Is It Important To Do An Estate Plan?

 If you have small children, you should be prepared for their future. Self-responsibility, good decision-making, and the ability to plan for adversity are just a few of the values that any good parent aspires to instill in their children. The parent's responsibility is to act as a backstop and guide until the child has flown the nest. As a result, parents must guide their children through the drafting of important estate planning documents as soon as they reach the age of 18. 

This will ensure that they are cared for in a manner that you approve of. To protect each family member's assets, there is a will attorney near me who will help you specify how you want your personal property, possessions, cash, and financial assets distributed. If you are unable to speak for yourself, this essential collection of legal documents can help your family guarantee that your wishes and needs are met.

 It's something you do for your loved ones. You do it for the people and organizations you care about and want to ensure that they are supported and know that you care about them long after you are gone. If there's one thing you've learned over the past year, it's that you can't put a priority on your family's health and safety. One bit of peace you can ensure yourself is having sound legal documents in place to help your children manage their affairs if the worst happens.

 If you don't make these decisions while you're still alive, a legal system will make them for you if you pass away or become legally incapable. State intestacy laws, for example, will determine who receives your fortunes. If you become incapable, a court might appoint a conservator to oversee your finances. If you're unconscious after an accident, state law may allow your spouse to make medical decisions for you.

 It's a good thing we have safety nets in place. However, because these broad regulations do not consider personal cases, they may not be appropriate for your beliefs, wishes, or family requirements.

 Some Necessary Documents Will Help You To Do An Estate Plan

 Here are the following documents you'll need while putting together your estate plan to help you make sense of it all.

 1. Will

 This is the document that specifies who you want to receive your assets when you pass away and supports the proper distribution of your assets when the time comes.

 A will can also be written at any time; in fact, waiting until you're older may be a mistake. If you have small children or pets, your will should include who you want to be their guardian if you become disabled. As a result, drafting a will is certainly something you'll want to consider sooner rather than later.

 Finally, once you pass away and your will is filed with the court, it becomes public information. Many people do not want their personal lives to be made public. Fortunately, setting up a living trust is a discreet way to divide your assets and avoid probate.

 2. Living Trusts

 When you establish a trust and place assets in it, such as your home, those assets become the trust's legal property. As a result, those assets do not have to go through probate court after your death. Instead, the assets in your trust are distributed according to your desires by the successor trustee. Although there may be an accountant and legal expenses to settle the estate, and the procedure may take a few months, the process is supposed to be quick, inexpensive, and private.

 Because you can modify or dissolve a living trust during your lifetime, it's also known as a "revocable trust" or "revocable living trust." You can, for example, sell or withdraw trust assets, add new assets, and change the beneficiaries.

 Aside from avoiding probate, there are other benefits to set up a living trust in your estate plan. When you put assets in a trust, you can name someone to handle your assets while you're still alive, called a successor trustee. You can't do it just by willpower.

 3. Power Of Attorney

 A power of attorney, often known as a POA, permits you to choose someone to manage your finances if you are unable to do so. There are several distinct types of POA, but they all fall into one of two categories: broad or limited power of attorney.

 A general power of attorney appoints someone to act on your behalf in any situation, including medical, legal, and financial problems. Someone with limited POA can only act on your behalf in particular situations or occurrences.

Compton law estate planners will feel happy to handle all these tasks, especially if your assets or family situation isn’t simple. There is a will estate planning attorney who helps you to solve all these future issues.