Reasons to Get your Affairs in Order With an Estate Planning Attorney

Elder law

No one enjoys making plans for their assets after they’re passing. However, it is a necessary evil to ensure that your property is handled as you desire and your loved one’s receive what they deserve. Between designating properties and assets to individuals, or designating a power of attorney, there are numerous tasks that need to be undertaken while an individual is still coherent.

Many people end up ignoring these duties until it is too late, whether it be from choosing to ignore the inevitable, or simply just forgetting, people’s assets can end up in the hands of a court, leading to extra costs and probates. Currently only around 64% of people in the United States have a drafted will. While many of these could be people at a young age who have yet to accumulate sizable enough assets to worry about, approximately 51% of adults aged 55 to 64 are ill-prepared for what’s to come.

Having an estate planning attorney to guide you through the process of drafting a will can make the process much quicker and easier to understand for the agent. For those whose assets amount to six figures or higher may also want to incorporate a trust into their plans.

A trust allows an individual to give a designated trustee property for safekeeping. When the time comes to hand down the property to a beneficiary, the trustee can do so even if the agent is incapacitated or unable to make sound decisions. Without a trust, the splitting up of assets will be handled by a court. The family members of the deceased will have to go to court as unplanned legal services designate how the assets will be handled. All of this will end up costing extra money on court and lawyer fees that come directly out of the leftover estate.

This is somewhat similar to granting power of attorney to a trusted individual but on a smaller scale. An individual can choose to instill power of attorney to an estate planning attorney or any individual they deem competent enough to handle their assets. This service allows the person with power of attorney to handle all of their assets if they become incapacitated.

Finding an estate planning attorney to draft a living will or trust is not nearly as difficult and scary as most people assume. It’s important to take care of these responsibilities before you are unable to.

Leave a Reply

Your email address will not be published. Required fields are marked *