Everyone should so some estate planning. Planning for the future eliminates family arguments and extra expenses. Planning ahead should start with making a will. A will does not have to be complicated. Essentially, it states who you want to have your property and names a guardian for young children, if applicable. A simple will may work for people who are under fifty and don’t have a lot of valuable assets. However, as one ages and gains more property, the will can always be revised.
If you’re thinking about Estate Planning in Phenix City AL, consult with Ezell Chancey And Raiford LLP. They may advise clients that a trust is preferable over a will. Property, held in a trust, does not have to go through probate. Probate court has jurisdiction over the distribution of estates. Unfortunately, the process is expensive and lengthy. Next, it is wise to have a financial power of attorney. If you become incapacitated, the documents give a trusted person the ability to handle your business affairs. Most financial powers of attorney go into effect as soon as they are signed. In fact, the power of attorney comes in handy in different situations. For example, if a spouse is serving in the military, the other spouse can sign legal documents on their behalf.
Part of Estate Planning in Phenix City AL is drawing up a living will and a medical power of attorney. Writing out one’s health care wishes lets your family know what to do in the event of an illness. The living will addresses issues like the maker’s feelings about being on life support. The medical power of attorney gives the person you choose the right to make medical decisions. Some states combine these documents into what’s called an “advance health care directive.” Finally, be sure to write out your wishes for a funeral or memorial service. This really helps family members because they won’t have to figure out what to do. In addition, having a separate funeral account relieves their family of a financial burden in a period of emotional hardship. Planning ahead means that things will be much easier for your loved ones.
