Wills, Trust and Power of Attorney

Power of Attorney is a legal instrument authorizing another person to act as an agent or attorney of the person granting it.
Writing a will is probably not high on many people’s list of priorities. And for the most part people don’t like to discuss things about death. But a will is a very important part of life and essential for everyone. Some people say a will is one of the best ways to protect your spouse and children. If you don’t have a will your estate will be disbursed according to the state laws without consideration of your desires for how you want your estate disbursed. A will can prevent your family from having to be in probate court. A will can be the best way to make sure that to whom you want to get your money and assets will get it. Generally, if a person doesn’t have a will, the person’s immediate family – spouse, children and parents are awarded their assets. But a will takes away any uncertainty. If you have children, you can determine who will be the guardian of your children in your will if you or your spouse pass away. With life come changes. You can amend your will at any time to accommodate those life changes. Changes such as adding a beneficiary or if your marital status changes amendments can be made to your will to coincide with life changes.
People most frequently make changes to their will or make a will when a major life event happens like a death in the family, a birth, change in marital status or the death of a celebrity. States vary regarding estate laws. There are extreme examples of estates taking decades to settle like the estate of Bob Marley’s, in which his heirs are still involved in court proceedings to settle his estate after thirty years. There are celebrities like Prince, Amy Winehouse and Aretha Franklin who died without having a will. https://www.usatoday.com/story/life/people/2018/08/22/legendary-stars-who-died-without-wills-aretha-franklin/83550424/ Many people think you have to be wealthy to have a will but that’s just not true. A will dictates what will happen to and who will get your property and possessions when you die. https://www.cnbc.com/2018/08/31/famous-or-not-heres-why-you-should-have-a-will.html
A trust is a legal entity created by a party, the trustor, through which a second party, the trustee, holds the right to manage the trustor’s assets or property for the benefit of a third party, the beneficiary. There are many different kinds of trust and it is best to consult an estate planning attorney when creating a trust. The five main types of trusts are living, testamentary, revocable, irrevocable, and funded or unfunded. Every trust has its own purpose but all trust use the same structure.
A power of attorney is a way to have another person handle your legal, medical or financial affairs while you are away or unable to do so yourself because of incapacitation. If you don’t have a power of attorney and you become incapacitated, a conservatorship or guardianship may need to be established. The court would appoint someone to manage the legal, medical or financial needs of the incapacitated person.
Estate planning minimizes having to deal with the probate court, provides one and one’s family with privacy, and allows ones property and assets to be disbursed according to ones wishes. Estate planning is a future present for yourself and your family. You won’t regret estate planning.