Death is the type of life experience that cannot be avoided, which is why it is wise to prepare for it in advance when it comes to your assets. You can actually maintain legal control over what happens with your assets when you have passed away if you seek help from an estate planning attorney. Below, you will learn about the benefits of hiring an attorney to draft up legal documents for how you want your assets handled when you are no longer around to make decisions in person.
1. You Can Decide Who Will Care for Your Children
If you have children, it is wise to have an estate plan in place because it will give you the ability to legally appoint someone over their care if the time comes. You won't have to worry about them being placed with a stranger, or a family member that won't keep their best interest at heart. All you have to do is make sure that the person appointed over their care agrees to it and an attorney can make it legal in your estate plan so your wishes will be carried out. Although someone can contest your plan, a judge is likely to honor your wishes as long as the appointee is capable of the job.
2. The Government Won't Decide How Your Assets Are Distributed
The laws in your province can dictate how your assets are distributed after death if you don't make sure there is an estate plan in place. An estate plans gives you the ability to have legal documents with details on how you want each asset handled, whether it be passing them down to your children, friends or even selling them to distribute the money. You can also opt for donating some or all of your assets to a charitable organization.
3. Your Family Won't Get into a Financial Bind After Your Death
Sorting out how your finances are handled after death can take a while, especially if there is a family dispute about how your money should be handled. An estate planning attorney can prevent the family members of your choice from getting into a financial bind from paying for your funeral and handling your debts. He or she can draft up a document that explains who should handle your finances, as well as how much should go towards your funeral and debts.
Make sure every aspect of your life after death is carefully planned. Bell Jacoe & Co handles wills & estates, so be sure to reach out to a local attorney like them.Share