How Estate Planning Attorneys Can Help Your Family

Planning what happens after your death can help your family dramatically. Once you're gone, there are a number of things surviving family members will have to think of from planning a service to burial arrangements. Instead of leaving it all to chance, consider working with estate planning attorneys to ensure everything is taken care of before it's needed.

A Will Ensures Assets Are Distributed And Children Are Taken Care Of

For a long time, it was thought that only wealthy people needed wills. However, everyone should have one. Many people have assets such as a car, home, savings account and more. Having this important document drawn up lets your family know what should happen with these matters after you've passed. Although you'll be gone, a professionally executed will can eliminate bickering and negative feelings among your bereaved friends and family.

If you have minor children, it's a definite must. This legal document will spell out what should happen to your children if you die. Without such, your children could find themselves in the middle of a custody battle between relatives, be placed in foster care, or end up with a relative who may be uncomfortable acting as their guardian.

A Living Will Ensures Your Medical Wishes Are Followed

A living will is a much different type of document. A living will, also known as an advanced medical directive, spells out what you want to happen in the event that you become too sick or incapacitated to make decisions for yourself. You can also appoint someone to act as your medical power of attorney, which is the person responsible for medical decisions in the event that you're unable to make them for yourself. Many states have outlined statutes that determine when an advanced medical directive goes into effect. If you're unsure about what's best for you, contact estate lawyers in your area and ask for advice.

Ask Estate Attorneys About Trusts: They're Not Just For The Wealthy

A trust fund conjures up images of wealthy young people who've never worked a day in their life, but this is a complete stereotype. Anyone with assets to pass on can create a trust for a relative. Estate planning attorneys can explain trusts in greater detail but, basically, a trust provides the deceased with the ability to determine how money is to be spent after they're gone. Trusts are the perfect solution if you want to ensure that your beneficiaries finish college before the money is distributed or if you want to space out the distributions so the beneficiary isn't provided with one large lump sum of cash.

These documents aren't the only ones that estate lawyers can help with. Make a list of your assets and then talk with estate attorneys to see which documents they recommend for your specific situation. There's no one-size-fits-all solution for estate planning. Attorneys who help with this specific type of planning for the future should be consulted before making any decision that affects your relatives.

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End Of Life Planning And Advance Directives

When a systemic problem never sees the light of day there can be no impetus toward solving it, and one of these challenges that exists in the realm of elder law involves the way that we approach the end of our lives. 75% of people die in medical centers, hospitals, or nursing homes. We all know that the costs of hospital care are high, but some 20% of people actually die in the intensive care units of hospitals at a cost that can reach as high as $10,000 a day. Remember, we are talking about people who are in the ICU because they are going to die without any chance of recovery.

In 2008 Medicare paid out $50 billion to health care providers who were treating people during the last two months of their lives. To put that into perspective this amount exceeded the budgets of Department of Homeland Security and the Department of Education. This is Medicare, but how much did private insurers pay, how much did Medicaid pay, and how much came out of the estates of the individuals who passed away? Once again, all of this money was spent for naught because the people were dying as it was being spent. Plus, dying with tubes and machines keeping you alive as long as possible is uncomfortable, and it can be argued that it is not a very dignified way to pass on.

Most people don't want to be kept alive through aggressive and intrusive medical procedures when they are in a terminal condition, and you can state your wishes in this regard by executing a living will and/or a durable medical power of attorney. With a living will you state your preferences regarding the treatments and procedures you are willing endure, and with the durable medical power of attorney you appoint someone to make medical decisions on your behalf should you become unable to make them for yourself. If you care about your legacy enough to engage in estate planning, it is important to address these end-of-life issues as well and take personal control of your own final days.

Why a Living Trust Is Usually Made   What Is The Role Of A Probate Solicitor?   New Year's Resolution: Make or Revise Your Will   How Inheritance Claims Can Prove Very Difficult