Why you need to write a will and a will

People tend to put off writing a will. For most, it is because they are not sure where to start or what is required. While the process is relatively simple, it is best to consult with a real estate attorney to ensure certain documents are prepared correctly.

One of the main reasons for preparing a will is to minimize the time required for probate. This procedure is necessary to reconcile the estate and transfer ownership of the property to the beneficiaries.

The downside to probate is that it often takes several months to complete. Furthermore, wills run the risk of being contested if the heirs do not receive the items to which they feel authorized. The succession can extend for months, or even years, as long as one person challenges the will.

In addition, the farm will bear additional legal expenses that could end in bankruptcy. It is not uncommon for administrators to be forced to sell assets to cover litigation fees.

Anyone who feels there is a possibility that the will will be contested should consider transferring the property to a trust. It is advisable to obtain the help of an attorney to determine which type of trust is best suited for your personal circumstances.

Most people will find that a revocable or irrevocable trust is a good option. Revocable trusts can be modified, while irrevocable trusts cannot be modified without judicial authorization. For this reason, it is vital to fully understand the pros and cons of each to prevent complications later.

People who set up trusts must also prepare a last will, as well as forms of power of attorney and power of attorney for health care. Power of attorney grants certain privileges to a personal agent who can perform tasks on your behalf. These forms are valid for your lifetime and privileges are revoked upon death.

Personal agents can handle a variety of tasks. These generally include managing personal finances, managing real estate or financial investments, or assuming management responsibilities for a family business or partnership. The duties that agents are authorized to perform are described on the power of attorney forms.

A Health Care Power of Attorney is used to provide information about the medical treatments you do or do not want. For example, many terminally ill people create ‘Do Not Relocate’ forms that prohibit medical personnel from performing life-saving procedures. Others may object to artificial nutrition or life support.

Power of attorney for health care takes effect when a doctor provides written documentation that you are unable to make medical decisions on your behalf. This can be due to a coma, an inability to communicate, or a life-threatening situation.

Agents can discuss diagnosis, treatment plans, and anything else related to health care with doctors. Medical personnel must comply with the directives provided in the Health Care Power of Attorney.

Establishing a comprehensive estate plan enables individuals to be prepared for medical emergencies and to transfer assets in the event of death. Writing a will allows a person to bequeath their property to those they choose.

Wills can be customized for your personal needs. Working with an estate planning law firm ensures that the property is sufficiently protected throughout its life and beyond. Attorneys can help you prepare a will, establish trusts, and prepare power of attorney. They can also offer strategies to avoid probate and minimize estate and inheritance taxes.