How to protect your properties
Estate plans are important to protecting your estate and properties. It ensures adequate protection of assets in your name or that of your desired beneficiary. In cases of contest of Will or property allocation or probate, proper estate plans would exempt you from these situation.
Estate plan involves making many important decisions and plans over your future and that of your loved ones. specifically, estate plans, concerns what happen to your assets both while you are alive and well or dead, how you want to share your assets to family, children or spouse, who takes over making certain important decisions for you in cases of mental incapability and lastly transfer of ownership of a property.
These plans can only be presented, documented and implemented in wills and testament, living trust, revocable or irrevocable trust, advance medical directives and lastly financial power of attorney (power of attorney). A probate property attorney is all you need to make file the appropriate document and to also ensure the legal implementation of these plans.
Planning now for the future with a probate attorney would never be regretted. Preparing now for the future over your financial and medical affairs would save you and your loved ones a whole deal of stress and troubles. One wrong document or inclusion or signatory could mean or signal a whole different thing and may jeopardize your wellbeing or your estates at risk of loss and probate with the beneficiary or trustee not getting it.
Rather than plan your estate alone or with someone who is totally not vast in the field, you should contact a probate property attorney. This will save you from simple, but yet costly mistakes, which could lead you and your property to a dead loss.
You may want to Consider one or more of the following cases and see if you fit into these categories; you own and manage one or more businesses, you have minor children or you don’t have any children, you have a disabled family member, or you have one or more health issues, you are married, divorced or in a second marriage etc.
You are definitely in of the categories mentioned above, any of these above mentioned cases requires you make plans, estate plans. Consequentially, you need vital and legal estate planning documents to ensure your properties are covered.
Last Will and testament
A will based estate plan holds a detailed list of instructions as to how your property should be shared after you die. If you have minor children, it contains provision for appointing a guardian for your children.
Trust are essential when planning your estate. Through trust, you can have anyone whom you solely desire manage and make financial decisions over your assets both while you are alive or dead as well as when you become mentally incapacitated. Trust forms the bases of how your estates are shared or given to beneficiaries, what happens to you when you die and who makes certain financial or medical decisions for you when you are mentally incapable. There are two types of trust, revocable and irrevocable living trust. Both have key importance, however, consult a probate property attorney to make plans for the suitable trust.
Advance medical directive
Through an advance medical directive also known as a medical power of attorney, you get to designate a health agent to make medical decisions when you are unable to do so. This same document could be filed in court to should it be someone needs to be your guardian or conservator.
Financial power of attorney
Through this, you can protect your finances and assets through the financial power of attorney. This documents allows you delegate to the person your choice the ability to manage your assets and make important decisions should you become mentally incapable. This documents can be used in two form as a durable power of attorney and a springing power of attorney.
The Probate property attorney will offer help in:
- Writing of wills according to the state laws in which you reside and have properties;
- Placing a value on the estate;
- Guide you through the entire process of making your estate plans;
- Payment of estate debts, bills and expenses;
- Distribution of estate assets to the beneficiaries.
The Probate property attorney may also act as the estate administrator or executor in the absence of a valid Will.