When beginning your estate planning affairs, you may have a hard time deciding on the best planning tools. The differences between documents can be confusing, as well as how your plan will work. However, your estate planning attorney will guide you. Below is a discussion of basic estate planning tools that most people need.
- Create a will
Everyone, age 18 or older, needs his or her own will. A will is key to keeping you in control even after you’ve died and ensuring that your wishes are carried out.
For example, you appoint an executor to settle your estate and handle last affairs; guardians to raise your minor children; and property guardians to manage the assets you leave for minor children in your will. In addition, you describe how you would like your assets distributed in your will.
- Create power of attorney documents
When creating your estate plan, it’s important to have lifetime emergency planning in place. Estate planning is not just about death.
If you’re ever incapacitated and unable to make your own decisions, you need proper legal documents in place to protect yourself and avoid court interference. With the use of a financial power of attorney and a power of attorney for healthcare, you can ensure that your affairs are always in order with the help of trusted helpers.
With a financial power of attorney, you can appoint an agent who will be responsible for managing your finances and making financial decisions, when you’re unable to. This will ensure that your finances are always in order during your time of need.
Using a power of attorney for healthcare, you can appoint an agent who will be responsible for helping to make medical decisions on your behalf when you are unable to do so yourself. This will allow you to receive the best medical attention possible and get the medical help that is needed.
Please take a look at our next blog post (part 2 of 2) to learn more about some helpful estate planning tools.
John’s practice focuses on the use of Wills and Living Trusts in Estate Planning to help individuals protect their families and preserve their legacies after their deaths, but his practice also focuses on the critical issues of protecting individuals with dementia or other diminished capacity, assisting individuals in qualifying for Medicaid and other government benefits to offset the costs of long-term care, and providing special needs planning.
John is admitted to practice law in North Carolina, South Carolina, Kentucky, and Ohio, and he is accredited by the Department of Veterans Affairs.
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- Practical Steps to Take after Receiving a Terminal Diagnosis - September 30, 2022
