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Estate Planning Basics: Will, Power Of Attorney, And Legal Representative

Will is something that decides the future of your real estate property. Without the right Will, you might find your successors are fighting over your property after your death. You don’t want that to happen.

Everyone would have a will, but the sad truth is that only 33% of Americans have a will. There are several reasons why so many Americans still think that will is not something they need. While some think it is just a thing a wealthy person does.

However, by educating yourself, you will find how beneficial it is to have a will at your side. To effectively utilize the potentiality of a Will, you need to have effective estate planning.

What Is Estate Planning?

When people talk about estate planning, they are talking about the distribution of your assets, Pentium, real estate property, and everything you own. But an estate plan is a bit more than all these things.

Estate planning is all about distributing your property to the people you want to be distributed. This is why creating a Will is necessary. Without a will, your property will be distributed among your successor equally.

However, by creating a Will, you can emphasize who will get your property and how much percentage. If you want to know more about Will and property distribution, visit the probate court in Cobb County.

The most basic steps that are involved in estate planning are given below.

  • Limiting estate taxes by setting up trust accounts.
  • Establishing a guardian for the Will.
  • Naming an Executor.
  • Creating Beneficiaries.
  • Setting up for the funerals.
  • Setting up a durable power of attorney.

What Do You Mean By Power Of Attorney?

A power of attorney is a legal right or authority given to a person to act for another person. The power of authority is limited to what is encrypted in the documents. Depending on the document, the power of attorney might vary.

A power of attorney is frequently used in case of a principal’s illness or disability. A power of attorney can end for several reasons. Given below are circumstances when a power of attorney will stand void.

  • The Principal dies.
  • The principal revokes a power of attorney.
  • If the court invalidates it.
  • In the absence of the principal.

How Power Of Attorney Works?

The best way to establish a power of attorney is by hiring a lawyer to help you with the documentation process. Depending on what you want to add to your power of attorney, the charges might vary. The following steps will guide you through a general procedure that stands true nationwide.

First, let be clear that there are no standards for the power of attorney documentation. Every state follows different rules. Even after all states follow different rules, there one particular structure they follow.

  • Putting all the conditions in writing.
  • Uses of proper format.
  • Identifying the parties.
  • Delegates the powers.
  • Specify the durability of the power.
  • Notarize a power of attorney.
  • Record it.
  • File it.

Things To Consider While Creating A Will

No matter your age, or economic status, creating a will is always the best decision you can make to safeguard your property from falling into the wrong hands. Given below are a few things that you need to consider while creating a Will.

Who Will Be Your Executor

The executor or the person who will represent you after your death and handle all the property dealings. This should be someone whom you trust and who will be responsible for administering estate paperwork.

Who Will Be Your Beneficiaries

The beneficiaries are the people who will be inheriting your property. Usually, these are people who are close to you, like your family members. However, if you want, you can add other names whom you were close to.

Choosing A Legal Guardian For A Minor

This is where things start getting complex. When a parent dies, the custody of the minor is transferred to the other parent. However, there is this scenario where both parents die—this where you need to predict or assign a guardian.

Note: Be sure to talk with the assigned guardian about whether they are willing to take care of your child or not.

Final Thoughts

Creating a will is very important, even if it is the last thing you do. It ensures the proper handling of your property after your death. If you are still not convinced, consider: By creating a Will, You will be doing a favor to your loved ones by relieving some stress during an already difficult time.