An estate is about so much more than just the property you own. It's about more than just a will as well. In fact, everything you think you may know about planning an estate may be completely incorrect or incomplete once you have spoken to an estate planning attorney to plan yours.
Learn what goes into an estate so when you do meet with your estate planning attorney to discuss your life desires, you are able to understand what's going on around you. Here are some of the things covered in estate planning; you will get a customized will and other legal things drawn up to protect you and your beneficiaries as you see fit and necessary.
Power of attorney
Your estate includes power of attorney. This is the person who acts on your behalf regarding medical financial, and other decisions should you be deemed medically or unable to make these decisions on your own. Many people give someone a power of attorney as they get older because they have dementia or a debilitating disease that interferes with their ability to make safe and rational decisions.
Personal letter of intent and guardianship
If you die or become severely ill or injured, what do you desire? This can be anything from how you want your body to be taken care of after death to how you wish to be kept alive if you are in a coma. Having a personal letter of intent drawn up by your estate planning attorney protects you and puts your family at ease.
If you have children, who would get guardianship of them should you pass? This is important if you are a single parent or a widow or widower, or if you don't know the other parent of your children. This allows your children to have continued care by a willing guardian (often another family member) should you pass.
In other words, who gets what when you die or become unable to take care of things on your own? You have cars, jewelry, houses, property, and other things that will go to the next of kin or even the state if you don't assign a beneficiary. Don't forget about monetary assets as well. If you don't care who gets what, your estate planning attorney will help you draw up a fair and easily understood basic plan for your estate so your loved ones don't fight for your things once you are gone.
For more information, contact an estate planning attorney near you.
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