The term estate could refer to the contents of a bank account, real property, personal property, joint properties, life insurance, or essentially anything owned. Relevant estate planning laws must be carefully taken into account, especially when preparing legal documents concerning your estate assets. Otherwise, your loved ones could face unnecessary stress when you pass away. To make things less complicated, it is highly advisable to consult with reliable Tacoma estate planning attorneys early on.
A very specific legal process must be followed when drafting wills. Setting up a last will and testament is important, particularly if you have very specific instructions on what would comprise the would-be inheritance of your heirs. However, several other estate planning options may apply to your specific circumstance.
What this article will focus on are answers to four common questions related to estate planning:
1) What is an estate plan?
2) What if I need someone to act in terms of my finances, on my behalf?
3) Can I give another individual the capacity to decide on medical treatment?
4) How can the estate planning process make sure that my wishes are carried out once I am deceased?
5) Do I need legal help for my estate planning needs?
What is an estate plan?
Very broadly, an estate planning tool refers to a legal document that can determine who will inherit the assets of an individual, who will act as the guardian of one’s minor children, and who will be in charge of one’s affairs, both in the present and after death. Estate and financial planning are useful in a variety of instances, and a good estate planning lawyer can explain this to you in great detail.
What if I need someone to act in terms of my finances, on my behalf?
Estate law specifies guidelines for a variety of powers of attorney. An experienced local attorney assisting you as you work on your estate plan can explain the different options applicable to you.
A financial power of attorney is one of the most commonly used documents. Such is useful in many ways, but particularly if you don’t want any family member to go through the tedious probate process. There are many cases where it is the probate court that will appoint a conservator, and this is very rarely an ideal setup. Discuss with a reliable Tacoma estate planning attorney when you should and how you can come up with a power of attorney for finances.
Can I give another individual the capacity to decide on medical treatment?
A patient advocate may be appointed if you would want someone to decide for you when you are unable to make decisions on medical treatment for yourself. This is often referred to as a patient advocate designation or an advance directive.
Aside from its obvious purposes, a health care power of attorney is also 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. Experienced estate lawyers in Tacoma can explain this in more detail.
How can the estate planning process make sure that my wishes are carried out once I am deceased?
A last will and testament are useful when you want to appoint heirs and distribute estate assets that have no beneficiary designation. In addition to this, when you create a will, you can likewise decide on the guardianship of any surviving minor children. In most cases, this can be a sensitive legal issue. If applicable to you and if the need arises, a competent estate lawyer can also help you appoint a personal representative, who will carry out your wishes when you die.
Do I need legal help for my estate planning needs?
Some people mistakenly assume that estate administration is 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 a trust you set up. Additionally, a reliable estate planning lawyer can also help keep a record of assets and deal with joint tenancy concerns if necessary.
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 our Tacoma estate planning attorneys at James A. Jones Attorney At Law.