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A will (simple or complex) outlines what will happen to someone’s estate and who will care for surviving minor children. It is the mainstay of estate plan and the absence of a will can lead to courts take a decision on the behalf of the decedent. Creation of a will is to be assigned to an expert Will and Trust Attorney. With their guidance, you can opt for effective estate planning and chalk out how your estate will be divided among your beneficiaries. Apart from creating a will, our lawyers also ensure that your heirs get their share with minimum tax liabilities.
Living Will And Health Care Power Of Attorney
A Living will, or an advanced health directive takes into consideration an individual’s wishes in case they become incapacitated. The will included directions on what kind of health care the individual will opt for, whether or not they want to resuscitate and how to manage pain. It also specifies who will manage finances and take the health care decision for you, when you are unable to take the same for yourself. Planning for incapacity in advance also helps avoid costly expenses that might be incurred.
After the creation of a trust, a single party (trustee) can manage or hold the assets for the benefit of another party (beneficiary). One of the main advantages of having a properly constructed trust is to avoid certain taxes. This helps you preserve your wealth for your future generations and also to avoid probate.
Power Of Attorney
Power of attorney provides an individual the legal right to act on the behalf of another person. Once you provide the authority to an appointee, they’ll be in charge of handling your financial affairs in the event you become mentally or physically incapable of doing it yourself. With a clear power of attorney in place, the court will not appoint anyone else to take the role.
Probate can be simple or complex, but most of the time it is a lengthy, costly and public process. Depending on the various factors, it can take anything from 8 months minimum up to a year and more as it is a court process. This is due to the fact that the law requires probate to remain open for that duration so that creditors can file their claims. This is the reason why people try and avoid probate. There are several ways to avoid probate and one of them is setting up a living trust and meticulous estate planning. Another is to designate beneficiaries on certain types of assets. A probate attorney can help you weigh the pros and the cons of each of the methods so that you take the right decision.