While it may be a somber subject, estate planning is crucial for anyone hoping to ensure their affairs are in order, and their loved ones are protected should they become incapacitated. It covers everything from how to handle your financial holdings to what kind of treatment you want to receive. Since it’s an important legal agreement, estate law attorneys recommend understanding the basics before reaching out to a lawyer.

The Important Aspects of Estate Law Planning

1. Wills

A will is a legal document where you, the testator, declares an executor who will handle the various legal matters that arise following your death. It’s your way of ensuring the estate is distributed in the manner you intend.

It also helps avoid time-consuming and precarious legal battles over the estate among your survivors. You get to decide how thoroughly you make decisions regarding your estate.

Some people choose to only cover large investments, such as vacation homes and money left in the bank account, but others choose to include smaller items that hold sentimental value. A will is also used to declare legal guardians for any minors or dependents left behind.

2. Power of Attorney

Whereas a will is used for legal decisions following a death, power of attorney is an estate law term that gives a person power to make those decisions while you are still alive but physically or mentally incapacitated.

They’re commonly used with people who are suffering from mental issues, like dementia, or for a person who has entered a coma following an accident.

While incapacitated, a power of attorney is given authority to represent you until you are deemed legally competent to make decisions again. They’ll handle aspects like managing your financial obligations and representing you in legal matters that you cannot attend.

3. Health Care Directives

These are similar to power of attorney agreements, but they are much more specified. Whereas power of attorney gives a person broad powers over your affairs, health care directives are only designed to handle end-of-life choices and what kind of treatments you want.

They appoint a proxy who can be any competent adult like a lawyer, close friend, or family member. That person works with your health care provider to make decisions, such as whether or not to prolong your life using life support services, and they have the legal authority to ensure your wishes are met while still providing the best care options for you.

For more help ensuring your estate is handled to your satisfaction, contact the estate law experts at Morrow, Gordon & Byrd, Ltd. in Newark, OH. With more than 80 years of experience, their talented team of lawyers has worked in a variety of legal fields, including estate planning and real estate law. They’ll work with you to create a legal plan that has both you and your loved ones covered. Call (740) 345-9611 to schedule a consultation or learn more online.