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.
These are just a few of the important things experienced estate planning attorneys can help you with. Schedule a consultation with an estate planning attorney near you today.