Many issues arise during the management or division of an estate. In some cases, these issues occur while the estate owner is alive, while in other cases, they apply when an estate owner passes on. The most common claims arising in estate planning are powers of attorney and writing a will. To deal with some of the issues involving estate planning, you should consider hiring a wills and estates lawyer.
Powers of Attorney
A power of attorney permits you to appoint an individual to manage your financial, medical or property affairs in case you are not able to do so. There are different types of POAs, with each giving your lawyer a certain level of control. A general power of attorney assigns broad powers to an individual, also known as an attorney-in-fact. Some of the powers include buying life insurance, handling business transactions, making gifts, operating business interests, and settling claims.
A special power of attorney is used to handle specific affairs because of health reasons or other commitments. Handling business transactions, selling property, and collecting debts are some of the common issues included in a special power of attorney. On the other hand, there's a health care power of attorney, which gives an agent the authority to make health decisions on your behalf if you are mentally incompetent, unconscious, or incapable of making these decisions independently.
Writing a Will
A will is a legal document that provides instructions on how a person's property is to be handled upon their death. Your lawyer can help you express your wishes on how your property is to be managed upon your death. You will be required to name an executor or trustee to fulfil your intentions. You may also state in your will whether you are going to create a trust-living or testamentary trust. The validity of a will is determined through a process called probate. This is the first measure taken to administer the estate of a deceased individual and distribute assets to beneficiaries.
Power of attorneys and wills are some of the most crucial measures involved in estate planning. If you are incapacitated, a power of attorney will help you appoint someone to act on your behalf. On the other hand, your lawyer will help you draft a will that describes how your estate is to be divided and administered upon your demise.
Contact a wills lawyer to learn more.