Do you ever wonder what will happen to your assets after death? You can have control over how your assets are distributed if you hire an estate planning attorney to help you with an estate plan. In this article, discover how an estate plan can give you a peace of mind about what happens to your assets after you pass away.
How Can an Estate Plan Help with Asset Distribution After Death?
An estate plan is a legal document that gives you the authority to voice who you want to inherit your assets after death. Without the estate plan in place, it may be left up to a judge to determine how your assets are distributed. For instance, the judge may see it fit for your spouse or children to inherit everything without the knowledge that you are estranged from them. You can have the estate plan set up where a close friend gains access to your property.
You can also use the plan to give directions on how you want property cared for. If you own a home with a lot of sentimental value, you can appoint a trusted individual to make sure it is not sold. The upkeep of the property can be in the hands of the appointed individual until a minor child grows up and is able to take over.
Your medical and financial desires can also be written into the estate plan to make sure you are taken care of if you become incompetent. You can choose one or more people to have the power of attorney over making important decisions on your behalf. A power of attorney can decide if your organs will be donated, the type of medical care you receive and how your debts are paid.
Is an Estate Planning Lawyer Easy to Afford?
Hiring an estate planning lawyer to assist you with drafting legal documents can cost an average of $800-$3,500. The price will depend on how many documents are drafted. For instance, you can have documents covering a will, advance medical directive, financial power of attorney and many others. You may be charged a flat fee for each document, or an hourly price for drafting all of the documents as a whole.
You will have nothing to worry about concerning your assets when you have an estate plan in place. Hire a lawyer to get the legal documentation you need to maintain control over your assets when you are gone!
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