Whether you are getting older, or simply acquiring assets, it is always important to have a plan for if you come to an untimely demise. Death is inevitable in life, but one missing signature or improper word written while you are living can completely change the meaning of your will or trust after your death. Estate planning consultation from NY will help you in establishing your power of attorney, living trust or even a health care proxy. Hiring an estate planning attorney will help to keep your assets safe and make sure they fall into the right hands as you age or upon your death.
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Power Of Attorney
The Power of Attorney is a legal document that gives authorization from one person to another to manage their financial affairs. “General durable power of attorney” gives immediate power to another person upon your death.
“Springing power of attorney” gives power to another person when you have suffered a physical or mental incapacity.
Having a power of attorney outlined by an estate planning lawyer will help you to ensure your estate is put into the hands of the proper person upon your death or if you become incapacitated.
Health Care Proxy
The Health Care Proxy allows any adult to appoint another adult to make medical decisions upon their inability to do so for themselves. This might include the decision to turn off life support after an accident, or upon vegetative illness. Drafting a health care proxy with your estate planning lawyer allows you to have a clear vision of who will carry out your guardianship process if you become incapacitated.
Living Will
The living will is a document that expresses whether you prefer to use “extraordinary measures” to extend your life even if there is no expectation that you might ever regain consciousness. This living will is considered by your power of attorney as well. Drafting this document will help to ensure that you are not put on life support if this is not something you wanted during your conscious life.
Last Will And Testament
Your last will and testament are documents that outline who your assets go to upon your death, as well as other decisions that need to be made. This might include exactly which assets go to which individuals, guardians for your minor children, and the prevention of your property and children being taken into the state’s system. It is important to contact an estate planning lawyer to be aware if you need a living trust in addition to the last will and testament to be fully protected.
Who Needs An Estate Planning Attorney?
You might need an estate planning attorney if you fit into one of the following categories,
- You have been married more than once
- You own at least one business
- You own real estate in multiple states or countries
- You have any disabled family members
- You have children who are minors
- You do not have children for a direct inheritance
- You want to leave some of your estates to charity
- You have many assets in an IRA or 401(k)
- You are divorced
- You have lost a spouse or family member recently
If you are aging or simply looking to protect your assets, contact Law Offices of David Urban, an Estate Planning Attorney in Denver.