One of the most common reasons for people to skip estate planning is because they think it doesn’t pertain to them. With limited assets, you might assume that it doesn’t create that much of a problem when you pass away.
Knowing what factors into your individual estate plan or your business succession plan is crucial regardless of your current perception of your wealth. There are many different services available that encourage you to draft these documents online, including a durable power of attorney, trust, health care proxy or will.
However, it can be worth every penny to instead schedule a consultation with a trusted estate planning lawyer who can guide you through the process and ensure that these documents are accurate for state and federal laws and able to adapt in coming years. The value of your estate plan is in the planning not in the generation of documents. Those documents could be useless if they are not filled out properly or legally valid in your state.
The three elements of your estate plan include evaluating the past, adapting your strategies and tactics to the present and anticipating challenges in the future. Document generators can use information from the past to evaluate procedures and processes as you fill out these forms.
The establishment of a personal representative or an agent for a power of attorney adapts to the present but only a relationship with a trusted estate planning advisor can help you anticipate the future. For more questions about aligning your estate plan to the present and the future, schedule a consultation with an estate planning law firm.
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