When doing estate planning, power of attorney is a term you will hear a lot. All estate planning lawyers do their best to ensure all legal documents are as clear as possible. However, written words can always be taken in different ways depending on who they are interpreted. A power of attorney assigns someone to help interpret your wishes in the event you pass or are unable to vouch for yourself.
Estate planning gets a little more complicated when you have to incorporate trusts. Trusts can be versatile tools, but not every estate plan requires their creation. A trust can be useful in protecting the inheritance of a minor or help manage the finances of someone that doesn’t have the means to properly manage their resources.
Too often people set up an estate plan and then think they can forget about it. However, as your life evolves, your estate plan should too. While certain events are obvious that a change is necessary such as change in marital status or the purchase of a new home, other events might not be as clear.
Most people know that creating an estate plan is an important task. Yet, it is easy to put off planning for the future and recent statistics show that many adults have no estate plan in place. Estate planning can be simple or complex depending your family situation or current state of affairs. However, either way, it is important to make it a priority so your family is not left with no sense of guidance. Let us help you navigate this sensitive topic to ensure all your questions are answered.