Three Important Parts Of Estate Planning To Help Take Care Of Your Family
No one likes to think that there will come a time when he or she will not be able to care for his or her family. This could be due to an incapacitating illness or death. Even if you are lucky enough to live a ling, healthy life, there will come a time when you are no longer around. To ensure that your loved ones continue to reap the benefits of all your hard work, it is important that you seek legal services for estate planning long before anything happens. There are three aspects to estate planning that will give you and your family peace of mind and at the same time provide for them in the way you would want them to be.
Durable Power of Attorney
A power of attorney gives another person power to act as you if you are not present. However, it does not always carry over if you are incapacitated or die. A durable power of attorney remains effective if you are unable to make the decisions for yourself, such as an illness, mental or physical, that incapacitates you. It also remains in effect after your death until an executor is assigned.
You may choose to have your lawyer act as the executor of the will, or a trusted friend or family member. This is the person you entrust with making sure that the details of your will are carried out. If you are afraid there will be a fight among your relatives and friends about your wishes, having your lawyer act as executor is the best option.
Will
A will is a legal document that you have written before being incapacitated or death that details how you want your belongings distributed. Having an attorney draw up the will and witness and notarize it will ensure that all the details in it are legally binding. If anyone argues with your will, he or she will have to take it up with the court and not just fight with a family member to get what he or she wants.You may choose to have a living will drawn up that details how you want to be cared for, or not, should you be unable to make your wishes known. However, this does not do anything for your finances or belongings.
Trusts
A good way to keep your family from having to pay a large inheritance tax is to put possessions of high value into a trust. You determine who is to get what, when and how, and the trustee of the trust will ensure that your assets are distributed accordingly. This is a good tool if you have underage children or grandchildren you want to leave something to, but do not want them to have it, or all of it, until a certain age. Your assets will remain in the trustee's care, but will not belong to this person, until the time you set for their distribution.
Your family will have enough to deal with if you are incapacitated or gone. Do not add to their load by forcing them to make decisions you would normally make. Talk to a lawyer like those at McFarland & Masters LLC about estate planning and allow your family to care for you, or grieve, as necessary without worrying about your stuff.
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