An estate planning attorney can help a client, at any age and stage of life, to prepare for and document their wishes for their assets in the event of their death. He or she is a part of a team of professional advisers who learn and execute their client’s aspirations to transfer their property (monetary, heirlooms, transportation, and homes) in their estate to the members of their family, business, and community. Do you want to learn more? Click Marc Brown in Ft Lauderdale.
The team of professionals includes the lawyer, an informed financial planner to help determine disbursement of financial assets, and a life insurance adviser to make sure of the client’s wishes are carried out, which includes fulfilling the policy with a payout from the insurance company. A banker may assist with many, large, or delinquent accounts, and a broker would be involved when home ownership, multiple homes, or foreclosures are applicable. Not all clients work with this large of a professional adviser team, but they all can benefit from an estate planning attorney’s assistance with the 7 main documents of the post-life asset preparation.
The 7 main documents of estate planning are wills, health care proxy, power of attorney, deeds with life estates and realty trusts, revocable and irrevocable trusts, gift giving plans, and asset protection plans. The will is the primary document in which one or more persons are chosen to distribute and receive the contents of the deceased’s estate. And although the health care proxy term is occasionally used interchangeably with power of attorney, the proxy is limited to carrying out the ill’s medical concerns during hospital stays, such as feeding tubes and reviving the person. The individual(s) identified in the power of attorney document, known as the agent, can actually represent the ill or deceased in all business, legal, and health concerns. Because many deaths of the elderly are not sudden but are the result of failing health, it is a great idea to have all of these documents in place before the event of one’s passing away.
Many people don’t think that it is important to make plans for the preparation of their passing. They don’t want to think about their funeral, their life insurance payout, or their beneficiaries because they either don’t want to focus on not being here or they just think that it will be simple to leave their property to their children. The problem is it is not always that straightforward. An estate planning attorney can adequately advise them on these decisions.