Just from our name, it’s easy to tell that we excel in divorce law, but what other kinds of cases can Divorce Matters handle? We are a law firm specializing in family law. Family law covers a wide variety of different cases including:
What is an Estate Planning Attorney?
Estate planning is very important, and people often don’t think about it until it’s too late. It can be a useful tool to save your assets for your children and grandchildren and to set them up to be successful.
What is an estate?
An estate is someone’s entire net worth, including their possessions, any properties they own, and of course, any cash. The word estate particularly refers to all of these assets in relation to your death.
What does an estate planning attorney do?
An estate planning attorney is a lawyer who has a thorough understanding of the laws regarding how your estate will be managed, valued, inventoried, and dispersed after your death. An estate planning attorney can help you manage your assets, divide them up, and pass them on in a way that is both legal and the most advantageous for you and your successors. This just means that an estate planning attorney will work to maintain as many of your assets as possible throughout the process, to keep them safe from taxes or other fees.
What can an estate panning attorney help me do, specifically?
An estate planning attorney has various functions. The first possible way an estate attorney can help you is by creating your will. Through your will, an attorney will be able to designate your beneficiaries. Your beneficiaries are the people that will receive anything from your will, whether that be money or property or even material goods. Along those lines, estate attorneys can also set up any trusts you may need to protect your assets. Trusts can be helpful because they protect your assets, both during your lifetime in the event that you are incapacitated and after your death, for the benefit of your beneficiaries. Estate attorneys can also establish power of attorney and medical durable power of attorney, who would speak on your behalf if you could no longer do so because of medical reasons. And finally, estate attorneys can help you at making the process of creating a will and choosing beneficiaries smoother. This includes avoiding and reducing taxes when possible and avoiding the probate court process, as well.
To speak with a Divorce Matters attorney about estate planning, contact us today and ask for Miguel Mondragon, our resident estate planning expert!
What Is A Durable Power of Attorney? Do I Need One?
What is a durable power of attorney?
A power of attorney is a document that authorizes someone else to handle certain matters on your behalf. These matters can be legal, financial, or medical. An ordinary power of attorney expires if you become mentally incompetent to make any decisions, whereas a durable power of attorney includes specific wording that keeps it effective even in the event of incapacitation. The main purpose of making a power of attorney durable is to plan for medical emergencies or a decline in mental state and have someone appointed to make decisions for you when you cannot. This power of attorney can take effect immediately after signing or can only become effective if you become incapacitated.
Do I need a durable power of attorney?
It is recommended that everyone have a durable power of attorney so in the event something does happen, your named durable power of attorney will have the ability to handle your financial and medical decisions if you cannot. In order to prepare ahead and avoid any difficulties for your loved ones if a situation were to arise, it is best to have a durable power of attorney in place. Most people only think that a power of attorney is needed once you reach retirement or older. However, a power of attorney and other estate planning documents (Link) are beneficial for all adults, no matter your situation, in case of any emergency that might leave you incompetent.
Do I need to update my power of attorney documents if I’m getting a divorce?
Updating your power of attorney documents is important to consider when going through a divorce, or any other life changing event. If you are going through a divorce, you likely wouldn’t want your soon to be ex making medical or financial decisions on your behalf. In this case, it is best to update your powers of attorney to another trusted individual who can best look after your medical and financial interests.
It is always best to talk to an estate planning attorney when creating or updating your estate planning documents to make sure you have the most legally sound plan in place for your best interests. Our attorney Miguel Mondragon is an expert in estate planning law, so if you need these documents crafted or updated please contact us today.