Displaying items by tag: Estate Planning
Powers of Attorney are incredibly important documents that set out what would happen in the event a person becomes incapable of making their own decisions. There are two types of Power of Attorneys, one is A Power of Attorney for Personal Care allows you to specify particular wishes related to medical treatment, shelter, safety, nutrition or hygiene. A Power of Attorney for Property documents your wishes with respect to your property and finances. Robinson, Seiler & Anderson is a law firm in Provo, Utah that can help you with setting up both types of a Power of Attorney. Below we have listed just some of the reasons why you should consider having one set up.
Accessing Bank Accounts
If something were to happen to your spouse making them mentally incapable of handling their property, including bank accounts, you would need to have a Power of Attorney in place. Most of the time being married is not enough to gain access to financial accounts. While it may be hard to think about you will want to be prepared if the worst was to happen.
Caring for your Health
If something were to happen to you, making you incapable of making informed decisions, you may have someone in mind that would be in charge of making all of your care decisions for you. This is where a Power of Attorney for Personal Care comes in. If you do not have one in place and are not currently married your parents would be in charge of making those decisions for you. If you want to have your choice of an individual it is always a good idea to have a Power of Attorney in place.
Control of your Finances
Having a Power of Attorney for property will allow you to have control over how your finances are taken care of when you are no longer able to do so. You can give specific directions to your Power of Attorney as to how your finances will be spent. You can also limit how much control they have over your property and documents.
Peace of Mind
While it isn’t pleasant to think about, you want to prepare for the worst. Having a Power of Attorney set up for your health and your property will give you and your family member’s peace of mind. This will reduce the stress on those who care for you the most. You can also rest easy knowing that everything will happen in the way you want it to.
For help in setting up your Power of Attorneys or for additional information, the law firm of Robinson, Seiler & Anderson in Provo, Utah can help. Our experienced attorneys know the ins and outs of obtaining a Power of Attorney. Call us today to set up an appointment.
Having a will written now before you pass on from this life can help you and the ones you love. While it seems like a daunting and unenjoyable task, it can save your family a lot of hassle after you pass on. Having the expertise of the attorneys at Robinson, Seiler & Anderson in Utah County can help you through the will writing process. Below are some things you should know when it comes to understanding your will.
What is a Will?
To put it simply, a will is a legal document that states your wishes when it comes to your estate after you die. Your estate can include everything from your home and valuables to sentimental items. It will also come in handy if you need to declare guardianship of your children. Within the will you can declare an executor. An executor is a person of your choosing who will be in charge of making sure the wishes that are stated in your will are followed through.
Having an Attorney
Having an attorney from Robinson, Seiler & Anderson in Utah County to help you with your will is always recommended. Hiring an attorney can help you to make sure your will covers everything your family may need after you are gone. The attorney can also help you when it comes to giving advice on estate planning and living trusts. The experienced attorneys at Robinson, Seiler & Anderson will make sure your written will meets all the requirements of the state and county you live in.
Joint or Separate Wills
If you and your spouse are drafting your wills together, you may have considered having a joint will. Most advise against having joint will and some states won’t even recognize them. It isn’t likely that you and your spouse will die at the same time, so it makes more sense to have separate wills written up.
Having an executor will help to make sure the aspects of your life are taken care of after you die. Choose someone you can trust such as a close friend, family member or child. If your affairs are fairly complicated you can have an attorney named as your executor. Make sure you list them of having the ability to deal with any existing debt and pay your bills.
Keeping your Will Safe
Keeping your will in a safe and accessible spot to your family is a must. The best option is by putting it in a fire and water-proof safe in your home. If you fear your will might be harmed or lost you can always give copies to your lawyer for safe keeping.
Having a will is a must when it comes to taking care of what you leave behind. The attorneys at Robinson, Seiler & Anderson in Utah County can give you the advice you need when writing your will. Give us a call today to set up an appointment.
Estate planning is the process of making a plan of who will get which of your assets when you pass on. Regardless of the size of your estate, you need to have this plan in place.
Following these tips will help you in your process of planning your estate.
State Who Gets What
Set time aside to put in place a will. f you do not have a will in place, laws will determine who inherits your assets. This includes nonfinancial assets that might be important to you and your family members. A will also allows you to name a guardian for your children should something happen to both parents.
Choose How Money Should Be Spent
If you are planning to have certain assets cover specific expenses, then you should create trusts for those. The trustees of these accounts will be obligated to spend that money to cover those expenses that you declared.
Select a Qualified Executor for Your Estate
An executor is responsible for paying off your debts and distributing your assets according to your will. The most obvious choice would be your oldest child or spouse, but make sure you choose someone you trust.
Make Certain Family members Know About Important Documents
Prepare a list that shows where important documents are kept. Let family members know about this list. If they are kept hidden in a safe, make sure they know about the code.
"Derek Marshall is a bright and capable estate planning attorney. I had the opportunity to work with Derek as his mentor several years ago, and I've been impressed with his abilities and legal analysis."
- Marc Austin, Attorney