I don't think I have an "estate." Do I Need a Will or an Estate Plan? - If you have a family, significant other or friends, you need a will and disability legal documents at a minimum. Here's why.
Basic estate planning documents do more than just transfer property at your death. They also do the following:
1. protect you in the event you become incpacitated;
2. name guardians for minor children; and
3. prevent the accidental disinheritance of a spouse or other loved one.
For help determining what your estate contains, read this.
Estate planning is an insurance policy for your family and loved ones.
You want to make sure your family is protected - especially your spouse, significant other, and minor children. A will or trust allows you to name the person you want to raise your children if something happens to you.
A will or trust also allows you to give all of your property to your spouse. Don't assume your spouse will receive all of your property if you die without a will or trust. State law has rules about how much of your property goes to your spouse, children, and even your parents if you don't have an estate plan. These state laws can accidentally disinherit the people you love. A will overrides these state law provisions.
What are Disability Legal Documents?
Disability legal documents include: a healthcare power of attorney, financial power of attorney, and living will. Unlike your "regular" will, these documents protect you during your lifetime by giving you the option to name someone with the authority to act on your behalf without a court order.
Powers of attorney allow the person of your choosing to manage your finances and make important healthcare decisions for you in the event you are unable to do so. These documents can also name temporary guardians for your minor children.
A living will allows you to make choices about prolonging your life by artificial means under certain circumstances.
Disability legal documents protect you in the event you become incapacitated and save you and your family time, money, and frustration in the long run. Without these documents, your family may have to file a lawsuit to have you declared incompetent.
To arrange a private consultation in our Ballantyne office, call us at 704-887-5242, or use our contact form to send an email now.
DISCLAIMER: This is an advertisement and contains general educational information only. The information offered in this post does not constitute legal advice and reading the information does not create an attorney-client relationship with Nancy Roberts or the Law Office of Nancy L Roberts PLLC Firm. Before taking any action, you should always seek legal advice from an attorney you hire, who advises you based on your specific facts, circumstances, situation, and the appropriate governing law.