Estate planning, wills, and trusts all include legal affairs that need the guidance of legal practitioner for wills and estates pertaining to how you want to distribute your assets in one way or another. As you can see, all of these three things are similar in some way, and they all deal with heavy emotions. Being aware of some legal aspects can make it easier for you to understand these things and cope with them since knowing that we did everything to make sure our loved ones are taken care of is a source of comfort for all of us.
1. Plan Ahead
Since it’s not an easy subject to think about, a lot of people leave making plans on how to distribute their assets to a later date.
However, dealing with sensitive issues can take a toll on even the most well-meaning people, and make them act out of character. The lawyers from https://www.brownhobkirk.com/ caution that sometimes, estate plans made later in life have more grounds to be disputed in court. This is because, unfortunately, the older someone is, the more valid questions about mental state and coercion seem to be.
Of course, this isn’t to say that the claims would be true in any way. However, the court would have due duty to look into the matter. That can prolong the process, and make it harder for your wishes to become reality. The best way to avoid the entire situation is to take care of your estate planning early on.
2. List Heirs And Beneficiaries
Everyone needs a will, even if it has just a few words that state the obvious. Depending on local laws, some states determine what will happen to your assets in the absence of a will.
As you can imagine, leaving no guidance can make it harder for your loved ones to receive what you wanted them to. Even if you’re mentioning someone in order to give them a cup they usually drink from, the fact that you thought of them shows that you care about them. You can be specific about what you want each person in the family to have.
By doing this, there will be no problems about who should have what, and you can be certain that everything will happen the way you wanted it to.
3. Avoiding Probate
A probate is a court-supervised process of deciding how to distribute your assets. Depending on local laws, it can be rather straightforward or more complicated than you can imagine.
Both wills and some other forms of estate plans are subject to probate. A living trust, on the other hand, protects you from having to go through a probate court to pass your property and assets on to heirs. It’s also private, while the documents that are filed during probate are public.
Since probate can become an issue when you realize that it’s time to write your will, you should know about all your options. This way, you can choose the one that works best for you, and avoid unnecessary expenses and heartache later on.
4. Make It Official
It’s not enough to just sign the papers and put them away in a drawer. You need to be sure that you made your documents official, so they’re valid according to local laws. While some states do recognize even unsigned documents as valid, as long as there’s proof of authenticity and no one disputes it, it’s always better to be on the safe side. Depending on where you live, it might be necessary to sign the document in front of court officials and two witnesses, for example. Making sure that your documents are legal is an important part of the process, and it’s just as crucial when it comes to writing them.
5. Living Will
A living will isn’t the same document as a last will and testament. In a living will, you can make specific requests for future health care or end-of-life treatment if you fall into a coma, for example. Although it’s possible to change your mind later on about how much medical intervention you want during such times, individuals usually know what they want and don’t need the extra stress. Having a living can take some of the emotional burdens off your loved ones, who will not have to guess how you’d want them to act.
6. Durable Power Of Attorney
Even if you have a living will, there might be times when you can’t express your own wishes yourself. This is why it’s best to set up a durable power of attorney, also known as an advanced healthcare directive, which gives another person authority to make medical decisions on your behalf. It should be signed and witnessed by a notary, so it’s official and recognized as such by local laws.
All in all, estate planning, wills, and trusts are difficult to cope with, both for the person making them and for their loved ones. You can avoid many problems by taking care of your estate planning early on. This way, you can be sure that your loved ones will be cared for and that everything goes the way you want it to.