Whenever you talk about estate planning the most common phrase you will hear is that it is just for wealthy people or it is something that elderly people do. This is far from the truth. A person needs to consult an estate planning attorney despite their age and financial status so that you are well prepared in case something went wrong.
It is believed that estate planning is like making a will and they are right. The planning attorney helps a person in creating a legitimate will that can be presented in the court. This will also prevent conflict for the possessions and assets at the time of your death. However, estate planning attorney doesn’t just draft a will they do much more than that. Let’s find out why everyone needs to consult a planning attorney.
An estate planning attorney helps in protecting your assets
The estate planning attorneys suggest comprehensive strategies that will help you in protecting your wealth and assets not only from higher estate taxes but also from losing in case you become incapacitated or ill. They can do this by assisting you in making proper strategy for long – term care insurance or by creating trust in order to protect the assets.
The estate planning attorneys will help you to make sure that you won’t be at the mercy of your family if something happens to you. They can prevent your family to act on behalf of you during the time of grief.
An estate planning attorney helps in establishing a living will
One of the most crucial things that an estate planning attorney does for their client is to assist them in establishing a living will. It is a document for specifying what will happen in case of any medical emergency or when you require life-saving medical care. In a living will you can mention measures that should be taken in case you want to extend your life or need help. It will prevent you from facing situations where your family thinks about “pulling the plug.”
Consulting an estate planning attorney is not a thing that elderly need or wealthy people suppose to do. It is something that everyone needs at a point of time.