Many people believe that estate planning is
something done only by the wealthy or by the elderly. The fact is, this could
not be further from the truth. Whether you are young or old, it is important to
meet with estate planning attorneys so you can have your affairs in order in
case something goes wrong.
When most people think of estate planning,
they think of making a will. It is true, of course, that planning attorneys
assist with the creation of a valid will that will stand up in court and that
will prevent your heirs from fighting over your assets and possessions at the
time of your death. However, estate attorneys do much more than simply help you
to draft a will.
Estate planning attorneys can recommend
comprehensive strategies to help you to protect your assets and your wealth not
only from being subject to high estate taxes but also from being lost if you become
ill or incapacitated. Estate planning attorneys can do this by helping you to
create trusts to protect your assets, or by helping you to make appropriate
plans for long-term care insurance.
Estate planning attorneys will also help to
make sure that you are taken care of if something happens to you so you are not
at the mercy of family members to act on your behalf during their time of
grief. Some of the different things that estate planning attorneys can do that
you may not be aware of include:
Helping you to establish a power of
attorney
If you are ever unable to speak for
yourself or to access your own bank accounts or manage your own money, you will
need to have a trusted person doing these things for you. If you do not name a
power of attorney, your family may be unable to access your bank accounts or to
make decisions on your behalf without getting a court order granting them the
right to do so. Don't put your family through this, and don't leave the
handling of your affairs to chance. Establish a power of attorney so that
someone you trust looks out for you when you no longer can.
Helping you to establish a living will
One of the most important things that an
estate attorney will do for you is help you to establish a living will. A
living will is a document that specifies what will happen if you suffer a
medical emergency and need life-saving medical care. In your living will, you
can specify what extraordinary measures- if any- you want used to help save or
extend your life. If you do not want to put your family into a situation where
they have to "pull the plug," so to speak, or if you want to make
sure you control your own death and maintain your dignity, you need a living
will.
Helping to make sure your kids and pets are
taken care of
While wills and trusts are partially about
determining who gets your assets after your death, you will also need to
specify other things like who should be guardian of your kids or who will look
after your pets. Estate planning attorneys help you to make sure these
important issues are taken care of.
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