Estate planning is a process that deals with the distribution of all your property and assets after you die or if you aren’t able to handle the estate due to medical reasons.
Before understanding estate planning, you need to know what exactly your estate is made up of. Any properties, cash, cars, investments, clothes, jewelry that you own are part of your estate and are distributed in an estate plan.
This blog explores the purpose of an estate plan and why you should hire an estate planning lawyer.
Importance of Estate Planning
The biggest benefit of estate planning is that you can plan a future for your beneficiaries. If you don’t make an estate plan, you might not know how your estate will be distributed amongst your loved ones.
In a properly drafted estate plan, your wishes are laid down in a manner that won’t lead to any misunderstandings or misconceptions later.
Who Needs an Estate Plan?
You don’t have to be rich or old to create an estate plan.
In fact, everyone should plan their estate according to their wishes.
An estate plan can act as a directive of what you want for your beneficiaries. For example, an estate plan will explain their wishes to their family and lawyers if someone becomes incapacitated and cannot let their wishes be known.
Common Estate Planning Documents
Your estate plan is made up of a few common documents. These documents create an effective estate plan that represents your wishes.
Guardianship Documents: This document states what happens to your dependents in the event of your death or if you aren’t able to care for them.
Will: Will is a legal document that lays down your wishes for property and asset distribution,
Trust: This document allows the trustee to hold the estate on behalf of the beneficiary.
Financial Power of Attorney: This legal document gives another person the power over your financial affairs.
Durable Power of Attorney: This document gives another person all legal rights to handle your affairs provided they are not health or medical-related.
Advanced Healthcare Directive: This states what medical actions should be taken in the event of incapacitation.
Are you looking for an estate lawyer? Nanda & Associate Lawyers team of experienced will and estate lawyers will provide you with reasonable and efficient solutions to all estate issues and help you with estate planning.
Book an appointment with their estate lawyers today.
