ESTATE PLANNING - Get Your Affairs in Order Today
Most individuals have the idea that estate planning is only for wealthy individuals. However, a good estate plan is important for everyone. An estate plan offers directions for how you want property and assets cared for or distributed upon your incapacitation or passing. Having an estate plan ensures your wishes are carried out, and it makes things much easier for your loved ones.
Last Will and Testament
A Last Will and Testament is an important part of estate planning. If you do not have a valid will, you risk your property and assets being passed on to unintended individuals. With a properly prepare will, you will be able to control most of what happens to your property and assets after you pass. Also, for parents who have young children, a will generally appoints the guardian for children.
Power of Attorney and Health Care Proxy
What happens if you become incapacitated? If this occurs and you do not have a Power of Attorney and a Health Care Proxy in place, then your family may end up paying thousands of dollars in legal fees to ensure you are taken care of properly. Having a properly prepared Power of Attorney and Health Care Proxy in place can prevent this from occurring.
A Power of Attorney gives an individual, referred to as an agent, the power to deal with your financial affairs. The agent will have various powers, including the following: authority to buy/sell property, spend your cash, and create debt in your name. However, these powers can be limited within the Power of Attorney. Also, you can give the agent such powers immediately, or upon an event, such as you becoming mentally incapacitated.
A Health Care Proxy gives an individual the power to make health care decisions on your behalf. However, such power only takes affect upon your mental incapacitation. Without a Health Care Proxy, a court would have to appoint a guardian to make health care decisions if you become incapacitated.
Death of a Family Member
If you’re dealing with the death of a family member, it can be an overwhelming and stressful time. So many questions must be answered quickly. You have to decide how to pay for the funeral, and what to do with property and debts. Also, you want to make sure your loved one’s last wishes are followed. At the Laufer Law firm, we offer the assistance you need to make it through this difficult time.
The content of this website has been prepared by the Laufer Law Firm for general informational purposes only and should not be construed as legal advice. The laws are consistently evolving and the content of this website may not represent the most up to date changes. The material posted on this website is not intended to create, and receipt of it does not constitute, a lawyer-client relationship, and readers should not act upon it without seeking professional counsel.