Trillions of dollars are expected to be subject to transfer in the next few years due to aging baby boomers. It is crucial for all Americans, both those who own these assets and those who may be in a position to inherit them, to understand the importance of estate planning.
Whether or not people prepare appropriately for a wealth transfer determines how much money inside an estate goes to family and friends versus courts and attorneys. As much as 8% of an estate’s total value can be lost in unnecessary legal fees and probate costs without proper planning.
Fewer than half of the people in the United States have an existing will. This basic form of estate planning can ease your mind and clarify your goals regarding the estate planning process.
Remember that estate planning is not only for deciding what happens to your assets after you pass away, either. There is potential for you to become unable to speak for yourself or manage your affairs temporarily due to an illness or injury, too.
Financial power of attorney and medical power of attorney documents should also be created in line with a will because these can allow someone else to make decisions on your behalf. Especially in light of the wealth transfer, it is extremely important to think about who you appoint in a financial power of attorney role.
A financial power of attorney could have specific instructions to handle certain aspects of your estate planning, or may be equipped to deal with a broad range of different kinds of situations. In these circumstances, it is imperative to have the support of a knowledgeable lawyer. Contact our office for help.