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Best 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 looking 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 the event of death or incapacity.

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

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

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

It permits you to protect your loved ones and make sure that your assets are properly distributed to all your family members after you expire.

You need to 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 will lead to administering your estate after you die.

One of the major disadvantages of a last will is that your family will need to go through the probate court process in order to get access to your assets.

Some people believe a will avoids probate, when in reality it is your ticket to probate. If probate avoidance is really a major goal, as it is with a lot of families, a full time income trust might be a better option.

A Revocable Living Trust may be better than a final Will
A revocable living trust is also an extremely popular estate plan document due to flexibility and protection it provides.

It serves much of the same function as a last will but provides ancillary benefits a last will and testament will not.

For example, a full time income trust avoids probate so your family doesn't have to undergo a long and high-priced process just to access your assets.

It also makes effect the moment it is signed which allows one to arrange for circumstances where you might become incapacitated and unable to communicate.

Lastly, a full time income trust is private, so the value and transfer of your assets remains private unlike with a last will and testament.

Irrevocable Trust are employed in special cases
These kinds of trusts are often found in special circumstances. Often times people who are arranging a family member who has special needs are certain to get this type trust.

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

Irrevocable trusts are much 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 frequently opt for these because they're able to be changed at any point ahead of death.
It's usually far better consult with an estate planning attorney, if you believe you need an irrevocable trust because they are very complex plus much more permanent.

A Living Will is important for incapacity planning
This type of document enables you to define your end of life medical decisions in case you are incapacitated and struggling 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 studied care of.

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

Having a living will in place takes a lot of stress from your family since they know that they're acting in accordance with your wishes.

Medical Power of Attorney
A medical power of attorney is generally paired with a full time income will. Estate Planning Attorney Philadelphia of the two is sometimes referred to as an advance directive.

This document provides legal authority to someone you trust to make medical decisions in your stead if you are incapacitated and can't achieve this yourself.

Think about the living will because the instructions while the medical power of attorney is the authority to do something on those instructions.

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

The financial power of attorney can provide someone you trust usage of your financial accounts so they can settle payments and make financial decisions on your behalf.

Often times this might get to a spouse of someone your trust to allow them to 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 the death, a comprehensive estate plan also plans for incapacity.

This is important since it is very common for an individual to become incapacitated before they expire.

While this is not an exhaustive list of all the documents an estate planning attorney will let you draft, this is a good start.


Website: https://cstewartlaw.com/