There comes a point when we must all prepare for the worst. Thankfully, no one has to do so alone. Thanks to professional elder law representatives, it is fast and easy to establish a will, settle your estate, or designate power of attorney over someone. Here are several facts for those looking for estate planning services by a will lawyer.
Of all Americans, up to 64% of the public does not have any will; 51% of seniors ages 55 to 64 don’t have wills either. Many families have been torn apart by the unexpected death of a loved one. In many cases this is due to fighting over the deceased assets. By preparing a will, you can rest knowing that your material goods will be distributed according to how you deem fit. Experts suggest that those with combined assets exceeding six figures ought to have a trust established in addition to a will to help minimize estate taxes and ultimately avoid probate.
Many people are cautious about leaving an estate to their relatives for fear that crippling estate taxes may make it more of a burden than a blessing. As of this year you are now allowed to leave bequests. These gifts to others upon your death can be worth up to $5.43 million before these gifts are hit by a federal estate tax. Married couples can leave an estate worth up to $10.86 million before they are taxed.
Power of Attorney
In many cases, those writing up a will are urged by their elder law attorney to appoint power of attorney to an individual. In the case that the person in question is medically unfit to represent their own best interests, the individual with power of attorney would be able to make legal and medical decisions on that person’s behalf. It costs between $500 and $1,500 to draft documents appointing Durable Power of Attorney and nominating a Health Care Proxy. Don’t wait for the worst: prepare yourself with elder legal services.