Estate Planning Considerations
There are many aspects of estate planning that people need to consider, often times individuals do not realize some of the factors needing their attention. This article will address some of the overlooked aspects of writing a will, a living will, setting up a trust, and appointing someone to have power of attorney. We will also touch on criminality in probate law and how to protect yourself. A common theme in all of these practices will be acquiring the assistance of estate planning professionals, such as LA Probate Law. This article is designed with the sole purpose of getting your mind moving in the right direction and making you aware of some of the topics you should deliberate prior to getting the consultation recommended.
Considerations When Preparing to Write a Will
The most important thing to remember when considering and subsequently writing your will is to include an estate planning professional such as LA Probate Law. The more prepared you are and the more research you do, the less time you will need to spend in the firms office and relatively the less money you will have to spend. The reason you need to consult a probate law professional is because you will be protected, you can feel more secure that your wishes will be seen through, and these firms know a lot more about how to ensure your intentions are legally binding and will hold up to any scrutiny in a court of law. There are such things as holographic wills and nuncupative wills that don’t need the help of a professional, but these are also the types of wills that do not hold up when contested in court, which in turn makes them a waste of time and effort. The best preparation you can do before seeing a consultant or probate lawyer is to inventory your possessions and list your intended heirs. Also be prepared to explain your life situation, for example your age, your marital status, do you currently care for minor children, do you own property, do you intend to bequeath to minor children, how large is your estate, and further such questions that will aid your estate planning professional in selecting the proper last will and testament for your particular situation. You will also have to select an executor of your estate, someone who is level headed and trust worthy, not necessarily who you like the most or are closest with. There are a plethora of wills available but once you lay out the particulars of your situation, you will only have to select from a select few options. Each of which will surely be approved by a probate judge because of your preparation and due diligence.
Considerations When Preparing to Write a Living Will
A living will is a document outlining what you want done personally and medically in the event you cannot answer these questions at a later date due to a health problem or accident leaving you incapacitated. As with all aspects of estate planning your final resolution will come with consultation with a probate law firm such as LA Probate Law. Just as explained in the previous portion regarding your last will and testament, you need to be prepared to divulge information regarding your particular situation, such as marital status, children, property, and etcetera. You will also need some introspection prior to your consultation. Chew on thoughts like what you deem acceptable in medical care regarding comas and being kept alive medically. What are your values and beliefs should you fall into a vegetative state, or if you are physically able, but you have a severely diminished mental capacity. Also, who you want to execute such a living will and be sure to discuss with said individual beforehand to express what you will be addressing in the document and what you expect of them.
Do You Need Some Sort of Trust?
There are a few different kinds of trusts and a probate law professional like the ones at LA Probate Law would be perfect to consult with you regarding what kind of trust you may need, if you need one at all. The most common needs for a trust are: having a large estate and being more comfortable bequeathing your assets a fraction at a time for various personal and practical reasons, naming a minor child a benefactor and holding their inheritance in a trust until they are a responsible age to receive such gifts, or if your principle asset is property and you need to borrow against it for living expenses and/or medical care.
Power of Attorney
Power of attorney is when you select someone to have the right and ability to represent you in a multitude of theaters, including legally, financially, and medically. This is appropriate in many different cases. One example would be if your family has a history of mental deterioration and you have someone you trust to represent you. One thing to greatly consider is their trust worthiness and values because they will be in a position to take advantage of you. This leads to another subject and that of criminality regarding probate. There are many scams and selfish people out there. The best way to protect yourself is to remain conscious of this fact and to get your affairs in order sooner than later. Selecting people you trust to be your executor and/or power of attorney and to draw your will and/or living will promptly, with the help of a professional like LA Probate Law, are terrific tools to avoid criminals and/or being taken advantage of.
Estate Planning Considerations
Latest posts by Scott Schomer, Estate Planning Attorney (see all)
- Many Reasons to Plan - July 8, 2019
- Use Resources Efficiently With a Special Needs Trust - July 7, 2019
- Business Structures That Provide Asset Protection - July 6, 2019