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Taking action now in your estate planning could well reduce potential financial and emotional worry in the long run, lawyer Michele Ungvarsky, founder of E-Law in Las Cruces, NM, has revealed.For more information please visit https://www.estradalawpc.com
Ungvarsky outlined three specific steps to take as part of your estate planning before the risk of incapacitation takes away the chance of decision-making in later life.
"Estate planning is wrongly assumed to address issues when someone passes away," commented Ungvarsky. "But estate planning is just as important, practical, and relevant if someone becomes incapacitated before they die.
"Incapacity means a person can't make decisions or communicate their wishes, such as about healthcare or estate matters. So detailed planning now is better than facing the prospect of not being able to make those decisions later in life."
She said that someone else would take responsibility for a person's finances and decision-making in the event of incapacity. "But those decisions, if not already laid out in their estate planning, may well not align with the person's wishes. So estate planning now takes out the worry and concern if for any reason you become incapacitated."
Ungvarsky advised you to take action now and designate a power of attorney for your estate. "A person, or agent, with power of attorney, will be your legal, financial, and healthcare decision-maker and follow your stated wishes to the letter in case you become incapacitated."
She advised utilizing a person they could trust implicitly or nominating a licensed bonded professional. "It's critical that when setting up powers of attorney, you communicate with your agent your wishes and goals both financially and medically."
Never assign joint ownership of your assets and finances. "Joint ownership adds another owner to your accounts or assets. If that joint owner runs into some trouble, your account or property can be used to pay their debts even if they never contributed to the asset."
Ungvarsky said anyone considering joint ownership to take legal advice first to understand and be comfortable with the implications involved.
Establishing a living trust is another effective step. "This involves retitling certain assets under the ownership of a trust and overseen by a successor trustee who will make decisions on those trust assets if you are incapacitated," she detailed.
"That trustee will wield much power in managing trust assets, so you need to think carefully in appointing a person you trust completely and one who will carry out your wishes."
Ungvarsky advised anyone considering estate planning to seek advice from an experienced estate planning attorney. They will offer the best options to ensure a plan is robust enough and reflect a person's wishes if they become incapacitated.
Source: http://RecommendedExperts.biz
Contact Info:
Name: Michele Ungvarsky
Email: Send Email
Organization: E-Law, PC
Address: 1340 Picacho Hills Dr, Las Cruces, NM 88007
Phone: 575-556-2462
Website: https://www.estradalawpc.com
Source URL: http://RecommendedExperts.biz
Release ID: 89006523
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