The main reason we might seek out estate planning lawyers in our area is to establish a last will and testament. This document serves a variety of functions. First off, it allows you to appoint a guardian for your children upon your death. Second, it protects your business and allows the company to be transferred to a co-owner or heir. The next, and perhaps the most important reason, is that it determines who will receive your assets whether it is a family member or a charity.
What Happens If You Die Without a Will?
It is best to ensure you have a last will before you pass on. If not, the state will have the rights to your assets and will choose who receives them. While it may vary by state, the typical distribution channel depends upon your marital status and children when you die.
Single
Your parents are the first in line to receive your assets. If they are deceased, then they will be handed over to your siblings. In the event you have children, the assets will be split evenly between them.
Married
This is where the distribution process can become quite complex. Ideally, the surviving spouse would inherit one-third to one-half of your assets, and the rest will be divided up evenly amongst the children. If no children are present, the surviving spouse can inherit everything, or will have to split the money with the deceased’s parents or siblings.
Leaving it up to the state to distribute your assets can lead to family conflict and, in some extreme cases, lawsuits filed. Estate planning lawyers can assist you in creating a last will and testament that will make your death an easier transition for your loved ones.
There Is More to Estate Planning Than You Might Think
However, a common misconception about estate planning is that the last will and testament are the only part of the plan when in actuality it is one part of the estate plan. Estate planning lawyers can also establish a living will, living trust, durable power of attorney, and power of attorney for you.
Living Will
This document will inform your family members of your wishes in the event of an irreversible coma or terminal illness. Therefore, it establishes whether you want certain medical treatment to be withdrawn to allow for a natural passing.
Living Trust
In a trust, certain assets can be set aside for individuals outside the last will and testament. These assets will then be transferred over during your lifetime and will not have to undergo the probate process. The probate process can be a lengthy one since it requires the executor named in the will to validate the will to the court, appraise the deceased’s property, and pay off remaining debt and taxes.
Durable Power of Attorney
Similar to a living will, but not quite. The durable power of attorney allows you to appoint someone to make medical decisions on your behalf when you are unable. However, this type of power covers all health-care related decisions, not just the terminal ones that the former covers.
Power of Attorney
This allows you to appoint someone to handle all legal and business matters in the event you become incapacitated. Therefore, this person can write checks and sign documents for you.
Understanding these aspects of what estate planning lawyers do will ensure your wishes are fulfilled.
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