Four Instances When Estate Planning Will Be Especially Useful
Drafting wills must follow a very specific legal process. However, setting up a last will and testament could be a little less difficult with the right estate planning lawyer. Estate could refer to real estate, joint properties, life insurance, or essentially anything owned. Relevant estate planning laws must be carefully taken into account, especially when preparing any legal document concerning your estate assets and loved ones when you pass away.
What is estate planning for?
An estate plan could include various estate planning documents. Estate planning would be useful for a variety of instances since it can determine who will inherit the assets of an individual, who will act as the guardian of minor children, and who will be in charge of one’s affairs, whether at present or after death. Financial and estate planning is especially useful in the following instances:
1) When you need someone to act on your behalf in terms of finances
There are varied powers of attorney covered by estate law. A financial power of attorney is useful if you don’t want any family member to go through the tedious probate process. Having the probate court appoint the conservator is not something you would want, so discuss with a reliable estate planning attorney how you can work on a power of attorney for finances. The local attorney assisting you can also explain if there are different options.
2) When you want to give another individual the capacity to decide on medical treatment concerns
When you are unable to make decisions for yourself, the patient advocate you appointed will decide for you. A health care power of attorney, or an advance directive or patient advocate designation, is especially useful when you want your loved one to avoid probate. Pursuant to relevant probate law, in the absence of a power of attorney for health, a guardian may be appointed. There could be a more ideal scenario than this. Your estate attorney can explain this in more detail.
3) When you want to direct the disposition of your personal property once deceased
A last will and testament are useful when you want to appoint heirs and distribute estate assets that have no beneficiary designation. When you create a will, you can decide on the guardianship of any surviving minor children, which can be a sensitive legal issue. When necessary, a good estate lawyer can also help you appoint a personal representative, who will carry out your wishes when you die.
4) When you need legal help for the planning process or have specific estate planning needs or preferences
There is more to estate administration than simply drafting a will or just distributing or transferring property. Estate lawyers can help you write a will while minimizing the chances that it could be contested, and designate beneficiaries for life insurance. An expert on estate planning law can also help keep a record of assets, bank account details, and tax returns, and deal with joint tenancy concerns when applicable.
You need an attorney from trusted law firms not just for legal advice, but for legal representation for certain cases concerning wills and probate.
Seek estate advice only from experts on this legal matter. Get a law firm whose specialization includes wills and estates, survivorship, probate, and estate planning. For reliable estate planning services, call us at Jones Legacy Law.