3 Top Estate Planning Strategies A Competent Lawyer Helps You Create

Most people overlook the need to establish legal guidelines regarding their estate administration. However, many things can go wrong if you aren't careful about your estate planning and administration. Thus, it's advisable to hire a lawyer to assess your assets and determine the ideal plan for your estate. Here are the top three estate planning strategies you will get from an estate planning attorney

Create a Will

The will is one of the documents you should consider possessing as early as possible. This legal document outlines how the people you leave behind will administer your estate once you are gone. 

When one passes on or becomes incapacitated, they cannot sign documents on property transfer and related transactions. But if one has a will, the court will initiate the transfer of the powers to the executor. So creating a will when alive and healthy enables you to identify someone you believe can take care of your assets.

Get Financial and Healthcare Power of Attorney

You can become incapacitated from an accident, sickness, or age. In such a scenario, you will need someone to make finances and health decisions on your behalf. Therefore, it is advisable to appoint someone to use power of attorney in making these decisions. By doing so, you will rest assured that a competent person can represent you in these crucial matters. 

So consult an estate planning lawyer to explain the powers bestowed on the person appointed. If unsure of whom to pick, your lawyer also assists you in choosing a suitable candidate. One of the decisions they may have to make includes whether to terminate you from life support if you are terminally ill. They also determine the type of care you receive while incapacitated and help your family access your finances.

Choose Suitable Asset Protection Plans

It's fundamental to think about ways to protect your assets from loss and other eventualities. As such, you should assess your property with an estate planning lawyer and determine the risk of losing them. 

Then, they will recommend the best way to safeguard the assets against potential lawsuits. For instance, revocable trusts will protect your estate for the sake of your progeny. Your lawyer will also suggest an estate tax strategy so as to avoid losing money to estate taxes.

These are solid strategies that can help you plan your estate. But first, speak to an estate lawyer about the planning process and get the legal guidance you need to plan your future.