Estate Plan
Estate planning is a must when you want to protect and provide for your loved ones. By setting up a plan now you have time to think through and make decisions in advance for those you wish to provide. A well-planned and executed estate plan can make the transition for your family easier at a very difficult time in their lives.
It is important and necessary to work with an attorney that is experienced in estate planning to make sure that everything is as you want. This may help to decrease the likelihood that unexpected government rules or taxes will occur. It allows you to have peace of mind that everything will be in order when you are no longer here to oversee things.
If you become unable to handle your estate or business aspects, then there is a way to choose how and who you would like to assist you with meeting your needs. There are several documents to be aware of and to understand how these may be used for your estate plan:
Financial Power of Attorney:
- With this written document in place it allows you to appoint a person that you decide will best handle the financial and property aspects of your estate plan if you become unable to manage these on your own.
- You can make the decision as to what you want them to handle while you are capable to make that decision. Financial and property aspects may include but not limited to:
- Managing properties
- Deposits and withdrawals from bank accounts as necessary
- Signing contracts
- Paying taxes
Trust:
- This is a written agreement that is funded with the assets owned by you in which you name a trustee. The trustee oversees and administers assets on behalf of the beneficiaries that you name.
- One of the greatest benefits of having a trust is if something happens to you and you are incapacitated, the successor trustee that is named in the written agreement can step in to help. This person would continue to handle the financial assets owned by the trust on your behalf during this period.
- After death, the remaining assets are allocated according to the instructions you set up in the trust. Your wishes will be honored.
- Because the assets are deemed to be owned by the trust, and you have already determined what will happen to them, there will be no need for probate. This helps the beneficiaries feel less stress and allows them to take action to move ahead with their life.
Medical Power of Attorney:
- This document only becomes effective if you are unable to make medical decisions about your care. With this document in place you choose who you want to name as the person to make decisions about your medical care.
- Remember that this document is only applicable when you are unable to communicate your wishes or incapacitated.
- This document saves the family or other potential caregiver from having to go before a judge to have them named as the person to make medical decisions.
Estate planning allows you to take control of what happens to you and to your estate. Having a good attorney that understands the laws and requirements needed to put your wishes into actions is a must. If you would like to know more or we can answer any questions, feel free to give us a call or leave a comment below.
