18.9.2016 | 10:30
Ever wondered how you can protect your independence and assets during your lifetime, precisely guide and even protect your family after you pass on? Well, this can be achieved by using an estate planning solicitor. Consulting an estate planning lawyer is not only important in having your plan established, but the plan becomes valid and recognized under the current law of your country. Let’s take a look at Conveyancing by The Legal Elements below.
An estate planning lawyer helps in creating a living trust, power of attorney, and even a health care proxy to protect you in your lifetime. The attorney ideally works with you to come up with a will to protect your loved ones after you pass on. These measures help prevent your assets from being distributed in an accordance with the provisions of intestacy statutes of your state. If these laws control your situation, then it means you have lost total control of who will receive your property and who will be the guardian of your children.
Health Care Proxy
A health care proxy is a document that allows you to appoint another person to make medical decisions, should you not be able in the future. This document gives the appointed the power to determine whether or life-sustaining measures are necessary. It is important to use the expertise of an estate planning lawyer to draft the health care proxy to avoid delay, frustration, and an expensive guardianship process, should you, for any reason become incapacitated.
Power of Attorney
This is a legal paper that authorizes another individual to manage your financial affairs. Well, there are two types of powers of attorney: the general durable power of attorney which gives another adult power to manage your finances immediately, also known as attorney-in-fact. The second document type is the springing power of attorney which gives power to another adult only at the time you have suffered a mental or physical incapacity. By using an estate planning lawyer to draft a power of attorney, you can again avoid delays, frustration, as well as the guardianship process, should you become incapacitated, which can be a very costly process.
The Living Will
This document is used to express your needs or desires in regards to using extraordinary measures to extend your life when there’s no reasonable expectation of you regaining consciousness.
The Last will
This is a legal document that allows you to bequeath your assets to particular people or entities, name your guardians for your children and prevent your property and kids from being distributed under the state’s law. However, most people do not know that this document cannot avoid the publicity and expense of the probate proceeding, disregard a beneficiary appointment on a life insurance policy, joint form ownership or a retirement plan. As such, you should be aware of all retirement plans, joint accounts, insurance policy beneficiaries and review whether a living trust should be written in addition to the last will and testament.
Again, an estate planning lawyer can be of help when it comes to drafting these documents.