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In a recent interview, leading estate planning attorney Michelle Ungvarsky, a founding lawyer at E-Law, PC. in Las Cruces, NM, revealed the main things to know to protect family and money in case unforeseen circumstances arise.For more information please visit https://www.estradalawpc.com
When asked to comment, Ungvarsky said, “While we can’t control every aspect of our lives, we can control what will be done with our assets and how they’ll be passed on. Estate planning is vital to ensure that your financial wealth will be taken care of in case of unexpected events."
A big piece of the estate puzzle, according to Ungvarsky, is ensuring that any wishes of what happens with an estate will be legally carried out.
“One aspect of this is having your last will and testament in order. This last will and testament encompass who will take care of the children, who will execute your wishes, and how your property will be divided," she said.
“You’ll want to have your estate planning ducks in a row before passing away. Not having a will could cause unnecessary grief and fights for your family members.”
Ungvarsky mentioned that, without a last will and testament, a probate court will decide on what happens with the assets after a person passes away, “which could very well run contrary to your wishes.”
As part of the estate planning process, there are certain documents, such as medical and financial powers of attorney, that an estate planning lawyer will advise you to complete in the case of mental or health decline.
When asked to explain further, Ungvarsky said, “The medical power of attorney – along with healthcare directives – is vital when are rendered incapable of making your own medical decisions. It lets the person you select make decisions on your behalf according to your instructions.”
This is further true for financial power of attorney, a person who will help make sure that bills are paid on time or that any other financial matters are dealt with.
When asked who is typically named as a power of attorney, she said, "The spouse is usually put nominated as a power of attorney, but you can also have the option to name a backup such as a close friend or relative or adult child. It is important to have more than one person listed in case the first choice cannot fill the role."
“While estate planning requires you to make important decisions about your estate, such as choosing where your assets will go or who will act for you when you’re incapacitated. But planning ahead can help save you and your family headaches and heartaches down the line,” she said.
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, USA
Phone: 575-556-2462
Website: https://www.estradalawpc.com
Source URL: http://RecommendedExperts.biz
Release ID: 88940213
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