Estate Planning is not an easy experience. People do not like to think about their own mortality and nobody likes to consider that they won’t be around forever. However, it is something that you will be happy you spent time on in the long run. You want to make sure your assets and capital end up where you want them. The law office of Himelman & Himelman has been working with people to get their estate planning in order since 1957. Meeting with an estate planning attorney is something you should consider doing earlier rather than later. This article will break down some of the major things you should consider during your estate planning process and that you should discuss with your attorney.
A Last Will and Testament
When people start thinking about estate planning, the will is probably the first thing they think of. A will dictates the division of your property, indicates who will be in charge of handling the affairs of your estate, and care for children who are still minors. Without a will, there is legal process known as intestate succession that determines who will receive your property when you die. Therefore, a will is critical if you want to avoid having your property distributed to other individuals who you did not want to be the beneficiaries of your estate.
A Living Will
An advance directive for healthcare, or living will, is different than a regular will. Creating a living will gives important instructions about what measures should be taken in medical circumstances where for any reason you are unable to participate in medical decisions yourself.
A Durable Power of Attorney
A durable power of attorney is a document that gives someone else authority to act on your behalf and make decisions regarding your finances and legal affairs if something should happen to you that makes you unable to make the decisions yourself. This document is only valid until your death. The person you choose to act on your behalf is legally bound to make decisions in your best interest.
It is important to make sure that your wishes are carried out in the event that something happens to you. If you are ready to get started on estate planning, contact Himelman & Himelman today to set up a consultation.