Estate planning is the process of setting up documents that transfer your belongings and funds and wrap up your affairs after your death. It is a complex and difficult subject to understand, and many people have questions about how the process works. Below are answers to some of the most common questions about wills and estates. But first, if you need to hire an attorney that handles estate planning at 260-888-8910.
Frequently Asked Questions About Estate Planning
What is a Will?
A will is a document that lets you distribute your belongings as you see fit to your heirs upon your passing. In a will, you are required to name an executor to administer the apportionment of assets, the sale of property, the payment of taxes, and other final affairs. You can leave bequests to loved ones and decide who cares for your children or pets after you are gone.
What is a Trust?
A trust is a financial instrument you fund during your lifetime. With an attorney’s help, you create a legal entity that contains money or property. You name a trustee to administer the requirements of the trust, which could be to pay for a child’s education, donate an amount to charity, or other criteria you decide. You transfer your ownership interest in property, like real estate and bank accounts, to the trust. The administrator distributes the contents at a time and schedule of your choosing.
Estate Planning Attorney?
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What is “Power of Attorney”?
A power of attorney gives another person the right to make legal decisions for you if you are to become incapacitated and unable to make legal decisions for yourself. An individual with power of attorney can do the following:
- Make business decisions
- Pay your bills
- Access your bank accounts
- Buy life insurance on your behalf
- Handle other important issues that you can no longer perform
A power of attorney is something that no one wants to need, but a power of attorney is someone that we must always have if we are to become incapacitated and have an inability to do for ourselves. A power of attorney is essential for every estate plan.
What is a Living Will?
A living will is a legal document that expresses your medical wishes in advance, in case you cannot do so later. For instance, it may state that you do or do not want extraordinary measures used to keep you alive while in a vegetative state. It may provide advance permission to perform a particular surgery if you cannot provide informed consent. It may also express your wishes that it not be performed.
Do You Need an Estate Plan?
If you are lacking an estate plan, then you need to hire a Fort Wayne family attorney to be your estate planning lawyer. Just call our office at 260-888-8910, to speak with an estate planning lawyer in Fort Wayne, Indiana right now. Believe it or not, time is of the essence.