Why Should You Begin Estate Planning As Soon As Possible?
Losing a loved one can be a very traumatic and difficult time. In order to make this stressful time easier for your family and loved ones, you should consider creating an estate plan so that your family knows all your wishes and so that your assets are protected when you pass away.
To create an estate plan without loopholes that details all your wishes, you should work with an expert estate planning lawyer who is intimately familiar with estate law. The lawyers at Yaletown Law Corporation are here to guide you through the details of planning your estate and securing your family’s future. If you live in or near Vancouver, BC call (604) 684-3323 for an initial consultation.
Why Should I Work with an Estate Planning Lawyer to Create My Estate Plan?
Estate planning can be a very detailed and intricate process. It details how you would like your assets protected and ultimately distributed to your family and loved ones. It can be quite detailed, so that you are sure that all your wishes are expressed. Because of this, it is best to work with an experienced lawyer who specializes in estate planning. Here are some benefits of working with an estate planning lawyer:
What Is Included In An Estate Plan?
Each person’s estate plan will look different. Estate plans are individualized, based on the person’s assets, and wishes for distribution of those assets to their families and loved ones. The following documents might be a part of your estate planning. If you have questions, you should consult with an experienced estate planning lawyer, who will have the knowledge to protect your assets and help you decide the best way to distribute them upon your death.
Wills – legal documents that itemize your wishes regarding your children, assets, and property after your death
Trusts – part of an estate plan in which a third party holds assets on the behalf of a beneficiary
Powers of attorney – legal documents that allow a person to act in place of another person regarding their property and financial matters
Healthcare Directives – legal documents that explain how a person would like to be taken care of medically across end-of-life stages, taking the stress of decision-making off your family and loved ones
Living Wills – legal documents that spell out specifically what a person’s medical preferences are for end-of-life decisions, taking the decision-making off loved ones
Blended Families Planning – legal documents that provide for distribution of property and wealth to the current spouse and how it is distributed once that current spouse dies
Business Succession Planning – legal plan that states who will own or run your business upon your passing
Representation Agreement – a legal document you can use to appoint someone, called a representative, to help you make, or to make, personal and health care decisions if you cannot make these decisions on your own
Your estate plan might include any combination of the above documents, or it could just be a simple will.
When you are ready to create your estate plan, the lawyers at Yaletown Law Corporation are here to guide you through the details of planning your estate and securing your family’s future.
How Often Should I Update My Estate Plan Once It Is Created?
While there is no requirement to look over your estate plan and make changes, it is a good idea to do so under certain circumstances. Whenever you make any major life changes is a good time to re-evaluate your estate plan. Some of those changes are:
- Buying a home
- Having children
- Changes in health
If you have questions about updating your estate plan, consult with your estate planning lawyer.
Call Today To Speak To A Trusted Lawyer
The lawyers at Yaletown Law Corporation are here to guide you through the details of planning your estate and securing your family’s future. If you live in or near Vancouver, BC call for a consultation.