Tag Archives: elder law services

How is My Debt Dealt with When I Pass Away?

We are all eventually going to pass away at some point in time.  While we would all love to avoid it for as long as possible, we should be prepared for it in more ways than one.  The first thing that you are going to want to do is create an estate plan and establish a will that lists who oversees your estate.  This is the person that you trust the most to follow your wishes after you pass away and is essential during the estate planning process.

When the time comes, your executor, the person you put in charge of your final wishes, will take care of your estate.  They will use any money that you had left to pay off your debts and if there is any debt left, they can also sell your property or other items to cover it all.  That is all completed before heirs receive the money that you left to them, so there is a chance that they may not receive anything, depending on how much debt you had.

If you do not have enough money to pay off all your debts, your spouse or co-signers on the loans are going to be responsible for paying that debt off.  This can include your mortgage and home equity loans, plus credit cards.  If your executor does not pay off your car loan, your vehicle can be repossessed.  Debt collectors are going to do all that they can to collect on your debts, but legally they are not supposed to lie or mislead a person into thinking that they are responsible for repaying that debt.

If you are currently in debt and want to ensure that your heirs receive some money from you when you die, you will want to purchase a term life insurance policy.  The money from those policies are protected from creditors but can be used by a spouse or another person who is responsible for paying off your debts once you pass away.  It is important to keep your beneficiaries up to date on your life insurance policies though, because if they are no longer living, the money will automatically go into your estate to be used to pay off your debts.

Oftentimes, creditors cannot take any money from your retirement accounts either, which means that the beneficiaries that you have on those will receive that money as well.  Depending on how old they are, they may be able to start withdrawing that money to live or they can keep it as a retirement plan to use when they get of retirement age.

The last thing that your family needs is to be hassled by creditors when you pass away, but if you take the proper precautions ahead of time by creating an estate plan, the entire process will be quite simple for everyone.

Learn more about attorney Sean J. Nichols and the legal services he provides for clients including: estate planning, elder law issues, Medicaid planning, elder care, probate law, guardianships, and power of attorney (POA) at www.seanjnichols.com.  To contact the offices of Sean J Nichols, call 734.386.0224 today.

The Importance of Long-Term Care Planning

Most people fail to plan for their long-term care.  More often than not the reason given for this is that people don’t start to think about growing old and what is going to happen to them simply because it is so far off.  What is important to them is the present: remaining healthy, independent, and not out living their income. Although they may not be worried about the future it is important for us as family member to help stress the importance for them to create a long-term care plan for the inevitable.

When it comes to considering our inability to care for ourselves, natural human nature is to shut down thoughts that it will ever happen to us.  Although long-term care is not of a high concern to many because it isn’t happening, and, in our face, it is crucial that we take the necessary steps to plan ahead for events beyond our control.  No one can be sure that they will not fall victim of the effects of aging such as increased accidents, more illnesses, & a rise in hospital visits; all which could involve the need to have prepared a long-term care plan.  We plan for many risks such as fire, car accidents, theft, and more so why wouldn’t we plan and prepare written documentation of our long-term care plan, our power of attorney, and estate plans.

For aging individuals one of the most earth-shattering events that can take place is the need for long-term care.  Typically, the need for long-term care comes along with the removal of a person’s ability to care for themselves.  When needing long-term care, elderly people most often lose their independence, experience a loss of their health, and uses up financial assets.   The need for long term care is really the most overwhelming late in life event that can occur.  There is very little wonder why so many of us are reluctant to plan for this event.

It is important for individuals to start planning early for retirement as long-term care can be costly.  Not only should we be putting money towards retirement and savings for Medicare and other expenses, we need to start putting money towards long-term care insurance.  Planning for the risk and need for long-term care, is less expense than the results of having a financial need that you cannot fulfill leaving the burden to fall on your family.

Learn more about attorney Sean J. Nichols and the legal services he provides for clients including: estate planning, elder law issues, Medicaid planning, elder care, probate law, guardianships, and power of attorney (POA) at www.seanjnichols.com.  To contact the offices of Sean J Nichols, call 734.386.0224 today.

Creating a Long-Term Plan In Case Of Dementia

Dementia is not a single disease, but a collective term used to describe various symptoms of cognitive decline that occur as part of aging. A person with dementia will present various symptoms that someone else or even themselves may notice. Early symptoms, which are as a result of memory loss include

  • Forgetfulness especially with language
  • Disorientation
  • Mood and personality changes
  • Difficulty completing familiar tasks
  • Misplacing things
  • Problems with abstract thinking such as dealing with money

There are several types of dementia, which can range from mild cognitive impairment to severe dementia and because there is known known cure, early management of some demetia disorders, such as Alzheimer, is focused on providing care including ensuring the safety and comfort of the patient. Creating a dementia care plan is extremely important, and an elder care lawyer ensures that future long-term care, asset planning and management, retirement, social security, and many other needs of seniors are fulfilled.

An elder law firm handles a wide range of legal and sensitive matters that affect the elderly and their loved ones. Elder law planning also handles a variety of challenging issues that include:

  • Help with drafting wills and estate planning
  • Probate proceedings
  • Long-term health care planning
  • Housing opportunities
  • Durable financial powers of attorney
  • Help with the appointment of legal guardianship
  • Locating long-term care facilities

Our parents have taken care of us are entire lives.  It is only appropriate that we strive to do the same for them as to make their golden years as comfortable as possible. Elder law firms have attorneys that specialize in sensitive areas of law that affect the physical and emotional needs of older adults living.

Therefore, do not hesitate to contact an elder law attorney if you need help with issues like guardianship, long-term care options, financial planning, assisted living, and much more.   It is crucial to find an attorney that specializes in situations surrounding elder law when looking at creating a long-term plan for your care if you should be come debilitated.

Learn more about attorney Sean J. Nichols and the legal services he provides for clients including: estate planning, elder law issues, Medicaid planning, elder care, probate law, guardianships, and power of attorney (POA) at www.seanjnichols.com.  To contact the offices of Sean J Nichols, call 734.386.0224 today.

Top Four Benefits of Hiring an Estate Planning Attorney

Our thought process is something that we can control, aging however is not.  With aging comes the need to realize that life doesn’t go on forever and that it may end before you know it.  If you have had a beautiful life, lived in a lavish home and your family has a bright future ahead it is crucial that you have a plan in place for your passing.  You want to ensure that your family has an immediate plan for the future while ensuring your complete control over the plan until you are mentally unable to.

This is where hiring an estate planning attorney comes into the scenario to help manage all of the legal matters regarding your assets.  The process is one that takes time and is continually updated to include all of the changes in your life as they happen.  There are many complexities when it comes to passing on your estate.  It is beneficial to hire an attorney that specializes in estate planning, wills and trusts, and probate law to establish a plan of action for a time when you pass or are no longer able to make decisions on your own.

  • Wills and Beneficiaries

It is a basic obligation to state your will before your death to avoid chaos in the case of an untimely death. How to legally handle the divisions and ensure that the plan laid out is followed is the task of your estate planning attorney, who will make it his/her primary objective to execute your will.

The beneficiaries you state and the decisions you make will not involve any personal opinion by your professional assistant, but the end result will be as pragmatic as possible under his/her watchful eye.

  • Reduced Taxes and Probate

Someone who owns real estate that catches a lot of attention becomes the talk of the town where he/she resides in case any legal ruling is called out. This is where estate planning comes into play; your attorney will make sure all your rights are intact and that you are not a victim of any disrespectful ruling.

An estate law attorney is equally as helpful when it comes to dealing with taxation because he/she keeps an eye on each dollar extracted from your pocket, and reserves the right to question any authority that decides to take more out of you than it is entitled to.

  • Recognizes Your Individual Needs

An estate attorney is the friend you need to talk out all your financial concerns with because those who are wealthy are not necessarily completely satisfied with life. A professional attorney is well trained to understand the perplexed images which blur the mind of their employers, and are well equipped to handle emotion with rationality.

In addition, they are some of the finest bunch you can find if you are looking for individuals who understand before recommending.

  • Legal Enforcement

Attorneys are in business because the law is not for everyone to have an in depth knowledge about. Sometimes the most achievable of tasks turn out to contradict the law, and that is where your attorney should step in to inform you the feasibility of carrying that task out under the law your country abides by.

These legal mandates become very binding in these later years of one’s life, and your estate planning attorney is all the protection and brainpower you need to deal with them.

Learn more about attorney Sean J. Nichols and the legal services he provides for clients including: estate planning, elder law issues, Medicaid planning, elder care, probate law, guardianships, and power of attorney (POA) at http://seanjnichols.com/estate_planning.  To contact the offices of Sean J Nichols call 734.386.0224 today.

Attorney Help for Seniors Facing Aging Issues

Elder law lawyers are advocates for senior citizens and their needs.  Attorneys specializing in elder law handle a wide range of legal matters that affect seniors such as issues related to long term care planning, guardianship, Medicare/Medicaid, social security, retirement, estate planning, and other crucial issues.

Elder law attorneys are specialists in senior affairs due to their consciousness on the desires of the older adults which are often different between one another and those of younger adults.  Seniors deal with daily issues that affect their actual care, from residing in assisted living facilities and discrepancies in existing estate plans.  In our golden years we often look at our plans for retirement and aging with blinders on.  When it actually hits though we often realize that the way we mapped it out to achieve has not happened at all.

We imagine only happy circumstances in which our biggest concern is which cruise to take in any given year. The reality is, people get sick, they age and they run out of money or they lose the ability to make decisions for themselves. This is where a good elder law attorney can help.  Attorneys that specialize in helping people plan for the future and provide legal services to seniors can help seniors make the most of the challenging situations they may face. With years of experience in the field and plenty of resources at their disposal, these legal professionals have the greatest resources you can have to get you through your golden years with the support you need.

As we age, many of us are faced with problems that we’ve in no way had to deal with earlier than. Retirement planning, property planning, trusts, guardianships, lengthy-time period clinical wishes, Social protection, Medicaid and Medicare; these are only a few of the troubles that older adults face every day. Sometimes all of the paperwork coming at you can be overwhelming and often times perplexing. In situations like these the help of a lawyer who specializes in senior issues can be beneficial.

Elder care legal professionals are legal professionals who’ve dedicated their practice to meeting the unique wishes of seniors and their families. Elder law attorneys assist adults that are aging and their families to develop legal protection and get their affairs in order to ensure a smooth transition into retirement and beyond.  It is pertinent to develop a relationship  with a family law attorney that specialize in estate planning and elder law to avoid the pitfalls that come with aging and the vulnerability that is often faced by seniors.

Learn more about attorney Sean J. Nichols and the legal services he provides for clients including: estate planning, elder law issues, Medicaid planning, elder care, probate law, guardianships, and power of attorney (POA) at http://seanjnichols.com/elder_law.  To contact the offices of Sean J Nichols call 734.386.0224 today.

Using Probate Law and the Steps To Follow

Estate planning is the process of anticipating and arranging, during a person’s life, for the management and disposal of that person’s estate during the person’s life and at and after death, while minimizing gift, estate, generation skipping transfer, and income tax.

Believe it or not, you have an estate. In fact, nearly everyone does. Your estate is comprised of everything you own – your car, home, other real estate, checking and savings accounts, investments, life insurance, furniture, personal possessions. No matter how large or how modest, everyone has an estate and something in common – you can’t take it with you when you die but still you need estate planning and probate law.

An estate planning attorney helps and guides you in choosing the correct options for maintaining your estate after death or in case of incapacity. An experienced attorney seeks to fully understand your desires and goals regarding the maintenance of your estate and other property and suggests ways to achieve those wishes. Estate planning lawyers help people write instructions for the future handling of their property, finances, healthcare, and the future support and care of their loved ones.

When it comes to providing for your family’s financial future, estate planning/ Probate law is the most important step you can take to ensure your assets and their legal rights are protected.  Having a proper estate plan in place guarantees your assets will be properly divided and won’t fall into the hands of the court.

Probate law is the legal process whereby a will is proved in a court and accepted as a valid public document that is the true last testament of the deceased

The very first step in the granting of a probate is the legal process of properly overseeing the estate of a deceased person. It involves resolving all the claims and then distributing the property under the will of the property holder. But there is another scenario and that is if the person who passed away had any partnership or there was a co-owner of the business or property then there is no need for probate laws as the property will automatically and legally be owned by the co-owner for example if the deceased person owned bank accounts or property jointly with another person, the co-owner will now be the complete owner of these accounts.

When is probate law needed?

Probate may be needed in the following cases:

  • For transferring the title to the decedent’s assets (assets like bank accounts, real property, stock etc.)
  • For collecting debts owed to the deceased
  • For settling a dispute among all the people claiming to be the owners of the deceased’s property
  • Solving disputes about the validity of the deceased’s will

So one should definitely go for estate planning/Probate law services which are particularly focused on providing advice and direction on techniques and approaches for avoiding probate and related expenses, and the care of individuals who cannot care for themselves, whatever their age.

The Law Office of Sean J. Nichols is dedicated to assisting clients throughout legal issues that come with aging including: elder law, estate planning, probate law and more.  Check out the Law Office of Sean J. Nichols at http://www.seanjnichols.com to contact an estate attorney today.

Key Reasons Why To Have an Estate Plan

Estate planning is the act of securing your assets before you die. Obviously you cannot take anything along with you after your death but what you can do is make sure your property falls into the right and true deserving hands instead of falling under the court.

You don’t have to be very rich for estate planning/ Probate law, don’t think that you will need a lot of assets and a lot of property for that. Believe it or not everyone has assets thought it is a car, a house, electronic devices, clothes that you wear and even a person himself is an asset. Without a plan in place, there could be a lifelong impact on your adored ones, even if you don’t have an expensive home, large investment account or valuable art to pass on. So what is needed is a proper estate planning and probate law.

The drive of estate planning is to formulate the transfer of your assets to your loved and dear ones upon your death. Estate planning allows you to specify where and in which hands each of your assets will go after you are dead. This involves determining who the receivers will be, what each will get, and how to complete those transfers with the minimum tax penalties, while making sure that the estate has enough liquidity to meet its commitments.

For estate planning and probate law you will have to have an estate planning attorney who has knowledge and experience to council you and your family on asset preservation plans which are appropriate for your circumstances and who can also guide you about trusts, will, powers of attorneys, and living wills.

An estate plan includes more than wills and trusts, it also relies on careful and professional advice that is personalized to your condition. While wills and trusts are invaluable, a inclusive estate plan should also incorporate a power of attorney and advance directive. These documents provide necessary protection in the event of an unexpected accident or illness.

A probate law is a process that is supervised by the court for the purpose of admitting the client’s will, appointing an executer and supervising the estate. The assets of the decedent’s are collected, creditors if any are paid and then the remaining assets are distributed among the descendants according to the terms of the will of the deceased. In other  words Probate is basically a process whereby a court reviews a will to make sure that it is genuine, and allows others to make legal challenges to the will.

Consider these four reasons why you should have an estate plan, in order to avoid possible shattering consequences.

  • For preventing your assets from ending up in the hands of the court or unintended beneficiaries
  • For protecting families with young children
  • For stopping heirs from overpaying in taxes
  • For eliminating family messes when you are gone and will never be with them again to sort things out for them

The Law Office of Sean J. Nichols is dedicated to assisting clients throughout legal issues that come with aging including: elder law, estate planning, probate law and more.  Check out the Law Office of Sean J. Nichols at http://www.seanjnichols.com to contact an estate attorney today.

Should Yоu Crеаtе an Eѕtаtе Plаn?

The rеаѕоnѕ for needing an еѕtаtе рlаn are as vаriеd аѕ thе individuаlѕ invоlvеd and, it ѕееmѕ, thе many myths ѕurrоunding the subject do quitе a bit of harm. Fоr еxаmрlе, dо уоu have to be “rich” in оrdеr to need аn estate рlаn? Thе answer is, “Nо”, оnе dоеѕ not need tо be riсh tо nееd аn еѕtаtе рlаn. All уоu nееd iѕ thе dеѕirе tо pass оn tо уоur heirs thе greatest аmоunt оf thе wealth роѕѕiblе that you have preserved during your lifеtimе.

Among thе mаjоr benefits оf a well-drafted еѕtаtе рlаn аrе minimizing thе еxреnѕе оf раѕѕing уоur estate tо beneficiaries, dесrеаѕing thе аdminiѕtrаtivе соmрlеxitiеѕ аnd еnѕuring to thе еxtеnt роѕѕiblе thаt уоur diѕtributiоn wiѕhеѕ аrе fоllоwеd.

Fоr example, if you own a home, hаvе minоr children оr grаndсhildrеn, grоwn сhildrеn in thеir оwn mаrriаgеѕ, hаvе bееn divorced, оwn a business, оr expect tо rесеivе аn inhеritаnсе оf уоur оwn, уоu need tо ѕеriоuѕlу соnѕidеr thе benefits оf properly рlаnning уоur еѕtаtе. Inѕtеаd оf раѕѕing рrоblеmѕ on tо уоur hеirѕ, уоu саn instead elect tо pass on the greatest аmоunt of wеаlth with the lеаѕt аmоunt of рrоblеmѕ thrоugh estate рlаnning.

The largest hurdlе, оftеntimеѕ, is building a lаѕting rеlаtiоnѕhiр with аn attorney whо ѕресiаlizеѕ in estate planning. Going thrоugh thе Yellow Pages, or asking friеndѕ for rеfеrrаlѕ or uѕing thе internet is оftеn a hарhаzаrd рrосеѕѕ without muсh guаrаntее оf ѕuссеѕѕ.

Compelling Reasons tо Build аn Eѕtаtе Plаn 

Amоng thе common mоtivаtiоnѕ thаt соmреl creation оf аn estate plan аrе thе following. Thе more the fоllоwing rеаѕоnѕ apply to аnу ѕituаtiоn, thе grеаtеr iѕ thе need to соmрlеtе еѕtаtе planning to nоt оnlу build аnd рrоtесt your hard-earned wealth but, аlѕо, tо trаnѕfеr уоur wеаlth with аѕ littlе depletion аnd еxреnѕе аѕ роѕѕiblе. With a рrореr еѕtаtе рlаn in рlасе, уоu саn рlаn аhеаd to:

  1. Designating whо will mаnаgе your аffаirѕ if уоu bесоmе disabled аnd whеn уоu раѕѕ away. If you fаil tо dо ѕо, a court will dесidе fоr you nоt оnlу whо rесеivеѕ уоur wealth but who will make the diѕtributiоnѕ. You never knоw who thе court will appoint. Keep control оf уоur оwn dеѕtinу!
  2. Planning for Mеdiсаid аnd itѕ imрасt on уоur estate if you muѕt gо into a nursing hоmе. Nurѕing homes today саn cost as muсh аѕ $75,000 реr уеаr, оr mоrе, аnd a lоng term ѕtау саn еаѕilу imроvеriѕh аll but thе wealthiest fаmiliеѕ. With рrореr рlаnning, hоwеvеr, уоu can shelter аѕѕеtѕ аnd kеер уоur fаmilу’ѕ wеаlth intact. Bесаuѕе there iѕ a 50-50 сhаnсе thаt thе аvеrаgе adult will spend at least one уеаr in a long term care fасilitу, it bесоmеѕ painfully clear thiѕ tуре of рlаnning iѕ extremely imроrtаnt.
  3. Avоiding рrоbаtе, during уоur lifetime and whеn уоu раѕѕ аwау. Dо you wаnt thе соurt соntrоlling уоu or your аѕѕеtѕ? Probate рrосееdingѕ аrе рubliс, еxреnѕivе, аnd timе-соnѕuming аnd should bе avoided whеnеvеr роѕѕiblе. Leave уоur mоnеу to your hеirѕ quickly, рrivаtеlу аnd еffiсiеntlу by еѕtаbliѕhing a рrореr еѕtаtе рlаn.
  4. Prоtесting сhildrеn frоm a рriоr marriage if уоu раѕѕ away first. Sесоnd mаrriаgе рlаnning саn bе complex аnd tricky. Expert legal guidаnсе iѕ nееdеd tо еnѕurе уоur assets аrе рrеѕеrvеd and your сhildrеn оf уоur first mаrriаgе will rесеivе thе рrореr ѕhаrе of thеir inhеritаnсе.
  5. Prоtесting assets inhеritеd bу your hеirѕ frоm lаwѕuitѕ, divоrсеѕ аnd оthеr claims. Mаkе ѕurе уоur аѕѕеtѕ are inhеritеd bу уоur loved оnеѕ, nоt thе реорlе уоu dоn’t wаnt tо rесеivе thеm, such аѕ their еx-ѕроuѕеѕ, in-lаwѕ, сrеditоrѕ or thе IRS.
  6. Imроѕing diѕсiрlinе uроn сhildrеn оr grаndсhildrеn whо mау not be capable or еxреriеnсеd in mаnаging wеаlth. Mаkе sure your children оr grandchildren ѕреnd their inhеritаnсе wiѕеlу аnd рrоtесt thеir inhеritаnсе аgаinѕt inеxреriеnсе and mismanagement by including specific соnditiоnѕ аnd rеwаrdѕ in уоur estate рlаn.

If уоur wealth оr diѕроѕitiоn dеѕirеѕ fаll intо any оnе оf thе аbоvе grоuрѕ, you ѕhоuld соntасt аn еѕtаtе рlаnning attorney in your аrеа. Many times, wаiting tо make a decision аbоut distributing уоur wеаlth or dесiding whо can mаkе decisions for уоu in саѕе оf dеаth or inсарасitу will rеѕult in уоur dreams fоr уоur children and grаndсhildrеn, оr уоur favorite сhаritу, nеvеr, еvеr, bеing rеаlizеd. Thuѕ, tаrrуing in creating аn еѕtаtе рlаn can саuѕе extreme соnfuѕiоn, turmоil and еxреnѕе fоr your heirs that can еаѕilу bе avoided bу соntасting a highlу ԛuаlifiеd, trained аnd tеѕtеd еѕtаtе planning ѕресiаliѕt in your locale.

The Law Office of Sean J. Nichols is dedicated to assisting clients throughout legal issues that come with aging including: elder law, estate planning, probate law and more.  Check out the Law Office of Sean J. Nichols at http://www.seanjnichols.com to contact an estate attorney today.

Plan For Your Life & Death With Estate Planning

Estate planning is the process of anticipating and arranging, during a person’s life, for the management and disposal of that person’s estate.  This is put in place to provide during the person’s life and at death for their loved ones.  This is done in order to minimize gift, estate, generation skipping transfer, and income tax.

Believe it or not, you have an estate. In fact, nearly everyone does. Your estate is comprised of everything you own including your car, home, other real estate, checking and savings accounts, investments, life insurance, furniture, personal possessions. No matter how large or how modest, everyone has an estate and something in common in that you can’t take it with you when you die.

An estate planning attorney is a type of lawyer who advises clients on getting their affairs in order to prepare for the possibility of becoming unable to care for themselves or death.  An estate planning attorney helps and guides you in choosing the correct options for maintaining your estate after death or in case of incapacity. An experienced attorney seeks to fully understand your desires and goals regarding the maintenance of your estate and other property and suggests ways to achieve those wishes. Estate planning lawyers help people write instructions for the future handling of their property, finances, healthcare, and the future support and care of their loved ones.

How to choose a perfect estate planning attorney:

Estate planning is one of the most important steps a person can take to make sure that their final property and health care wishes are honored. While choosing an estate planning attorney you may consider the following things:

  • Comfort level: Make sure that you are comfortable telling your lawyer about everything. Ask yourself if you are totally comfortable and does the lawyer you are going to hire seem interested in listening and solving our problems at all.
  • Credentials: Before hiring an estate planning attorney check his records and how long has he been in service and also check if he has worked on similar cases to yours.
  • Cost: Check how the lawyer’s fees are structured whether they are structured hourly or flat fee. Ask your estate planning attorney if he can estimate the cost of your case for you to get an idea of how much the whole thing is going to cost you.
  • Location: Always make sure to check for your lawyer’s location. The lawyer’s office should always be located at a convenient distance.

An experienced estate planning attorney can help minimize the amount estate surrendered to taxes, as well as to ensure that the management and distribution of the estate is carried out according to plan. Particularly when your plans are complex and you have substantial property or assets, it is important to have an attorney who can ensure that your plan functions the way you intend. Depending on the complexity of your individual situation, your estate planning team may include attorneys, financial planners, bankers and insurance professionals.

The Law Office of Sean J. Nichols is dedicated to assisting clients throughout legal issues that come with aging including: elder law, estate planning, probate law and more.  Check out the Law Office of Sean J. Nichols at http://www.seanjnichols.com to contact an estate attorney today.

Take Time To Create An Estate Plan Today

Many individuals do not grasp how important it is to have an estate plan in place.  By taking the time and effort that is needed now to plan for your estate you inevitably save your family and friends a lot of trouble after you are gone.  In reality, after your passing, the last thing that you want to do is to leave chaos for your family to deal with while they are busy grieving.

By working with an estate planning attorney you are able to do all of the following things to prepare your estate.

Immediately provide for your family: It is important for the remaining spouse to have money to survive when their loved one has passed.  Many times couples that have children will plan for their estate to cover their future education while continuing to provide for their upbringing.

It is also important for parents to name guardians in their estate in the unlikely situation both parents were to die at the same time.  Without this in place, the court will be in charge of determining where your kids will live and who will be allowed to make decisions on behalf of their money, education and way of life.

Distribute property quickly: When creating an estate plan with an attorney you will have options regarding any insurance payouts.  With an estate plan the insurance can be paid directly to beneficiaries, joint tenancy and living trusts.  An estate plan allows you to take advantage of laws that allow for partial payments to beneficiaries while the will is still in probate.

Create an incapacity plan: An estate planning attorney will assist you in creating a living will and durable health-care power of attorney. This allows for the individual to make decisions on your behalf if you should become mentally or physically unable to for yourself.  This person will make decisions about life support as well as decisions regarding your medical treatment.

Lessen probate expenses: A solid estate plan can save your heirs a significant amount of money on court expenses. Getting all of your ducks in a row allows you to save on the cost of transferring property and allows more money to go to your beneficiaries.

Lessen the burden on your family: Your family will be grieving your loss while planning for your life’s celebration.  The last thing that they need to have is stress regarding the transfer of your estate.  By having an estate plan in place you are taking care of the details prior to your death.  This allows them to be able to grieve and process your passing.

No one wants to plan for their passing; it is an uncomfortable reality to face in life.  However, by having a plan in place you are basically showing your family just how much you cared.  An estate plan lessens the burden of distributing your assets.

The Law Office of Sean J. Nichols is dedicated to assisting clients throughout legal issues that come with aging including: elder law, estate planning, probate law and more.  Check out the Law Office of Sean J. Nichols at http://www.seanjnichols.com to contact an estate attorney today.