After your death, it will be difficult enough for your loved ones; the last thing you want them to be burdened with is determining what should be done with your estate. You also don’t want to run the risk of your loved ones not receiving what you intended them to receive, whether because of them disagreeing, extra administration costs, or unnecessary taxes. This is why estate planning is essential. Estate planning ensures that your loved ones will receive what you want them to receive, the manner in which they receive it, and when they receive it. Additional benefits of estate planning are savings on taxes, court costs and attorney’s fees, and less burden and financial strain on your loved ones.
If you come to Watt and Vanderhyde, Attorneys at Law for your estate planning we will make the process as timely and effective as possible. We recommend that you have us create three important documents for you: 1) A Will (or a Trust, more information on Trusts to come at a later date), 2) A Durable Power of Attorney and 3) A Durable Power of Attorney for Health Care.
Wills
The purpose of a will is to create a legally binding document that directs who will get your property after your death. The will also indicates the legal representative who will carry out your wishes and distribute your property (the executor). A will is important because it states where and whom will get your estate, rather than leaving your estate intestate (without a will), which would cause your estate to be distributed pursuant to state law that may not distribute your estate in the way you intended. If you have a will, then the probate process is less expensive and quicker than if you die without a will. For those who have minor children, a will determines who will become the guardian of your minor children should both parents pass away.
Durable Power of Attorney
A durable power of attorney is another important aspect of estate planning. It appoints the person you wish to handle your financial matters in case you ever become incapacitated. If you never legally appoint a power of attorney, then the courts will have to appoint a conservator or guardian after you become incapacitated. This process costs money, takes time, and the judge may appoint someone that you do not want to have the authority to handle your financial affairs. The document is created with specific standards used to determine incapacity and when the power of attorney is triggered.
Durable Power of Attorney for Health Care
A durable power of attorney for health care designates who you want to make your health care decisions if you are unable to do so yourself. This medical directive can be used to instruct your wishes regarding withdrawing life support if you are in a vegetative state or if you become terminally ill.
For all of your Estate Planning needs, contact Grand Rapids Estate Planning Attorneys Watt & Vanderhyde at (616) 776-0000.
Author Resource:-
Author is Sandra Vanderhyde who is a partner of Watt.
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