Top estate planning and probate attorney Bobby Sawyer founder of Johannesmeyer & Sawyer, PLLC emphasizes the importance of having a well-structured estate plan backed by essential documents such as a last will, durable power of attorney, and living will. For more information, please visit https://www.jandspllc.com
-- Estate Planning can be as straightforward or as complex as a person decides but needs to be backed up by a series of documents, Gastonia, NC, estate planning attorney Bobby Sawyer has advised.
For more information please visit https://www.jandspllc.com
By definition, estate planning is collectively a series of tasks prepared to manage a person's assets in the event of death or incapacitation. "It is not only the ability of a person's assets to be utilized or distributed to beneficiaries but will address other personal matters as well," commented the Founder of Johannesmeyer & Sawyer, PLLC, in Gastonia, NC.
A person's estate plan usually includes documents such as the last will, a durable power of attorney to deal with financial affairs, and a living will (also known as a health care directive) that addresses decisions due to a person's incapacitation. Optionally, it can include a variety of trusts depending on whether the person has children and a spouse.
Sawyer advised that any decisions involving an estate plan should ideally be guided by advice from an attorney specializing in that field to ensure clarity. Assets are usually defined by real estate, car, savings, pensions, insurance, and debt, which the estate plan will address.
Establishing a living will helps address issues around health decisions and end-of-life medical intervention. If incapacitation occurs, a living will reflect written wishes and can address decisions such as 'do not resuscitate' orders or palliative care.
A last will and testament clarifies the distribution of assets after death. This document usually names an executor to manage the estate and ensure that stated intentions are carried out. The executor is responsible for distributing assets to beneficiaries and settling any outstanding debts.
Sawyer said it might be advantageous to establish a durable power of attorney. This document grants someone, such as a loved one or attorney, the authority to make financial decisions. One option is to appoint two people to these areas and assign a backup executor if the first choice cannot.
Attorneys can also advise on setting up trusts that reflect a person's circumstances. A living trust, for example, can be used to designate part of an estate while alive. A testamentary trust can be created for children or relatives who are disabled and will inherit assets at a particular time in life.
Those concerned about how the assets will be spent after their death can seek the advice of an attorney who may suggest a trust that only allows an asset to be spent in a certain way – such as money being allocated only for education or university fees or for medical costs. The trust helps protect assets from being quickly squandered after death.
Sawyer said that an estate plan should be treated as a 'living document' and regularly reviewed so that it remains updated to reflect changing circumstances, such as marriage, divorce, births, and deaths. "An estate plan prepared now, with clear directives, will give you peace of mind in the long run," he concluded.
Source: http://RecommendedExperts.biz
Contact Info:
Name: Bobby Sawyer
Email: Send Email
Organization: Johannesmeyer & Sawyer, PLLC
Address: 117 E Main Ave, Gastonia, NC 28052, United States
Phone: (704) 312-5635
Website: https://www.jandspllc.com/
Release ID: 89156611
In case of encountering any inaccuracies, problems, or queries arising from the content shared in this press release that necessitate action, or if you require assistance with a press release takedown, we urge you to notify us at error@releasecontact.com (it is important to note that this email is the authorized channel for such matters, sending multiple emails to multiple addresses does not necessarily help expedite your request). Our responsive team will be readily available to promptly address your concerns within 8 hours, resolving any identified issues diligently or guiding you through the necessary steps for removal. The provision of accurate and dependable information is our primary focus.
