Why Estate Plan? What’s the Big Deal?
Posted by The Law Offices of Joshua Key on Jun 14, 2013 5:00pm PDT
Your legacy is everything. If you fail to take steps to protect your assets now, your loved ones will deal with the financial headache later. While nobody tends to view estate planning in a positive light, taking this important life step will make sure your money stays in the hands of your loved ones.
While more than half of Americans don't have a will in place, having this document in place is essential as it allows you to name an executor of your estate whom you trust to distribute your assets (rather than forcing the courts to name an administrator). Through estate planning you can also establish a living trust, which can help you bypass probate entirely.
Estate planning also allows you to designate power of attorney as well, or in other words, it allows you to choose whom you wish to handle matters on your behalf, in the event that you become ill. Financial power of attorney allows someone to handle your finances whereas medical power of attorney allows an individual to make medical decisions on your behalf.
Estate planning also allows you to inform loved ones of your wishes concerning end-of-life preferences. An attorney can help you set up an advance directive which puts into writing all of these important requests. Estate planning not only protects your future, it protects your present. A well-crafted estate plan will shield your assets from lawsuits and save you on taxes each year.
Why start the process of estate planning today? Waiting to take this important step could cause havoc in your family's lives if catastrophe were to strike unexpectedly. You can never be too prepared. Estate planning can allow you to make these important decisions today:
- What should be done if you were to become incapacitated
- What should happen to your kids or spouse if something tragic happens to you
- What nursing home you would like to be placed into and other Medicaid decisions
- What ways you can best protect your assets from death taxes, probate, etc. For example, you can learn how giving to charities or loved ones now can protect your assets!
Your loved ones and your possessions are the legacy you will leave behind. Start planning smartly now to leave behind the best possible legacy! At The Law Offices of Joshua Key we handle a wide range of estate planning related issues including asset protection, business formation, elder law, probate, probate administration and social security disability. We provide a
free case evaluation for our prospective clients!
Our head attorney, Joshua Key is a member of the American Bar Association, the Alabama State Bar, the Walker County Bar Association, the National Academy of Elder Law Attorneys and the Alabama Association of Justice. If you wish to secure the legal care of a seasoned, compassionate Birmingham estate planning attorney, contact Mr. Key now at (205) 588-8698!