Establishing an estate is an excellent way to be prepared. An estate includes both personal and real estate property as well as the finances gained over a lifetime. Estate lawyers help clients make decisions about where their assets go after their death. They will legally arrange for that property and money to be given where the client prefers. An estate is incredibly important to have for many reasons. With one, family will not have to attend probate court after their loved one has passed. It saves people from going through this long and stressful process. An estate also communicates a person's wishes of how they want their property delegated. It ensures that the person is in control of decisions about their property while they are alive. A probate court will not likely make the same decisions after their passing. Estate lawyers are significant roles in their clients’ lives. An estate planning attorney primarily works with wills, trusts, financial power of attorney, and health care directives.
A will is perhaps the most important part of a person’s estate. It outlines who will receive what after a person has passed away. It also is where the person will name an executor for their will. The executor is the person who carries out the wishes listed in the will. It is a big responsibility. Usually the job is given to a family member or close friend. Estate lawyers can also act as executors. They will charge the client a percentage of the estate to do so. If a person has a large estate, they may reconsider choosing their attorney as their executor.
A will is a type of trust, but the two can also be made separately. A trust outlines how the trustee wants their property and finances distributed amongst their loved ones. A trust will ensure that your assets go to your chosen benefactors after your passing. Creating this document has many benefits and helps ease the transition for your family. A trust allows your family and friends to avoid probate court on your behalf. They also reduce estate tax liability and protect the property listed in the estate.
Another significant part of an estate is the financial power of attorney. This legally makes someone else responsible for your finances on your behalf. This is will be important if you were to become incapacitated. You will want to choose someone you trust, such as a spouse or sibling. By doing this, your finances won’t have to undergo proceedings in the event you can’t make decisions for yourself. Your power of attorney will be there to act in your best interests and take care of your financial obligations.
An estate planning attorney can also help you establish health care directives. If you become unable to make decisions for yourself, you will have a plan of how you want to proceed. This is similar to the responsibilities of a financial power of attorney, but for health care instead. You will choose a loved one to carry out your health care wishes for you. For example, this could include a do not resuscitate (DNR) form. If you cannot breathe on your own in the hospital, a DNR prevents doctors from trying to save you. Instead of putting you on life support, they will let you pass naturally if you have a legal DNR.Your health care power of attorney will make sure this happens for you.
Estate law is an incredibly important practice area. An estate planning attorney is skilled in the topics listed above, as well as giving consultations. It is crucial that you plan your estate in ample time; it is never too early. By creating a will or trust, you can outline how you want your belongings and property distributed after your passing. This keeps your family out of probate court and makes your wishes apparent. Financial and health care power of attorneys carry out your financial and medical wishes. You will choose people you trust to take on these responsibilities. If you ever wish to make changes, you can, but it is always best to be prepared. If you want to begin establishing your estate, contact a lawyer in your area today.