Why Should You have an Estate Plan?
Everyone needs to know that their wishes for their personal care, and for their personal financial matters, will be honored when aging and after death.
Planning for “life after life” is a task we often find difficult to face, and can put off until it is too late, burdening our loved ones with making these important decisions. The forced settlement of an estate in this manner can cause additional time, expense, and legal and court procedures, thereby increasing the burden to your loved ones, In order to avoid leaving our loved ones with this extra burden at an already difficult time and ensure our assets are distributed and last wishes carried out in the manner we desire, it is necessary to speak with qualified counsel.
Planning for “life after life” is a task we often find difficult to face, and can put off until it is too late, burdening our loved ones with making these important decisions. The forced settlement of an estate in this manner can cause additional time, expense, and legal and court procedures, thereby increasing the burden to your loved ones, In order to avoid leaving our loved ones with this extra burden at an already difficult time and ensure our assets are distributed and last wishes carried out in the manner we desire, it is necessary to speak with qualified counsel.
These matters can be planned for with a well thought out Estate Plan.
Aging and Death: Plan for it in advance
If you get old and become unable to attend to your affairs independently, either from a mental or physical perspective, you may need a court appointed guardian. YOU MAY NOT want that decision to be left up to others. YOU CAN PLAN FOR AGING IN ADVANCE and avoid allowing others to decide how and who will take over your affairs.
Living Trust
Can avoid the expense, stress, and the Court involvement by Avoiding Probate = Save those you leave behind from that expense and worry and delay of distribution. Do not let your assets become subject to Court decisions about distribution.
A Living Trust is often a best option, but not always. Sometimes assets are better passed on by deed language; use of Life Insurance Policies; or use of other Testamentary devices, such as a Will or Beneficiary Designations in your Financial Accounts. THE DECISIONS DEPEND ON YOUR PERSONAL SITUATION AND SET OF FACTS.
A Living Trust is often a best option, but not always. Sometimes assets are better passed on by deed language; use of Life Insurance Policies; or use of other Testamentary devices, such as a Will or Beneficiary Designations in your Financial Accounts. THE DECISIONS DEPEND ON YOUR PERSONAL SITUATION AND SET OF FACTS.
Power of attorney for financial decisions
Can be drafted such that it becomes effective only upon your incapacity.
Power of attorney for health care decisions
Can effectuate your wishes if you become incapacitated or in need of life support to keep you alive.
Directive to physicians
Can direct your doctors as to your wishes if you become incapacitated or in need of life support to keep you alive.