Why should you retain the services of an estate planning attorney? There are multiple different valid answers to this question, but perhaps the most comprehensive one is the simple fact that an estate planning lawyer will make sure that you are comprehensively prepared and that nothing is left undone.
More specifically, there are many different approaches that you can take with regard to transferring assets, and the optimal course of action is going to be different from one family to the next. Your estate planning attorney will gain an understanding of your wishes, evaluate your assets, and craft a plan that is specifically devised for you and your family.
Though the possibilities are diverse, there are some musts when it comes to estate planning. Of course preparing assets for transfer is at the top of the list and everyone is aware of this. There are however many ways to go about it and this is where the expertise of your estate planning lawyer comes in.
In addition to financial matters there are some other things to take into consideration. One of these is the creation of a living will. With this document you state your preferences regarding medical procedures. Would you want to be kept alive via the use of feeding tubes or some other type of artificial life support if you were in a terminal condition? This is a sensitive question, and it is not something that should be left in the hands of anyone other than the individual involved. Since people who are in this situation generally cannot communicate in real-time, you can put your choices in writing through the execution of a living will.
The last estate plan component that we would like to highlight here involves making preparations for possible incapacity. It is important to execute durable powers of attorney naming representatives of your own choosing who would make medical and financial decisions for you should you become unable to make them for yourself. If you fail to do this interested parties could petition the court to appoint a guardian to act in your behalf and as a result you could spend the final years of your life as a ward of the state. Clearly, it is best to choose your own representatives in a legally binding manner to avoid this eventuality.