Estate planning and probate administration is crucial; it not only keeps your assets safe but rightfully transfers it to the entitled heir. Do I need a will? When you ask this question to an estate planning lawyer, a general response received by people is that, it depends. On a general note, one should have an updated will, as well as a durable power of attorney for health care it is also called care proxy and a living will.
Property transfer clarity
Newspapers and tabloids are full of buzzy stories mentioning disastrous fallout of celebrities dying without wills or other important documents. Such cases may be more sensational than a typical individual case but it is sufficient to describe the kind of loss one can face. Having a clear will can make the transfer of assets much easier and smooth. A will describes the decedent’s executor or representative, how his/her assets should be distributed. It can also clearly indicate in what order the heirs should receive the assets.
Wills & trusts can be a representation of your wishes for your belongings and how they should be kept. There are three ways of transfer of property: by title, beneficiary and probate attorney.
Why estate planning is important for everyone
In case of incapacity
There are many cases where the person becomes incapacitated and in such cases there are two kind of legal documents that can help express your wishes. A living will—also called an advanced heath care directive. This document describes that how you want to be treated at the end of life; this will act as a guide and help the appointed agent to take decisions as per your wishes. In case of durable power of attorney, you directly name the person who will be making those decisions on your behalf.
Where to get the estate documents
By now, you must be knowing that having an up-to-date will is crucial for estate planning or estate administration. Estate and trust attorneys facilitate the transfer of assets in a most tax-efficient way. There are certain online services that offer this service otherwise it is always best to consult with an expert estate planning lawyer, who can create a desired will for you.