Estate planning is one of the most commonly misunderstood legal processes for adults of all ages. Many people believe that it's just about drafting a will, but there's a lot more to it than that. If you want to be sure that all of your legal needs are addressed, you'll want to talk with an estate planning attorney. Before you do, here's a look at the key documents that you should be considering.
Durable Power of Attorney
Every estate plan should include a durable power of attorney statement. This document awards legal control to a person you designate in the event that you become incapacitated. This ensures that your legal and financial decisions are made appropriately and according to your wishes if something should happen to you. You can also include a medical power of attorney with this form so that you have someone available to make your medical care decisions if you're unable to do so.
A Living Will
Living wills are documents used to detail your life support wishes, medical care decisions and other needs in the event of your incapacitation. This is a key document for detailing your wishes to those who have medical power of attorney as well as to any care team that may be dealing with your medical needs.
A Living Trust
A living trust is designed to help you transition your assets to your beneficiaries without having to worry about probate. This is beneficial because the probate process can be costly and may take a long time. If you want to be sure that your assets are distributed in a timely manner, a living trust is a viable option since it ensures distribution of the assets directly from the trust itself. You can manage your bank account, real estate, and investment distributions to the beneficiaries that you designate.
Pre-Planned Funeral Instructions
When you plan your funeral ahead of time, you can ease a lot of the stress and burden on your family as they work through their grief. Work with your estate planner and a local funeral director to find out what your planning options are, then put your wishes in writing as clearly and detailed as possible. You may even be able to pre-pay your funeral costs once you've planned it.
Understanding that estate planning goes beyond the basic will and testament is the first step to protecting your assets and your family. Check out the site and talk with an estate attorney about these documents and how they could apply to you.Share
7 September 2016
Like many people, I once found learning about law very intimidating. My brother went to law school and I remember glancing through a few of his books and wondering if I was actually reading English due to all of the legal jargon in them! However, when I ended up in a sticky legal situation due to accidentally breaking a small law I didn't know existed, I realized that I needed to learn more about the law, so I could make sure to follow it precisely in the future. My brother helped to break down some complicated legal concepts to me, and I have since been studying up online. I want to post what I have learned and continue to learn about law in the future on my new blog, so my knowledge cannot only help myself, but also help others!