A will is a legally binding document that outlines how you want your belongings to be distributed upon your demise. A will enables you to provide for your dependents, among other things. The intricacies involved with drafting and executing a will are complex and require the assistance of a professional with legal expertise in the field. Here are some ways a wills and estates lawyer can help you.
Estate Planning
Estate planning involves reviewing your circumstances, looking at the property you own and deciding how you wish to distribute it when you pass on. Estate planning is vital for avoiding family disputes when you are gone. Estate planning helps you determine how to distribute your estate, set up testamentary trusts and draft powers of attorney.
Planning your estate is also essential in determining assets that can be given away outside your will like superannuation. One of the crucial roles of a will and estate lawyer is to advise you on how to plan your estate to avoid conflicts. An estate attorney will optimise your legacy based on the way you wish to distribute your property.
Drafting Your Will
A wills and estate lawyer will advise you regarding the three essential elements of drafting a will. These elements are guardianship, real property and assets. These considerations are meant to cater for your dependents when you pass on and can also affect you while you are still living.
Guardianship is an element of the will that addresses minors. This section of the will states how your children will be catered for when you pass on. Your will also lists real property like houses you own and even assets such as investment accounts, cars and funds. Your wills and estate lawyer can also help you create trusts that protect your assets from creditors or trusts for alleviating taxes. Your attorney will also help you create a special needs trust to cater for a disabled child or relative after you are gone.
Living Will
Sometimes people suffer from incapacitating diseases that affect their mental faculties. For example, one can suffer from a stroke, which affects their capacity to communicate. A living will helps medical practitioners carry on your wishes. For instance, you may indicate that when you are on life support, you should not be resuscitated beyond a certain point.
Other choices indicated in a living will include blood transfusions, palliative care, intravenous food or water. The living will act like a health care directive. A wills and estates lawyer can help you state your preferences for health care during such situations.
For more information, speak with a wills and estate lawyer.