A commonly overlooked estate planning document is the health care directive, otherwise known as a living will or an advance directive. Most people who think seriously about estate planning draft a will to address matters of property distribution, but often the planning stops there.
The estate, probate and will contest attorneys of Landrum & Shouse LLP handle a wide variety of estate-related matters, including the preparation of wills and trusts, disputes over inheritances, and creditors' claims against estates. We know that, with the right planning, estate assets can be preserved and protected; loved ones can be provided for; and confusion and litigation can be prevented.
What will your legacy be after you're gone? It's a difficult question. With the right planning, though, at the very least you can protect your loved ones from disputes over your assets and debts. For you and your heirs, effective estate planning can provide the great benefits of clarity and peace of mind.
More and more American baby boomers are reaching retirement age and planning their estates. Remarkably, it's been estimated that in the next 35 years, $30 trillion will change hands in the biggest transfer of wealth in the nation's history. However, according to a recent survey of wealthy Americans, 43 percent of respondents said they didn't feel that inheritance planning was a pressing issue.
A comprehensive estate plan should include powers of attorney. You can set up powers of attorney for an individual -- your agent -- to make financial or health care decisions on your behalf in the event that you become incapacitated by injury or illness.