Death is an eventuality everyone has to face so it is only practical to prepare yourself by putting all your matters in order. Every person has a number of things they own such as jewelry, bonds, cash, stock investments and real estate property. Most people wish their children to have their things and properties once they leave this world. Whilst others wish to donate their belongings to charitable organizations. But in order to have your wishes followed, you need to plan ahead and spend some time in estate planning. In most cases, people consult an experienced estate planning lawyer to put their affairs in order.
Estate Planning –what does it entail?
Primarily, estate planning is the process of preparing for all your wealth and worldly assets to be transferred to someone else after your demise. The term estate might make some feel like estate planning only deals with real estate properties but that’s not the reality. Estate planning encompasses all your assets including personal belongings, properties, life insurance, vehicle(s), pension and even debts. From your clothes, jewelry and books to your home and car, everything is covered in a comprehensive estate plan. Even your debts are part of your estate, therefore they are also included in the process of estate planning.
Which documents are prepared during Estate Planning?
According to your financial and health condition, your estate planning lawyer would recommend you the type of documents you need to get prepared. The following documents are commonly involved in the process of planning:
- Will or Testament –the will includes all the details regarding who inherits your properties or assets after you have passed away. The will also name an executor, often a lawyer, who ensures that the will is adhered to after the person’s demise.
- Power of Attorney –the power of attorney can be of two different natures; financial and health-related. A financial power of attorney empowered a person selected by you to take care of your finances. While on the other hand, a health care power attorney ensures that your wishes regarding healthcare are fulfilled and honored.
It is important to note that all these documents are subject to change as it is your sole discretion to change your mind and make amendments. Only the final version of your testament will be considered as legally binding. A trusts & estates lawyer will be able to guide you more comprehensively in this regard, based on your personal situation, therefore it is recommended that you consult one.
Plan ahead and prepare your will and financial/health power of attorney now. If you wish to get more information about this subject or schedule a free consultation session, contact Jackson Abdalla Law Group at (773) 550-3853 to speak with an experienced estate planning lawyer.