What Is an Estate Plan? An estate plan is a collection of legal documents that gives you control over what happens to you, your assets and any dependents you may have if you become disabled or when you die. The plan can include a will, power of attorney forms, trusts and more.
KRDO’s recent article entitled “An estate plan is the best way to plan for the worst. Here’s how to create one” says that having an estate plan is like carrying the umbrella for the inevitable rainy day.
A will. This is a written statement of who should get a deceased person’s assets. A will can also name who will assume guardianship of minor children. The requirements for a will to be deemed valid vary state to state. You should consult with an experienced estate planning attorney to make certain that yours is legally binding. Without a will, state intestacy laws govern who receives your assets.
Power of attorney. A health care power of attorney form grants permission for someone else to make decisions on your behalf if you are unable to do so. The financial power of attorney names a person to manage your finances should you be unable to yourself.
Trusts. A trust is an agreement to hold assets for the benefit of another person. Parents create trusts to ensure their assets are properly allocated to their children. Without a trust, the children might inherit all the money at once.
Life events — like turning 18 and going to college, getting married, changing careers, or moving states — often trigger estate planning. Pregnancy is also a good time to begin the process. Work with an experienced estate planning attorney to ensure that your documents are legally correct. In addition to updating your plan after a major life change, you should review your plan very few years.
An estate plan can take little time to draft, perhaps a week or two with an attorney, who will work with you every step of the way. Don’t put this important task off.
Schedule a phone meeting with The Law Offices of Claude S. Smith, III
Reference: KRDO (Sep. 16, 2022) “An estate plan is the best way to plan for the worst. Here’s how to create one”
Legal problems are extremely stressful, especially when your family, your health, or your freedom are at stake. At this point in time, you may not even be sure what kinds of questions you need to ask a lawyer, but that’s entirely normal. Whether your situation involves family law, estate planning, elder law, a criminal charge, or a personal injury, we will start by giving you all the information you need.
The way we see it, you deserve to get this information directly from an expert. That’s why we make it easy for you to get in touch with your lawyer, and we never ask you to sit down with a paralegal or assistant instead.
As our relationship continues, we will keep you updated about the status of your case every step of the way. Your lawyer will reach out regularly to tell you about any new developments, and he will also be happy to answer any questions you have throughout the process.