This takes the burden of preparing and administering your estate out of the hands of your loved ones.
A proper estate plan involves more than just writing a will. To make sure your estate planning is thorough, ask yourself these questions:
- Have You Appointed A Power of Attorney? You might have planned for your passing, but what about instances when you are alive, but incapacitated? A power of attorney provides legal authority to someone, called an agent, to act on behalf of another in all financial, medical, and legal matters. Power of attorney can go into effect if someone is left unconscious after an accident or if an individual suffers from conditions like dementia.
- Have You Made Your Wishes Known? Just because you have appointed an agent to act on your behalf doesn’t mean you’re done planning. You need to talk with your agent about your wishes regarding end of life care. Some individuals may choose to make their wishes known in a legal document called a living will.
- Is Your Will Current? If you haven’t looked at your will within the last five years, it’s time to take another look. You may want to update certain aspects of your will.
- Have You Considered A Trust? Trusts are one of the best ways to protect assets from taxation. There are many types of trusts, and while the establishment and maintenance of a trust may seem confusing, an experienced trust lawyer can help you set up and administer the trust.
- Does Your Family Knows Where Your Important Documents Are? Having a will doesn’t do much good if your family can’t locate it. Make sure several trusted family members or close friends know where they can locate your will and other important estate planning documents.
Get Help From An Estate Planning Lawyer
The best way to protect your assets and your loved ones after your passing is to sit down with an experienced estate planning lawyer. Hensley Krueger LLP can assess your situation and develop a plan that best fits your needs. Contact us today to talk about your estate planning.