It’s not a comfortable topic talking about your illnesses or the death. This is the reason why a lot of people are hesitant to contact the lawyers concerned with estate planning, especially early in their lives. However, it is imperative to put your feelings aside and reach out to your attorney. There are various events that could trigger the need to seek help from an Estate Planning Attorney. Some of these circumstances include:
- Assistance with Documentations when You are Sick
If you happen to be suffering from a chronic or terminal disease, sitting down with an attorney to talk about those moments you will not be able to make sound decisions is something many people don’t want to imagine. As difficult as it may seem, now is the right to have these kinds of conversation with your estate planning attorney. Serious illnesses often result in periods of incapacity and, therefore, you will need to plan for such moments while you are still competent to make decisions regarding your life.
A major priority when it comes to planning would be to ensure pertinent documents such as the power of attorney are signed and the healthcare documents are in order. Your lawyer will advise you on aspects pertaining to the ownership of your assets as well as beneficiary designation, and will let you know whether you need to update or make changes to your documents.
- Asset Protection
With the increase in the average lifespan, it becomes apparent that you’ll require a long-term care during the last years of your life. If not well-planned for, long-term care may consume a huge chunk of your asset within a short period. If you are enrolled in Medicaid in your golden years, you can be certain that your medical costs are paid by the government while your assets are left to your loved ones. With an estate planning attorney, you’ll be in a position to protect your assets by preventing pointless probate and conservatorship costs.
In addition to that, when you hire an attorney to protect your assets, you’ll be able to shelter them from other people such as divorced spouses or creditors. With effective estate planning tools, you can insulate your property before and after you pass on.
- Charitable Giving
If it is your wish to leave your entire property to a charitable organization, then that is an admirable goal which the estate planning attorney will see accomplished. The attorneys will create a plan to ensure the organization which your assets are to be allocated get maximum benefits. Therefore, if you are looking to allocate your asset to a charitable institution, you can always seek the services of an attorney to have such a wish fulfilled.
Even when your life is uneventful, it is always imperative to ensure your plans are up to date. If it’s a while since you last met with your estate planning attorney, make sure you find the time to meet with them so you can review your plan and ensure it’s consistent with your latest goals.