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How The Elderly Can Also Take Part In Estate Planning Striving to learn more when it comes to estate planning is always a good idea especially for individuals that are older than 65. Find out from your professional qualified lawyer easy ways in which you can use when it comes to planning your estate. Estate planning has in the past proved to be very important especially to seniors and that is the main reason why i urge you to keep on reading this article to find out more information. You will more often than not find out that your family will be responsible for making major decisions concerning your life in the event of you becoming incapacitated or dead due to an illness. An estate plan will more often than not give your other half and adult children a clear way of making those important decisions. You will need the services of a professional and qualified lawyer when it comes to estate planning as it is normally a legal procedure. It will therefore more often than not prove to be a wise decision to find and consult a qualified lawyer beforehand when it comes to planning your estate. The power of attorney document is one of the most common documents that more often than not forms estate planning documents and it works by giving a specific person legal rights to make financial and other major decisions. Estate planning also normally contains a living will and a standard will. A document commonly referred to as the medical power of attorney gives legal power to your family members in regards to fulfilling your wishes of medical treatment if you get incapacitated. If by bad luck you become mentally unstable or mentally ill, your financial decisions will more often than not be made by a specific person that is named on the financial power of attorney document. The living will document will more often than not let your family know your wishes in case you pass away. A standard will normally names an executor that will be given the responsibility of ensuring all your family members inherit your property as stated in your will.
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Planning your estate first and foremost requires you to have an idea of the assets that you own. Most individuals own assets such as cars, real estate properties, savings accounts, insurance policies, retirement funds, stocks, and shares. Listing your assets is normally the first step before actually visiting and consulting with your lawyer. You should also expect to incur some charges in terms of taxes. Transferring some or all of your assets to a trust is one of the many ways that qualified lawyers use to legally evade paying millions in taxes when it comes to your assets.Looking On The Bright Side of Estates