How Estate Planning Works
An estate plan is a directive dictation of how one’s financial, legal and certain personal affairs should be handled upon their death or in the event they no longer possess the mental capacity to oversee the responsibility themselves. When properly authored and overseen by professionals like estate planning lawyers, these documents are typically considered legally-binding by most courts and not likely to be challenged by any disputing party.
Some actions that are often accomplished through the establishment these types of documents include:
Last Will & Testament
This document provides written instruction for how a person’s final responsibilities are to be handled. In this legal instrument, the individual will name an executor, who is someone the trust and opines as capable of carrying out the associated responsibilities. Once an executor is established, the then lists their rightful heirs and determines how their assets should be divided. Other pertinent instructions might include burial instructions and how specific debts are to be remitted.
Those who establish living trusts place the entirety of their assets under the management of a trustee, who carries out passing.
Power of Attorney
Additionally, some people establish a power of attorney. In this case, the bestows a the authority to render important legal or financial decisions on the behalf in the event they become incapable of executing said responsibility.
This legal instrument is somewhat similar to a power of attorney. This gives the designated the right to render healthcare decisions on the behalf in the event said individual cannot do so on their own.
Choosing the Right Estate Planning Attorney
Experience and thoroughness are critical qualities for estate planning attorneys to possess. The attorneys at Morneau Law understand the importance of establishing such documentation so that your family At Morneau Law, we are committed to helping each individual client tailor estate plan address their specific circumstances