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Having a valid will puts you in a better position than most Americans  .However, important end-of-life planning not only extends to devising your assets in a will, but should also involve careful consideration of other documents; namely, trusts, living wills and power of attorney options. The Michael A. Newland Law Office boast experience in not only how to make a will, but recommend their clients educate themselves on the benefits of these other documents as well.

Amongst the primary reasons people need to have valid estate planning documents in place is because of family. Likewise, an asset devise such as a trust helps to ensure that the chosen members of your family are given the maximum assets and asset protection because of the fact that any assets in trust will not go through the probate courts. For this reason alone trusts limited the hardship family members go through since assets can be delivered directly to the beneficiaries.

A trust is also a recommended devise where life insurance policies are regularly maintained and should they be paid outside of a trust, would be heavily taxed. Even where spouses are bequeathing assets to one another, trusts are a very good option for preserving assets from taxes until the other’s demise. Especially, when one spouse is a non-US citizen, precautions need to be discussed with an estate lawyer to avoid immediate and burdensome taxation.

As well as assets, health care is another area where people should consider having their wishes written out. This can be accomplished through health care documents called living wills and/or a power of attorney for health care.

While these two documents may be combined depending on the state, generally a living will refers to a health care directive about how you want to pursue treatment should you become incapacitated. A power of attorney for health care refers to a document that names a person to act as your health care agent (health care proxy) and make decisions for your health when you are unable.

Power of attorney options are also not solely limited to health care as many states allow for a general power of attorney to be bestowed upon an agent that extends to personal and financial decisions. But, power of attorney can also be specifically limited to a field such as finance or as noted above, health care.

A good rule of thumb is to follow-up with an estate planning attorney to make sure your will is serving the right purpose and supplement any lapses with additional devises.

When you need to speak to a attorney, call the Michael A. Newland Law Office at (513) 887-9595 to set up an appointment or visit them online for more information.

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