Taking Care of Business
Estate planning usually refers to putting your legal, financial and medical affairs in order. It may involve such important decisions as who will be taking care of you during your lifetime and what happens upon your death. Who you pick to handle your assets, as well as, how those assets will be managed if you become incapacitated are vital to your future. It is critical for your overall well-being that the “manager of your assets” is trustworthy and capable of undertaking the tasks that will be required of him, her or them.
Estate planning devices may include wills, revocable or irrevocable trusts, powers of attorney, living wills, gifts, Family Limited Partnerships, or just the simple creation of joint tenancies in bank accounts, stock accounts or real property. Other more involved aspects of estate planning deal with asset preservation for Medicaid purposes for example or tax planning for persons with substantial wealth.
Whatever the need, every person should make the time to put his or her affairs in order. The failure to address these concerns in a timely and expeditious manner can result in a myriad of legal complications including requiring court intervention.
For more information, contact us at info@hjslawoffice.com