Most people fall into the camp of experiencing many different misconceptions about powers of attorney and wills.
Many people think that will planning or estate planning is something that only the elderly should do and might not necessarily be for a younger couple or a single individual. However, anyone who has loved ones or who has assets to protect should draft a power of attorney for personal care and for property, as well as a will. It is impossible to know what could come down the road, and a will is the only way to articulate your individual wishes. Certain estate planning concerns can only be accomplished within the context of a will.
One excellent example of this has to do with naming a guardian for your minor child. If you wait until it is too late, you leave the estate or your loved ones with the job of having to assume what is in the best interests for your assets. You can articulate a much more clear and carefully organized plan by creating this document and strategy on your own. The support of an attorney is instrumental in helping you to understand the various complex issues surrounding the process of estate planning.
When you find yourself in this situation, it is imperative to have the support of someone who is highly knowledgeable about all of these various issues and someone who can provide you with clear counsel about possible pitfalls and challenges you might expect in the future.
The support of a lawyer gives you the opportunity to get your questions answered now, when it is much easier to think through your options as compared with being confronted with these issues when a loved one has suddenly passed away. Make sure that you retain an experienced estate planning lawyer who is highly knowledgeable about the various issues surrounding estate planning and business succession planning.
