Cohen & Winters, PLLC are estate planning lawyers serving in Exeter NH.
What are the benefits of Estate Planning?
The first and foremost benefit of estate planning is that the owner of the property has complete control over his assets and can distribute his wealth at his own discretion. In case of unfortunate events, the power is automatically transferred to the next of kin. However, if you want to manage your assets with your own choice, estate planning is the right option for you. It allows you to thoroughly manage your finances without any panic, give control to whomever you want, and make sure that the lives of your loved ones are in safe hands.
An estate is referred to as all those assets that you possess at the time of your death. It can be a house, a vehicle, precious jewelry, or some mutual funds. Although it may be the least desirable thing to think about, it is only for the best to have a pre-determined plan for your assets and their distribution.
What is the difference between a Probate and a Living trust?
Probate refers to the transfer of your assets to someone you authorized during your lifetime. Your will remains a secret until your death; however, it is open to the public and questionable by everyone after the demise. Here, the complicated procedure of going through governmental proceedings begins. No matter how exhausting, time-consuming, and emotionally draining these formalities may be, your family will have to go through them so that they can have a secure life after your demise.
On the contrary, a living trust performs the same function but with one significant difference. It bypasses the formalities imposed by the government as you have already authorized your assets to this trust while you are alive. Since your assets are no longer under the control of the government, your living trust will distribute your wealth according to your wish after your demise.
What is a Health Care Power of Attorney?
There can be times when you cannot make a critical health-related decision for yourself or your family members. In this regard, you can assign a health care power of attorney to a close friend, a family doctor, or someone whom you trust fully and who will always have your best interests in mind. After fulfilling all formalities while consulting with an estate planning attorney, you will be better prepared for the future and its unforeseen challenges.
What is the difference between a durable and a springing power of attorney?
The main difference between a durable power of attorney and a springing power of attorney is its time of eligibility. While a durable power of attorney is authorized at all times to take mandatory decisions on your behalf, the springing power of attorney is only applicable when the owner himself is rendered disabled or not mentally capable of executing essential tasks. A durable power of attorney is always up to the owner’s discretion, i.e., only after his command is a power of attorney allowed to take important decisions. To consult with our estate planning lawyers in Exeter NH today, Call or Click here to schedule a free consultation.