Why It Is Smart to Have an Estate Plan in Place for Your Future

Law Blog

Do you ever wonder how you will manage your affairs if you suddenly become incompetent? The best way to have peace of mind is to make sure that you draft an estate plan with a lawyer while you are healthy. Find out below why investing in an estate plan is a smart idea, as well as what a lawyer is likely to charge for drafting it up for you.

What Makes an Estate Plan Ideal in Preparation for the Future?

Unlike having a will, an estate plan will allow you to appoint someone over your assets while you are still alive. The appointed individual will be your legal power of attorney. He or she will be responsible for making sure your home is cared for in the way that you desire. For instance, the power of attorney will make sure your house is not sold or given to a family member that you don't want having access to it.

The power of attorney will also be responsible for looking after your finances. He or she will keep track of what is coming in and out of your bank account. Your living expenses, like utility bills and mortgage payments, will be take care of as well.

How Can an Estate Plan Help in the Event of Illness?

If your illness is accompanied by incompetence, an estate plan will give you the ability to appoint someone over your medical decisions. He or she will have the responsibility of choosing your physician and can also get you a new one if you already have a regular that proves to be negligent.

The power of attorney over your medical care will also have a say in what kind of medication you are prescribed. If you happen to need life support, he or she can make the decision as to whether you are removed from it or not.

What is the Estimated Price to Hire a Lawyer for an Estate Plan?

You are looking to spend at least $800 or more for a lawyer to draft up an estate plan. He or she will also discuss your assets to help you put the best plan in place and choose a trustworthy power of attorney. Get in touch with a lawyer from a firm like Coley Hennessy Cassis Ewasko Wills and Estates so he or she can help you plan for your future by drafting up an estate plan as soon as possible!


13 July 2015