As soon as you begin working a full-time job, you should already be thinking about estate planning in Fort Smith, AR. While many people still put this off until later in life, failing to create an estate plan earlier in your life can leave you and your family unprotected in many different ways. You cannot predict when an accident or illness will devastate your life, but establishing a plan will help ensure your finances, your family, and yourself are all protected.
Protect Your Minor Children
A basic estate plan must include a will to help you protect your assets and your family. In particular, a will provides the opportunity to choose a guardian for your minor children. If you happen to pass away without a will in place, the courts will choose a guardian for your children. A judge may not choose the person you would have trusted to take care of your children.
Protect Your Assets
In addition to a will, your lawyer can help you create a living trust. Unlike a will, a trust is a private document that doesn’t go through the probate process. You can use a trust to transfer ownership of specific assets to a trustee upon your death. Since the assets won’t go through probate, those assets will automatically pass to the trustee.
Protect Yourself
When you consult a lawyer for estate planning in Fort Smith, AR, you can also get help in creating powers of attorney. A medical power of attorney or healthcare proxy allows you to choose someone to make medical care decisions for you if you’re unable to make those decisions for yourself. A financial power of attorney appoints someone of your choosing to handle your finances in a similar situation.
