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Nobody wants to think about their death, but it's important to make preparations. You never know when something might happen to you or your spouse. If something were to happen tomorrow, what would happen to your children or dependents? What would happen to your business and property? It may end up in the hands of the person whom you intend to have it, but the courts may decide differently. You need to work with an estate planning attorney in Simpsonville, SC, to help you create binding legal documents. Here are some of the documents that your lawyer can create with you to ensure that your wishes are served. Will A will lists how you want your assets to be distributed. Your will should include an inventory of all of your assets, including investments, retirement savings, life insurance, real estate, and more. Then, you can determine which one of your children will inherit certain possessions that you have. You can let your friends know what you left behind for them. You can tell the world that your spouse legally has the right to all of your possessions. One of the most important reasons to create a will is to choose a guardian for your children so you can name who will take care of your children if you are no longer able to do so. Make sure that everyone knows that your wishes would be for your children if you are no longer around to care for them yourself. Trust Although a trust is very similar to a will, it differs on some important points. For one thing, it gives greater specifics as to how you want your possessions distributed. You can determine how and when your money will be distributed to your beneficiaries without them having to go through probate court to get the money. Using a trust can also help you reduce your estate and gift taxes. There are certain benefits to choosing a trust or a will. Your lawyer will discuss your needs and help you determine which option is right for you. Power of Attorney You can sign a document giving someone "power of attorney" which will allow the person to handle your financial and legal affairs. If you're married, your spouse will automatically be given power of attorney to make those important decisions. But what would happen if you and your spouse are incapacitated? Who would you choose to handle your affairs? You should choose someone who knows your wishes and make decisions that would be aligned with what you would choose. Living Will A living will is similar to power of attorney, but it primarily deals with medical concerns. If you were to get into a car accident and were living on life support, would you want your family to leave you on life support? Your living will can detail who you want to have make this difficult decision. You can outline what you would like them to do, and determine whether you would want to be an organ donor if things don't work out. It's not easy thinking about your death, but creating the important legal documents doesn't have to be difficult. With the help of an experienced estate planning attorney in Simpsonville, SC, you can create an inventory of all of your assets and make decisions as to who should inherit each item. You can determine who you want to act on your behalf when it comes to your legal, financial, and medical affairs. You can even create letters to speak to your friends, family, and other beneficiaries to help them understand your decisions and tell them what you would like them to know as they move forward.
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