Estate Planning Attorney: Insuring Plans for the Future are Carried Out

A child, home, business, property, investments, a retirement account or pension: all are factors in the equation of what equals an “estate”. With an estate comes the responsibility of setting up provisions in the event the unthinkable occurs; an estate planning attorney can ensure that all necessary affairs are in order should a tragedy befall us in the form of a fatal illness or serious accident or even death.

An accident will happen, an illness will strike indiscriminately, and when such an event occurs there may be a point when someone will need to be appointed to make decisions on behalf of their loved one, whether regarding finances or immediate / long term medical care. This is not the time or circumstances when a family or friend should need to seek legal advice on their behalf and possibly face a battle of beliefs or opinions amongst family members or friends of the afflicted person and their desire regarding care.

Every person should take the time to create a Will once they acquire something of value: a home, an investment in property or a business, or once they are married and starting a family. An estate planning attorney will be able to guide a client through the process of writing up a Will, a Durable Power of Attorney for Health Care or Health Care Proxy (this appoints an individual to make health care decisions regarding treatment), A Living Will / Durable Power of Attorney for Property (a person assigned to handle financial matters), as well as A Living Trust / A Family Limited Partnership, and document designated beneficiaries.

An estate planning attorney can assist and advise a client on recent changes in estate taxes, Trusts, tax law, asset protection, real estate litigation, capital gains avoidance, end-of-life health care and more. Regardless of a person’s age, everyone should take the time to share their wishes in regard to “the end” with another individual. Do they want to donate their organs, be put onto life support, is their preference to be buried or cremated? Who inherits their home, stocks, property, 401k? Who is responsible for any financial debts incurred by them during their life?

An estate planning attorney is regulated by the state Bar. They are required to continuously be educated on all new taxes and laws, as well as carry liability insurance. While their fee may be several hundred dollars to draw up a Will and other documents, the service they provide will protect their client and ensure there are no misunderstandings in regard to the client’s final wishes. With all instructions spelled out within the Will, there should be less stress on the family and friends in honoring their loved ones final requests and ensuring all assets be distributed as desired by the client.