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Having a valid will puts you in a better position than most Americans, who often fail to take this crucial legal step. The importance of 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.  Aside from divorce and criminal law, the  Michael A. Newland Law Office boasts experience in a diverse set of legal areas including the making of wills, living wills and various powers of attorney.

Among the primary reasons people need to have valid estate planning documents has to do with their families. Likewise, an asset device such as a trust helps to ensure that your family members are given maximum assets and asset protection, owed to the fact that any assets in trust will not go through the probate courts. For this reason alone, trusts limit the hardships family members may endure, since assets are delivered directly to the beneficiaries.

A trust is also a recommended device 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. This is especially true when one spouse is a non-US citizen, as 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 who will 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 to supplement any lapses with additional devices. When you have questions about wills, living wills, and/or powers of 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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