Probably you think you own too less to have an estate plan. It is common for people to assume that estate planning is for the rich. While that’s true, you should use the right tools to ensure that you have planned for contingencies. No matter the circumstances, you need to consult an estate planning attorney in San Antonio to understand your situation better. In this post, we are discussing how an estate planning lawyer can help.
An estate planning lawyer specializes in state and federal laws related to trusts, probate, and estates. Depending on the circumstances, you can expect an attorney to advise on things and estate planning tools like –
- Last will and testament: This document states how your estate will be handled after your death. You can choose guardians for your minor kids, determine who gets your assets, and all relevant aspects. A Last will and testament will have to go through the probate process, which is public.
- The living will: The second document that is essential to most estate plans is a living will, which determines your wishes if you become ill or are unable to make decisions. You can decide how funeral arrangements are to be made, and while the essential aspect remains the same, there are different names for a living will in each state.
- Trust: Instead of having a will, you can transfer your assets to a living trust, which is revocable and can be changed when required. A living trust doesn’t have to go through probate, and the process is not public. Your heirs won’t have to wait for long to get their share, and you can be a trustee of your firm.
- Durable financial power of attorney: If you become incapacitated or cannot make decisions on your own, you can rely on the durable financial power of attorney, which will allow someone to make decisions as you wish. They don’t have to be the same person as the trustee of your trust.
- A durable medical power of attorney: You can also have a durable medical power of attorney, which will determine who makes medical decisions for you if you are unable to do so or are incapacitated. You can choose someone who you trust, which may be different from the person who is responsible for financial affairs.
Talk to your estate planning lawyer to understand what documents and tools you can use to plan your future based on current circumstances.