Determining the status of your estate after your death is not an easy task for anyone to think of; no one wants to think of the time when they will not be there for their family and other loved ones. However, having an estate plan in place can help ensure that your property ends up in the right hands and that any dependants are taken care of if necessary. Not only do they help with these two important matters, an estate plan can help in cases where you may not be able to handle your affairs. An estate planning lawyer will be able to help you with all aspects of your estate plan including a will, creating a trust, power of attorney, and health care.
Make A Will
One of the first things that an estate planning lawyer will help you out with is your will; the will is the first thing most people think of when thinking about their estate plan. A will is basically an instruction manual of how things should pan out once you are deceased. It explains who will inherit which parts of your property along with guardians for any minor children living in the house-this part may be left out if you do not have any minor children in the house. One problem that arises with a will is that it is not legally binding until you die. Many estate plans will provide more details than wills and are considered more extensive.
Trusts
An estate planning lawyer is also available to help you in developing a trust for the estate plan. A trust is basically a plan where you transfer your ownership of all property to the trust; at the time of your death, an appointed trustee will distribute all property in accordance to your wishes. Trusts and wills contain many similarities; the main difference is that not all trust assets have a probate process in order to transfer the property. It is possible to include both wills and trusts in the estate plan.
Power of Attorney
An estate planning lawyer may be able to assist you in choosing a power of attorney in the case that you are not capable of determining important decisions in your life. You will need to create power of attorney in addition to a will; those named as trustees in the will have no power until your death.
Health Care
While you may pick a power of attorney for all financial purposes and health care, you may choose one to do either situations or a different person for each. You may also make some health decisions ahead of time. A living will states if you prefer to prolong your life artificially. If you do not make these decisions ahead of time, your power of attorney will make them for you.
