What is Probate Law?
We all understand, although it is a loose understanding, of what a will is. We all anticipate creating a will, but in most cases it is put off longer than it should be. Unfortunately we are not invincible and the sooner you learn what a will is, the sooner you can protect yourself and your loved ones in any unforeseen and unfortunate occurrences. Probate law is the entirety surrounding estate planning and includes not just wills, but a plethora of estate options, including preparations for becoming incapacitated, needing help (in many arenas), or the obvious, an expected or untimely death. Educating yourself is the best first step, but after learning on your own, finding professionals, such as LA Probate Law, will best serve you and your loved ones. When tragedy and/or death become a reality you do not want to find yourself ill prepared and the efficiency and ease of your estate distribution, including debts, funerals, and inheritances will be a pleasure for those left behind, as opposed to a burden.
What is Estate Planning?
Estate planning is an all-encompassing term related to all aspects of individuals’ needs when passing away or becoming otherwise incapacitated. There are different roles, documents, and necessities for all situations, whether it be an expected demise due to old age, an unexpected fatality, being in a vegetative state (either lengthy rehabilitation or a coma with little or no hope of improvement), or simply being too old, weak, or tired to tend to ones affairs as they had in the past. There are legal avenues to protect yourself and a firm such as LA Probate Law can help with all of these preparations such as: wills (both living and deceased), living trusts, power of attorney, and the many individual options afforded each of these larger, more generic examples. The following will give you a general idea what wills are, what a living trust enables you and the trustee, and what a power of attorney is, how it works, and some typical misconceptions. Healthy estate planning will secure peaceful transitions for an individual and his or her loved ones. We have all heard the cliché, “an ounce of prevention is worth a pound of cure.” These words could not ring more true in the subject of estate planning
What are wills and why do people need them?
There are a multitude of different wills available through law firms, such as LA Probate Law, that can help you professionally and with little concern for legal snafus. There are also less official options that do hold legal recourse, such as holographic wills. Holographic wills are typically hand written and effective when someone is the first spouse to pass and/or an individual has few possessions, debt, and/or unattended affairs. While somewhat legally binding, should any complications arise, your estate will fall into the default laws of the state and probate law legalities will preside. That is why you’re better off with a more official option such as a statutory, basic, joint, mutual, or mirrored will. When using the experience of an attorney, you can rest assured that your will will be professionally prepared by and experienced lawyer, one who knows the business and can avoid the mistakes or omissions that lead to court inquiries and decisions. Since the whole objective of the will is to avoid problems and stress on your loved ones, get the peace of mind by hiring a lawyer.
What are Living Wills?
A living will is a crucial document and important decision. Many times a spouse or parent will be executor, and while in most instances that is ones best choice, it is not necessarily always the best option. Obviously, having a living trust will help in situations such as comas or relative vegetative state situations, but it also is a great help and option for when the elderly become less functional, more medicated, or are relegated to staying home a majority of the time. This document will outline your wishes for a multitude of medical situations, but will go beyond that to include things such as: who will care for your children in the event you are incapacitated, who will tend to the things you used to (such as responsibilities, pets, and other obligations). Professionals, such as LA Probate Law can talk you through what to include in such a document. In many instances you should also have someone you trust to manage your living will and communicate its contents such as a power of attorney.
What is Power of Attorney?
Power of attorney is someone you appoint that can speak and/or sign on your behalf and in your absence. This is a crucial designation and the utmost trust must be the number one consideration when deciding who to relegate this responsibility to. Professionals, such as LA Probate Law, recommend finding the person with the least gripes and most balanced view of all involved. Many times it may not be the person you like the most, or the person you’re closest to. You want someone that will always look through decisions from your point of view, not theirs. Another misconception of power of attorney is that once you’ve signed the document and relegated that responsibility, it is in immediate effect, it doesn’t “kick in” upon one’s incapacitation or say so. Power of attorney is immediately binding and can be enforced immediately.
What is Probate Law?
- Things You May Need to Update in Your Estate Plan When You Enter Retirement - March 22, 2023
- 10 Estate Planning Tips You Cannot Afford to Ignore - March 21, 2023
- 7 Estate Planning Steps for the Beginner - March 16, 2023