Estate Planning
It is important for an individual to plan for how their assets will pass upon their death. Dealing with mortality is not a topic that many like to discuss but it is inevitable that all of us will meet our end at some point in the future. If you want to have a say in how your property is disposed of upon your demise and the health care that you receive then it is imperative that you take active steps to create an estate plan.
With regards to determining how your property passes upon your death, it is important to have a will so that your desires can be made known. If you die without a will your property will pass through the laws of intestate succession limiting your ability to determine who should inherit from your passing. A will can be simple or complex depending on the individual needs of each client.
Another tool some individuals can utilize is to draft a transfer on death deed to ensure that the real estate that they own passes directly to an individual(s) upon their death potentially avoiding the costs and time of probating an estate. This option is not available for all but can be an effective tool for some.
People can also have a say in the medical treatment they receive in the event of a terminal illness or a persistent vegetative state (for example, a coma) through drafting a living will. This document will allow for you to make your decisions known on what sort of health care you wish to receive should you develop one of those conditions. Also, this document will allow you to appoint an individual(s) to be your health care representative who will have the ability to make your decisions known to your health care providers and act on your behalf.
Additionally many individuals seek to appoint an agent to act on their behalf to carry out many normal everyday functions should an individual not be able to carry out those actions themselves. Individuals commonly seek this assistance when their mobility is becoming limited or they realize that they may need assistance in the future in handling their affairs. This document is known as a power of attorney. In this document an individual appoints another to be their agent allowing them to handle paying the bills, accessing account funds, dealing with insurance companies and many other things. It is important for people to plan ahead because a person must be legally competent to sign a power of attorney document. If an individual waits to long until they are unable to make decisions for themselves or are otherwise not legally competent then they will not be able to take advantage of having a power of attorney.
Andrew has experience in advising clients on how to properly formulate an estate plan. Please feel free to contact my office at 317-787-8395 to set up a consultation to see what your options are.