There are certain tasks that require the specialized knowledge of a professional. An experienced elder law or estate planning attorney will protect your family and is well worth the investment.
Estate planning and elder law attorneys often receive phone calls from people whose parents decided to write their own wills or downloaded a will that doesn’t comply with state laws. The family is then faced with the expensive and stressful process of dealing with the probate estate. That’s why nj.com’s article, “Why an estate planning attorney is worth the money,” takes a strong stand in favor of working with an estate planning attorney.
With properly prepared estate planning documents, you will benefit yourself, your family, and beneficiaries, both emotionally and financially. At a minimum you should have the following documents: (i) health care power of attorney, (ii) living will, (iii) financial power of attorney, and (iv) a last will and testament.
A health care power of attorney allows named health care agents to make heath care decisions on your behalf when you become incapacitated or are unable to make your own health care decisions. A living will, also known as advance health care directive, gives written direction to your health care agents regarding the life support and comfort care decisions you would like made on your behalf at the end of your life.
A financial power of attorney, also known as a general durable power of attorney, designates an agent to take care of your financial affairs during your lifetime. If you become incapacitated without a power of attorney, it’s likely that a costly and time-consuming conservatorship proceeding will be required to appoint a conservator to handle your financial and personal affairs. A conservatorship proceeding can be expensive. Not only is the conservator represented by an attorney, but a court may also appoint an independent attorney for the alleged incapacitated person. Furthermore, two doctors are also required to examine the alleged incapacitated person and prepare affidavits for the court. All these people need to be paid.
A last will and testament is the instrument that names a personal representative, who will be appointed by the court, and directs the distribution of your assets to your desired beneficiaries. If you pass away and have a will, it’s more likely that your assets will be disposed of in the way you want and administered by the person you selected, instead of by the intestacy laws. Without a will, a state’s intestacy laws state who the lawful beneficiaries of your estate will be regardless of whether or not you wish those people to inherit your assets.
At the Soto Law Firm, we help clients avoid the costs and headaches associated with intestate probate proceedings and conservatorship proceedings, which would cost far more than the fees charged by experienced estate planning. The anxiety and stress created by do-it-yourself estate plans can’t be measured in dollars alone. A little bit more money spent with an experienced estate planning attorney now can save you thousands of dollars down the road and make like so much easier for those loved ones taking care of you or administrating the distribution of your assets. Contact us today for a free consultation to learn more about how we can help you.
Reference: nj.com (June 3, 2018) “Why an estate planning attorney is worth the money”
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