Do you have properties you invested for the purpose of inheritance? When you plan on building a family or even if you are single, one of your goals in life while you still live is to own a house that is named under your name. You also want to have your own car, get insurance, and a lot more investments. Of course, this is part of your achievements and part of your goals but we also know that having properties means passing it to whomever you want it to have once you are gone. One of the biggest mistakes that we always commit is that we don’t actually plan for it. In fact, it is not part of our plans. We are living a life and enjoying our investments without actually thinking about dying but of course, we don’t exist forever and once we are gone, it will be disastrous on your family members as to whom shall inherit this and that. This is mostly true if you are single. Thus, it is recommended that you plan for your estate and have it administered by the right people.
Estate planning is simply planning on who will inherit your properties regardless if it is a property, car, money, stocks, etc. With this planning, you will no longer worry about your properties because they will be inherited by the people you want to give it to. This will avoid chaos amongst family members and your passing away will be peaceful.
But how is estate planning and administration done? What you actually need is the right people to help you with this and that is your estate planning attorney. The purpose of hiring an attorney to handle your estate planning is because of the legal issues involved with it. Imagine how many court proceedings your case will undergo and the hassle it will cost your family, even financially, just to arrange everything that you have left. But with an estate planning, all you need to do is write your will and list the properties you have and who will inherit it. The lawyer will make everything legal thus; you won’t have to worry anymore one you pass away.
Of course, passing away is not just a reason for having an estate planning. What if you become mentally incapacitated? For this case, you need a durable power of attorney. This means that you are giving the right to one of your trusted family member or friend to make decisions in your behalf. He or she will be the one to handle your finances. In case you have health issues and are bed-ridden, you can also assign a health proxy to decide on your health. This is where you can give your wishes and requests especially on your health status. Just make sure that before you assign someone, you have full trust on that person. Again, your lawyer will be the one to make everything settled and documented. This way, you won’t have to worry about anything because you know that whatever happens to you, your investments are in good hands.