The world is largely unpredictable. No matter what amount of care and concern you undertake in everyday life, factors completely beyond your control are enough to wreak havoc. If the worst comes, you must know that your family’s financial future is protected. How? Read on to learn more.
A commonly known yet under-used legal function is the Will. This document carries out your interests and wishes in the worst-case scenario. However, to draft a strong and legally enforceable will, you need the services of a lawyer! Here’s what this expert can do for you and your finances:
Prepare a General Durable Power of Attorney
A general durable power of attorney allows you to appoint someone to manage your financial and legal affairs if you become unable to do so yourself. This comprehensive document empowers your chosen representative to handle tasks such as paying bills, managing investments, and filing taxes. Probate lawyers meticulously prepare this document to ensure it grants the necessary powers while safeguarding against potential abuse.
Prepare Revocable Trust
A revocable trust is an essential component of a robust estate plan, allowing you to manage and protect your assets during your lifetime and efficiently transfer them to your beneficiaries after your death. Unlike a will, a revocable trust can bypass the probate process, offering privacy and reducing administrative costs and delays. Probate lawyers assist in setting up and funding a revocable trust, ensuring it is tailored to your specific needs and goals.
Discharge All Other Responsibilities of an Estate Administrator/Executor
When it comes to managing an estate, the role of an administrator or executor is both complex and demanding. Probate lawyers play a pivotal role in discharging these responsibilities, which include validating the will, inventorying assets, paying debts and taxes, and distributing assets to beneficiaries. Their expertise ensures that all legal requirements are met, and the estate is administered efficiently and accurately.
Remember, a will can be challenged in court. A weakly drafted document, one with inconsistencies and holes will be torn to shreds in the courts of law. If such a thing occurs, you would have no control over it, and your family will have to bear the costs. This makes working with experts essential. An attorney who’s worked, seen, and handled many cases has both the expertise and wisdom to draft a quality legal document. This way, you can rest easy knowing that your family will be taken care of, even when you’re not there to do so!
