Have These 3 Important Estate Planning Documents Prepared in Advance
When was the last time you looked closely at your estate plan? If you are like most people in and around the greater Monroe, LA area, you haven’t analyzed your plan in years or possibly even decades. Some people have not yet created such a plan simply because doing so is depressing.
Don’t fret. Niswanger Law in Monroe, LA is here to create the necessary estate planning documents specifically for you, your family, and your financial situation.
1. Last Will and Testament
The last will and testament details how one’s assets and other affairs will be handled after passing away. The “last” here means the recent document.
If someone does not leave a last will, the decision over the assets will be taken care of by a probate court. If the will only covers real property, it’s usually called a “devise.” If it covers personal property, it’s usually called a “testament.”
It is also in your interest and that of your family members (and charitable organizations you have in mind) to establish an executor. The executor of your will is a personal representative who manages the estate after death, transmits assets, and establishes guardians for minors.
2. Durable Power of Attorney
The subject of estate planning typically steers thoughts toward last will and living trusts. Wills are undoubtedly important, yet they are not the document defining your estate plan.
A durable power of attorney is also necessary. It empowers another individual to act on another’s behalf in a legal and/or financial capacity. It looks at financial aspects, like savings accounts, investments, home equity, automobiles, etc.
This document is written with language that specifies exactly when the selected individual can act on another person’s behalf. The language will be carefully chosen to highlight certain situations, like mental incapacitation preventing autonomous decision-making.
Meet with our estate planning attorneys, and we will walk you through the steps of establishing a power of attorney for your situation. This way, you’ll have worry-free living in the years ahead.
3. Medical Power of Attorney
Estate planning is not strictly limited to finances. It should also account for healthcare and medical decisions. Thus, every adult needs a medical power of attorney as well.
A medical power of attorney establishes which individuals can make decisions about another person’s medical care in the event of incapacitation. Though no one wants to ponder such a future, it is crucial to have this document entrusted to an individual of sound mind.
Meet with Niswanger Law, and we will carefully create a medical power of attorney in unison with your living will and other essential documents.
Let Niswanger Law Prepare Your Estate Planning Documents
You owe it to your loved ones and yourself and the charitable causes you support to create an estate plan. Niswanger Law in Monroe, LA is here to help you prepare such documents on your behalf.
If you have not updated your estate plan in years or do not have one, contact us today to schedule a consultation. Call us at (318) 953-0071. You can also fill out this form or visit our office at 3814 Cypress Street, West Monroe, LA 71291.