Do I Need Estate Planning?
By estate planning, it means making necessary arrangements for the future of your property, affairs, and interests after one passes away. Even if we don’t want to think about it, we all have to deal with it eventually.
For the most part, we devote a significant chunk of our lives to building up our financial security. Consequently, the moment has come to safeguard your assets for your benefit and the benefit of your future generations. Estate planning guarantees that your hard-earned money doesn’t go to government procedures and bureaucrats but instead goes to your intended recipients.
What is the Will and Living Trust According to Law?
In the case of your death, your assets are transferred according to your Will, which is a legal document. However, a legal procedure known as probate, “prove the will” in Latin, controls the actual distribution. Your Will becomes a public document after your death, and anybody may look it over. Once it enters the process, the court and probate lawyers now handle your Will, not your family members. It’s difficult, costly, and emotionally draining for a family to deal with probate at a time of loss and vulnerability.
Since the Trust controls your property, a Living Trust eliminates the need for the probate courts to handle your affairs after your death. Whoever you choose as your “successor trustee” is in charge of your assets and distributes them precisely how you specify. In addition, a Will doesn’t take effect until you die, so it’s useless for long-term planning, which is becoming more vital. Regardless of what option you choose, as estate planning lawyers in Portsmouth NH, Cohen and Winters are there for you to help you through the process.
Durable and Springing Power of Attorney
Your power of attorney is a very potent legal instrument in your arsenal. An attorney-in-fact has access to your assets if you identify them in a power of attorney. Numerous attorneys prepare powers of attorney for their clients that are effective when signed, even if they are not designed to be utilized in the case of your incapacity. As the name suggests, this kind of Power of Attorney is long-lasting. It’s long-lasting since it’s effective when signed and doesn’t expire if you become disabled later.
An alternative is a “springing” Power of Attorney, which only takes effect if you become unable to act for yourself. Since it’s less intimidating, most individuals choose to execute a springing Power of Attorney first. It’s far more challenging to employ a springing Power of Attorney since your agent has to persuade your local bank representative that you are incapable of making decisions for yourself. In the paper, you’ll learn how to tell whether you’re mentally sick or not.
What is the New Hampshire Living Will?
We may not be able to provide informed permission for medical operations as we age, especially if we have dementia. A living will enable us to express our desires for these procedures while we are still in good health. A living will is a legally enforceable document that specifies, among other things, whether we wish to be kept alive artificially or if we want our remains given to research. It is the responsibility of the person appointed in the power of attorney to comply with any directions set out in a living will. As estate planning lawyers in Portsmouth NH, Attorneys Cohen & Winters can guide you through the process. Call Us Today at 603-224-6999.