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Helpful Definition for: Lawyers - Estate planning & Real Property
Estate planning and real property lawyers are those attorneys who focus on the area of trusts and estates law, sometimes known as the law of successions, which is defined as those laws governing the disposition of a client's property and the management of his or her affairs in anticipation of death or incapacity. The will is the document most directly associated with this process; trusts and tax planning involving both federal and state tax codes are often important factors as well. An estate plan is drawn up to distribute real and personal property to the client's intended beneficiaries with the goal of preserving as much wealth as possible for the heirs while creating maximum flexibility for the client during his or her lifetime. The proper valuation of any real property included in the estate is often a significant consideration, particularly in light of the overall real estate market decline of the past several years.