Not many people are open to talking about estate planning. People often wrongly assume that estate planning is for the rich and wealthy. While that’s partially true for sure, if you own assets and have a family dependent on you, especially minor children, the decision is necessary and an important one. If you don’t have a lot of assets, you can have a trust to decide how your wealth and assets are divided when you are in a better place. No matter the circumstances, it is a relevant consideration for most people. To know your options, consider talking to a Madison, MS estate lawyer. In this post, we are sharing more about the key facts.
Do you need an attorney?
DIY estate planning isn’t the best choice for most people. Before you sign the documents and get the forms notarized, you should consider meeting an attorney to guide you further on your circumstances. While you may have your wishes, knowing the pros and cons of each decision is critical, and that’s where an estate planning attorney can help. They can also explain the consequences of your choices, what you can and cannot do through your will, and help avoid the mistakes that can ruin your efforts. The cost of hiring an attorney is way less than common mistakes, which can have disastrous outcomes. It is intended to protect your business and personal assets from creditor claims. It is important to ask a professional or an asset protection lawyer california when creating an asset protection trust.
What is a living trust?
Think of living trust as a healthcare directive. For instance, if you are incapacitated because of a disease or cannot convey your wishes owing to your age and other factors, a living trust will tell your family and doctors what they can do. People often don’t want certain treatments because of personal and regional beliefs, or some older patients refuse to live on life support. An advance healthcare directive, or a living trust, is one of the key estate planning documents, and you can also choose a representative who can take decisions when you cannot speak in your interest.
Your attorney will guide you on your will, which is the key document in an estate plan, which determines how your estate will be divided and used when you are gone. Trusts may work better for some people instead of wills, so discuss those details with your estate planning lawyer orange county. You may also want to have a Power of Attorney, which will determine who handles your financial and legal affairs if you cannot do so because of certain events.