Estate Planning Includes Wills, Trusts, and Power of Attorney
Implementing an estate plan today can eliminate many family disputes simply by taking the time to accurately and effectively spell out your intent through legally binding documents. The most important of which is your last will and testament and a revocable trust. It is simply amazing that the majority of people just don’t do it. They don’t want to think about death or disability and often just avoid the subject until it is too late. The simplest estate plan should consist of a Will, Revocable Trust, Durable Power of Attorney, Medical Authorizations and a Living Will. For a living revocable trust to be properly funded you may also need transfer documents to assign title to the trustee. A simple plan such as this can legally resolve so many issues and should be the foundation of every adult regardless of age or health.
A person must have testamentary capacity to execute these documents so it is important to execute these documents early. Once you complete this basic plan, you can consider other estate planning tools and techniques which may benefit you and your family but at a minimum get started with the basics.
The Abood Law Firm can help you implement this basic estate plan as well as discuss your overall circumstances and estate tax consequences once we know more about you. We take the time to listen to you to help you accomplish all of your goals, both short term, and long term.
Power of Attorney
A power of attorney is a legal instrument that allows a person to grant decision-making authority to another person or entity. This document is especially important in the event of incapacity. Most often, powers of attorney are limited to areas concerning medical care and property decisions. Depending upon the wording of the document, a power of attorney can give another person, typically a spouse or adult child, either full or limited control over decisions. A medical power of attorney is not a living will.
A living will (advanced health care directive) dictates the extent and type of medical care desired by the individual, typically at the end of life. A medical power of attorney gives another individual the right to enforce the terms of the living will and make decisions on the patient’s behalf in the event that specific health care decisions are not covered in the living will.
Estate Planning is a Gift to Your Family
Between probate costs and potential death-related taxes, your family may spend lots of time and money that could have been avoided with proper planning. A thoughtful, comprehensive, well-drafted estate plan will make it so much easier on your family emotionally and financially in the event of your death or incapacity. A few comfortable appointments with an estate planning attorney can allow you to take control of the most important decisions that may ever affect you and your family. This is the peace of mind that a proper estate plan can provide. Call our office today for a no cost consultation about protecting your assets and family.
We have experience in these areas of elder care:
- Medical and property (financial) powers of attorney
- Living wills, advanced health care directives
- Mental health powers of attorney
- Conservatorships and guardianships