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How Estate Planning Works

How Estate Planning Works

Death is not something that people enjoy discussing, but it is an unavoidable fact of life. If you have spent your life building up a business and an estate that you want to leave in the hands of people you love and trust, then you should begin planning for your departure now. Working with a lawyer with extensive expertise and experience in estate planning will lead to a sound and binding legal document that divides and distributes your estate according to your desires.

Bringing Clarity to Friends and Family

If there is no will at the time of your death, your estate will go intestate. That means a judge will decide who gets what, which may leave your estate in tatters and your surviving family members at each other’s throats. If you have a major stake in a successful company that you have built from the ground up, you may want to leave the wealth that it produces to loved ones and control of the company itself to a trusted colleague. Without a will that expressly states this preference the enterprise may be put into the hands of someone unable to manage it, which will make meaningless all your sacrifice, diligence, and hard-work and leave the livelihoods of employees in doubt.

A Lawyer Can Help Secure Your Legacy

An estate planning lawyer will help you think through the division of your estate. Ultimately, it will be up to you how you want to divide it or if you want to leave it intact with one person as your beneficiary. Your lawyer will be there to create the legal language necessary to make your will withstand a challenge.

Your lawyer can also help you update your will as necessary. Over the years, circumstances change. Some of the people who were in the original will may die. Others may go on to other fortunes and inheritances. You can make changes in your will that reflect this. The one thing you should not do is change your will while in a passion. Family members disappoint all the time. But every decision you make about your final will and testament should come after long and deep reflection.

Power of Attorney

Your lawyer can also help you create a power of attorney to be used in the event of your incapacitation. You may feel healthy and vibrant at the moment, but you never know when tragedy will strike—when you will be left without the ability to speak, think, and make decisions about your medical care. You want someone you trust to make such decisions for you. Creating a power of attorney will give the person you designate to speak in your name. It can be as expansive or as limited as you want it. The important thing is to have a document that makes it clear who has the power to make such crucial life and death decisions.

If you are ready to make a will and other such preparations, you will need the help of an attorney. You should Click Here to find one.

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