Peter M. Miller Law, in Waterloo, understands that estate planning is often something people put off completing. Although it may seem like a daunting task, estate planning is essential in preparing for the future and a necessity to ensure that those left behind are able to carry out your wishes when the time comes. Estate planning often includes the writing of your will, establishing trusts, tax planning, drafting of living wills and the naming of Powers of Attorney.
Writing a will is essential to ensure that those left behind are able to divide your assets according to your wishes. Without a will you are vulnerable to having your property and possessions divided in ways you did not intend and possible denying your benefactors what was meant for them. It is essential that you utilize a lawyer while creating your will to ensure that it is properly completed; this helps to guarantee the will is honoured and your wishes are carried out as you intended. If you have young children it is essential to name guardians in your will and indicate when they will receive their inheritance. You may have other important people you wish to share with or charitable donations you would like to make and these should be noted in your will as well. Your lawyer when ensure that all your assets are accounted for and can be divided easily in the manner you wish. Your can also nominate an executor of you will, the person who will carry out your wishes.
Other aspects of estate planning can include the transferring of assets ahead of time to alleviate stress on your beneficiaries while allowing yourself the ability to still make financial decisions. You can also establish trusts and gift assets prior to your death to minimize taxes and probate fees owed by your beneficiaries.
Another important aspect of estate planning is to name someone as your Power of Attorney. If you’re unable to make decisions for yourself, this person would be authorized to make financial and legal decisions on your behalf as well as decisions regarding your personal well-being such as where you should reside and medical decisions. A lawyer can create a living will for you that will document what decisions you would like your Power of Attorney to make in certain scenarios so that you are treated in the manner you prefer.
To arrange for assistance with your estate planning and will, contact Peter M. Miller at 519-884-1332.
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