Estate Planning Lawyers
When you think of an estate, you might picture a large piece of land in the country with a huge home and multiple outbuildings. When someone suggests you put together an estate plan, you might think it’s unnecessary due to your humble home.
An estate plan doesn’t actually refer to a large piece of property. Instead, it refers to the property and money you own at a particular time, specifically your death. Whether that’s a little or a lot, it’s your estate. Making an estate plan is one way you can ensure everything gets taken care of when you’re unable to or after you pass away, as trusted Memphis, TN estate planning lawyers like one from Patterson Bray would advise. The following are three benefits of estate planning.
Distributing Your Assets As You Wish
When you die without a will, there’s a chance your assets will be fought over by your surviving loved ones. If they can’t settle on something, a court could decide to sell all your property and split the money evenly between everyone. If you don’t want that to happen, you can distribute assets in a will. Name each asset, what you would like to happen to it and who you would like to carry out your wishes. Most wills include an executor of estate who will make sure each beneficiary receives what you want them to have.
Deciding on How to Care for Yourself
If during your life you become incapacitated in some way and are unable to take care of yourself, you’ll want to have already appointed a durable power of attorney and a healthcare proxy to make decisions on your behalf. A durable power of attorney handles legal and financial issues, while a healthcare proxy handles your medical decisions. You would probably want to choose people who you trust to make the same decisions you would make if you were able. A child with very different opinions may not be your best choice, but a best friend who shares all your same views on healthcare could be the perfect option.
Preserving Your Legacy
Your estate is part of your legacy. You don’t want it thrown out with the trash simply because you are gone. An estate plan will help you name a place for each asset, a beneficiary for each belonging and a home for everything you want your family members to remember your legacy by. Who better to determine those things than the one who created the legacy?
Contact an Attorney
Whether you’re young and newly married, single in your sixties, or nearing the end of your life, you need an estate plan. Contact an estate planning attorney to learn about the benefits and to get started with the documents you need.