Friday, October 7, 2016

Updating your estate plan

If you are 18 and mentally competent, at a minimum, you should have a will, a financial power of attorney and a health care power of attorney. I have reviewed many estate plans that do not even include these three basic documents. If you are missing any of these three documents in your estate plan, then your estate plan is in serious need of updating. Even when you have a trust, you still need a will, a financial power of attorney and a health care power of attorney as part of your estate plan. A trust without any of these three basic documents results in serious gaps in your estate plan, which would need to be reviewed and updated.

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Estate Plan - Getting Started

For some people, the prospect of a consultation with an elder law estate planning attorney is stressful and emotional, bringing up fears of talking about uncomfortable subjects such as death and disability. Many don’t know what to expect. In reality, the first consultation is more like a “getting-to-know you” session, covering specific topics to help the lawyer give correct advice. Generally, you complete a form ahead of time and bring copies of materials requested on the form. You will be considering decisions that affect your assets and your loved ones, possibly for generations to come.

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Tuesday, October 4, 2016

Two Estate Planning Lawyers Better Than One?

An estate planning lawyer usually serves clients alone, without involving any other lawyers in the estate planning process. In some cases involving married couples, however, one lawyer cannot do the whole job alone because the lawyer’s ethical obligations prohibit the lawyer from serving both the husband and the wife. Sometimes, a lawyer needs to insist on representing only one spouse, and insist that the other spouse hire a separate lawyer for estate planning.

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Estate Planning benefits

One of the hardest times for any family is when a major pillar of the household has fallen through demise or being incapacitated. This may lead to squabbles among family members who each feel entitled to a part of the cake and so it is crucial that proper estate planning is done using a very good lawyer. This is perhaps the most important aspect of estate planning, something that a good lawyer well insists on. Ensuring that you have planned your wealth when it comes to inheritance ensures that you not only have a peace of mind but that there is peace in your family.

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