The Law Office of Kenneth J. Nota invites you to reflect on the many reasons why you should invest in estate planning services. By this, we mean the many ways you can attend to the rights of your estate (or that of a loved one) during life and at the point of passing.
What are some of the key areas worth your focus?
We recommend you have a good grasp of at least the following concepts: wills, durable power of attorney, health care surrogates, living wills (AKA advanced directives), and living trusts.
Wills and living wills not only determine who gets what but also elaborate on who will oversee a deceased person’s estate. The living will is more germane to how things should be handled during end-of-life crises such as resuscitation procedures. Ideally, it would be used to prevent acrimony among relatives if the person becomes incapacitated at the end of life, and therefore unable to make decisions. If you want to identify WHO will be the person in charge of such difficult crisis decisions, you can designate what is called a Health Care Surrogate. This is like a Durable Power of Attorney, which has similar authority, but with all non-healthcare decisions.
Estate planning should not be handled lackadaisically. The five major calamities that befall those who fail to take life planning seriously stem from 1) not properly identifying beneficiaries, 2) using minors as beneficiaries, 3) not fully funding trusts, 4) creating expensive tax nightmares for heirs, and 5) a general lack of estate planning.
Given all of this, we should not be surprised that conflicts arise from poor management of these crucial issues.
If you found this information useful and would like further help with estate planning, the Law Office of Kenneth J. Nota offers counseling and help with these topics as well as several other legal services. What you’ve read here or on the rest of the website is not a substitute for thorough fiduciary services. We’re happy to offer much more and help you address these very significant concerns. Contact us online or over the phone at 941-309-5270.