An estate plan is a series of documents that will protect your assets and distribute them as you wish after you die. A Washington DC Estate Planning Lawyer will help you develop a comprehensive plan that addresses all your needs.
The right combination of trusts, wills, powers of attorney and healthcare directives can ensure that you are properly cared for and your estate is distributed the way you want it.
Creating a Last Will and Testament
Creating a Last Will and Testament is a crucial step to ensuring your property is properly distributed when you die. With the help of a Washington DC Estate Planning Lawyer, you can ensure that your wishes are honored and your family members are provided for in the way that best fits their needs and circumstances.
While it may seem like a daunting task, drafting your own will is not that difficult once you have some basic guidelines to work with. To begin, you will need to gather all of your assets – both tangible and intangible – from personal property and real estate to bank accounts and life insurance policies.
Once you have an inventory of your assets, it’s time to sit down with a qualified attorney and create a Last Will and Testament. This will include everything from naming your executor to the distribution of your assets after your death. It’s also important to include provisions for children and other dependents, if applicable.
Creating a Trust
Creating a Trust is a crucial step in any estate plan. It allows you to specify how your assets will be distributed after your death and what should happen to them in the event of your incapacity.
Washington DC Estate Planning Lawyers can help you create a Trust that meets your specific needs. They can also help you understand how to structure a Trust in order to minimize or avoid taxes.
A Trust can provide a wealth of benefits to you and your loved ones, including:
Creating a Power of Attorney
Creating a Power of Attorney is one of the most important things you can do as part of your estate planning process. This document will allow a person you trust to make decisions on your behalf, and it can include anything from medical decision-making to financial matters.
A Washington DC Estate Planning Lawyer can help you create a Power of Attorney that is tailored to your specific needs. This will ensure that the document is valid in your state, and will give you the powers you want to grant.
Most people who decide to create a Power of Attorney do so for a variety of reasons. Usually, they are trying to protect their family from potential financial mistakes.
They may also be looking to plan for a time when they will be incapacitated and not able to make their own decisions. These scenarios are often the most stressful, and a Power of Attorney can take some of the stress off of you and your loved ones.
Creating a Healthcare Directive
Healthcare directives, also known as advance directives or health care proxies, give you the power to choose someone to make your healthcare decisions if you become incapacitated. This person can be a spouse, child, friend or other trusted individual.
You can create a Healthcare Directive by downloading a form from your state. This form includes instructions on who you want to appoint as your agent, and what decisions you would like them to make if you cannot make them for yourself.
Once you have completed the forms, share them with your medical providers and family members. It’s a good idea to keep copies in a safe place, as well.
You can change or cancel your Healthcare Directive at any time, by writing a new document following your state’s formal requirements. If you cancel it, tell at least two people that you have revoked the directive.
