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No one wants to face the fact that they will die, sleep no more, or shuffle off this mortal coil-with the exception of Shakespearean characters. But, of course, we all will. That is inevitable. The only thing we can control is the legacy we leave to our loved ones. And by legacy, I mean both the tangible and intangible assets. It is a sad fact of human life that people are often at their worst when times are tough. When a beloved family member passes away, emotions often get the better of us. It is not uncommon for family members and friends to fight over assets if the departed passed without a will. This is known as dying intestate. While the numbers are sketchy, most surveys find that only about half of older Americans have a valid will. When they pass away unexpectedly or from a serious illness, the responsibility of dividing their earthly assets falls to the state. This is when family members and loved ones squabble. Why? It's wise to have everything sorted out beforehand because the state does not consider hearsay statements or promises! For example, let's say that your favorite uncle promised to leave you his stamp collection but never wrote a will. If he was married, odds are his widow will receive most of his assets, including the stamp collection. As you might imagine, disagreements such as these can cause friction, even in tight-knit families. Who Needs One? After the fear of death, the most common reason people list for not writing a will is that they aren't rich. But just because you don't have many assets doesn't mean you don't own items that have sentimental value to your friends and family members. That stamp collection, for example, might be worthless. But, if the nephew cherishes the memories he has of admiring the collection with his favorite uncle, it might be priceless in his eyes. Secondly, an estate planning lawyer does more than help you draw up your last will and testament. Basic estate planning includes three separate components: the will, assignment of the power of attorney, and health-care proxy. Most of us are well aware of what a will is, but the power of attorney is a bit more complicated. Whether medical or legal, it gives the named party the ability to make legal and medical decisions for you in the event that you become incapacitated. For example, if you fall into a coma and are being kept alive by machines, your health-care proxy is the person responsible for carrying out your wishes-whether that includes keeping you on or taking you off life support. Taking Inventory Before you make an appointment with a reputable estate planning lawyer, it is a good idea to record any assets you might have, including insurance policies, savings, real estate holdings, investments, and business interests. Then ask yourself who you would like to handle your financial affairs should you pass away unexpectedly or become incapacitated. This executor or executrix would make certain that your final wishes were carried out to the letter. Although it might seem like a lot of work, a good estate planning lawyer handles these cases on an almost daily basis and can complete them in no time. Expect to spend between $800 and $1800 for a capable estate planning lawyer. When considering an estate planning lawyer, Roseville residents visit Meyer & Lee. Learn more about them at http://mylawyersllp.com/practice-areas/estate-planning/.
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