Are you concerned about who will take over your assets after you are deceased? You can make sure that the ones you love are given control over your assets if you get an estate plan drafted while you are still alive. Find out below what an estate plan is all about, as well as what a family lawyer might charge to draft one up for you.
Can Assets Be Distributed to More than One Person in an Estate Plan?
The great thing about an estate plan is that you can make sure multiple people are given specific assets if you desire to do so. An estate plan is a legal document, so whatever you put in it will be honored in court after you are deceased.
You can also make sure that your home is not sold by putting it in the estate plan. For instance, you can appoint a trustee to maintain your home so it can be legally handed over to a minor when they become an adult.
Can an Estate Plan Be Useful Before Death in the Event of Illness?
If you happen to fall terminally ill and become incompetent, an estate plan can come in handy when it comes to your medical needs. You will be able to name a power of attorney in the plan that will have the responsibility of making medical decisions for you. He or she will make sure that you are being seen by a good doctor. The power of attorney can also decide if you should be taken off of life support if it becomes necessary.
You can also appoint a power of attorney over your finances, which can help if you become incompetent. He or she will make sure that all of your bills are paid. Make sure the power of attorney is trustworthy because he or she will have access to your bank account.
How Much Does it Cost for a Lawyer to Draft Up an Estate Plan?
You are looking spend $800 plus for a lawyer to draft up an estate plan. The price also covers the lawyer giving you advice on choosing beneficiaries and a power of attorney. Keep in mind that you can hire a lawyer to change the estate plan later on if you change your mind about what is in it. Speak to an expert in family law so he or she can get your estate plan drafted up as soon as possible!