Why You Should Consult a Lawyer About a Will and POA
Your Will, Your Estate, Your Legacy
With the fast-paced life we live in the 21st century, it is always important to plan for the future. Balancing work, family commitments and special events can make it difficult to get everything done that we want in a single day. With having a newborn child to take care of, finding time to meet with a lawyer to talk about a Will and Power of Attorney can seem like a daunting task. So we ask the question: Why should you meet with a lawyer about a Will and POA?
Before we answer this question, we must first address what a Will and POA are:
What is a Will?
A Will is a legal document that sets forth your wishes regarding the distribution of your estate when you pass away. Your estate includes vehicles, investments, life insurance, bank accounts, furniture, and other belongings. Your Will can also set out wealth that you would like held in trust, guardianship for your minor children, and outline your funeral arrangements. If you do not have a Will, your wishes may not be followed, leaving your family without any directions when you pass away.
What is a POA?
A Power of Attorney is a legal document that allows you to nominate a person to make decisions on your behalf should you be unable to do so. You need to be mentally capable of signing any POA. You need to understand the financial and legal decisions and the possible consequences of your nomination.
There are two types of POA
A POA for Property gives your attorney the power to make decisions about your property and finances.
Personal Care POA
A POA for Personal Care gives your attorney the power to make decisions about your health and overall personal care. This includes your health care, medical treatment, and other care plans.
Benefits to Consulting a Lawyer:
Having a Will drafted professionally can help to reduce turmoil for your family when trying to figure out your affairs. A lawyer can also answer any questions you may have about setting up a trust and distributing wealth to minor children. A lawyer can advise you best on tax-saving solutions to help reduce the amount of tax paid on your estate.
Planning for your future is very important. Having a Will legally protects your spouse (or protects you from your ex-spouse), children, and assets, especially when you are gone. Having a Will decides how your estate will be distributed, who will take care of your children, minimizing estate taxes, and more. When writing a Will, it is important and better to consult with a lawyer to cover all legal questions. Having a lawyer do this for you can save you time and money. Will kits are sometimes offered as a cheap alternative to seeing a lawyer. Err on the side of caution. Drafting a Will yourself could possibly mean paying more in professional fees, taxes, and court costs in the long run because of a poorly drafted or invalid Will. You have worked hard to establish your legacy to pass along to your family, so ensure that your estate plan is done properly to maximize what is to be distributed to your family.
I am healthy, why should I get a POA?
This is the most common question surrounding POAs. The importance of having a POA is that should you ever be in a position where you are incapable of making your own decisions, you need to ensure that the POAs are in place before this happens. It is a preventative measure. Far too often, potential clients reach out to our office looking to have a POA drafted for a family member than is in poor health. As a result of them lacking the capacity to sign the POA, we are unable to help; and as a result, their own health, finances, and family suffer because of the lack of planning.
How Dabros Law makes it easy?
Dabros Law offers Will and POA services at a flat rate with no additional fees like photocopies, and administration fees. We also accommodate a busy life; we can meet with clients on evenings and weekends and we travel to you (should you wish).