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Estate Planning Attorney Philadelphia
The Major Documents an Estate Planning Attorney Can Help You With
Will, trust, and estate law is quite complex.

That's why while you are seeking to get an estate plan drafted; you should seek the help of an estate planning attorney.

These attorneys focus their practices on estate law and advise their clients on how best to best protect their family and assets in case of death or incapacity.

There are a lot of different documents an estate planning attorney can draft that you help you reach your estate planning needs.

While this is not an exhaustive list, it will help allow you to get started.

Last Will and Testament can help secure your family
This is one of the most popular estate planning documents in Michigan.

Estate Planning Attorney Philadelphia permits you to protect your family and ensure that your assets are properly distributed to all your family members after you pass away.

You may use a will to communicate who should get what assets and just how much, who should be the guardian and conservator of your minor children, and who'll lead to administering your estate once you die.

Among the major disadvantages of a last will is that your family must feel the probate court process to get access to your assets.

Some people believe that a will avoids probate, when the truth is it is your ticket to probate. If probate avoidance is really a major goal, since it is with a lot of families, a living trust may be a better option.

A Revocable Living Trust may be better than a Last Will
A revocable living trust is also an extremely popular estate plan document as a result of flexibility and protection it provides.

It serves a lot of the same work as a last will but provides ancillary benefits that a last will and testament does not.

For example, a living trust avoids probate so your family doesn't have to go through a long and high-priced process just to access your assets.

It also makes effect the moment it really is signed which allows you to plan for circumstances where you may become incapacitated and struggling to communicate.

Lastly, a living trust is private, so the value and transfer of one's assets remains private unlike with a last will and testament.

Irrevocable Trust are employed in special cases
These kind of trusts are often used in special circumstances. Quite often people who are planning for a relative who has special needs are certain to get this type trust.

Additionally, people who are seeking a tax or credit shelter of some kind.

Irrevocable trusts are a lot more permanent a revocable living trust meaning they can not be changed once they are created.

Most people are able to achieve their estate planning goals with a revocable trust and often opt for these because they're able to be changed at any point prior to death.
It's usually best to check with an estate planning attorney, if you feel you need an irrevocable trust as they are very complex and many more permanent.

A Living Will is essential for incapacity planning

This sort of document enables you to define your end of life medical decisions in the event you are incapacitated and unable to communicate your wishes yourself.

Think of it just like a formal letter to your family listing your final medical wishes telling them the way you would want to be taken care of.

Your living will explain the types of medical treatment you would or wouldn't normally want in certain situations.

Having a full time income will in place takes a lot of stress from your family since they know that they are acting in accordance with your wishes.

Medical Power of Attorney
A medical power of attorney is generally paired with a living will. The mix of the two is sometimes referred to as an advance directive.

This document gives the legal authority to someone you trust to create medical decisions in your stead if you are incapacitated and can't do so yourself.

Think about the living will as the instructions as the medical power of attorney is the authority to act on those instructions.

Uses for Financial Power Attorney
Such as a medical power of attorney, a financial power of attorney is set up just in case you become incapacitated.

The financial power of attorney can provide someone you trust access to your financial accounts to allow them to pay bills and make financial decisions on your behalf.

Often times this would be given to a spouse of someone your trust so they can pay medical bills and the expenses required so that your family can survive.

Conclusion
Estate planning is an important process that helps you make sure that your legacy is passed onto your loved ones in the most efficient way possible.

Some people think estate planning only plans for your death, a thorough estate plan also plans for incapacity.

This is important because it is quite common for an individual to become incapacitated before they pass away.

While this is not an exhaustive set of all of the documents an estate planning attorney can assist you draft, it is a good start.

Website: https://cstewartlaw.com/