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How The Elderly Can Also Take Part In Estate Planning If you so happen to be older than 65 years, you are strongly advised to try and learn more when it comes to estate planning. Try and talk to your lawyer and ask him for specific advice on how you can plan your estate efficiently. 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. If something unfortunately happens to you and you pass on or become completely incapacitated, your family members will be the ones to make important decisions on your behalf. An estate plan plays a very important role in the life of elder individuals as it more often than not allows their spouses and adult kids to easily make decisions after you are dead or if you get incapacitated. Estate planning is considered a legal procedure that will more often than not require you to get the help of a qualified lawyer. Consulting a professional lawyer beforehand is always the right thing to do especially when it comes to finding the best person that will help you plan your estate. Major decisions when it comes to finance is more often than not explained in the power of attorney document that forms part of an estate planning. Estate planning also normally contains a living will and a standard will. Your family and loved ones will find out that making medical decisions for you when you get incapacitated will be easier through the use of the medical power of attorney document. 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. If you pass away, a living will will be used to let your family know of your wishes when you were alive. Lastly, the standard will is mainly used to choose an executor that will be tasked with the responsibility of making sure each family member gets their inheritance as listed in the will.
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You will need to have specific knowledge of all the assets that you own when it comes to planning your estate. Some of the most common assets include houses, cars ,jewelry, insurance policies, retirement funds, shares, and stocks. Try and list all your assets before consulting your lawyer. You should also expect to incur some charges in terms of taxes. Most professional lawyers have neat tricks that they legally use to try and avoid taxes such as transferring your assets to a trust fund.5 Takeaways That I Learned About Attorneys