passed away. This created chaos for the daughter who was designated as the probate executor.
To make matters worse, the estate administrator resided in another state. She was forced to locate a new probate litigation attorney just days before returning home. During their meeting, the man expressed no interest in her mother’s estate and was unable to provide advice on how to protect her mother’s Will from being contested by the disinherited son.
Fortunately, she was well-versed in estate planning and had taken steps to obtain asset protection. Because the remainder of the estate was small, the Administrator was able to avoid probate and settle her mother’s estate within a few months.
This goes to show things can go dreadfully wrong when estate planning is put off until a person is terminally ill. Many unwanted issues can arise when trusts and estates are executed during the final weeks of a person’s life.
This is of importance when executing a last will and testament and distributing assets amongst dysfunctional families. When probate estate planning is conducted in the final stages of life, disinherited heirs can contest the will by claiming the decedent was not of sound mine or under the influence of another’s persuasion. When Wills are contested, estates can be suspended in probate for months or years and potentially bankrupt the estate.
Estate and trust planning should be initiated while you are in good health. Hiring an estate planning probate lawyer in Dubai ensures your final wishes will be followed when you die. It also eliminates stress from the appointed probate personal representative.