Issues To Be Addressed During Estate Planning

Estate planning requires the support and advice of an experienced estate planning attorney, to help with the processing of a person's effects, including property, wealth, and even intellectual and non-tangible property.

1. Asset Distribution: the most common document for asset distribution is the will. It is a legalized document which clearly states how a person's assets will be divided among the heirs, in event of the owner's death.

2. Asset Management for the Surviving Spouse and Others: in the will, designed with constant advice and legal counsel, the estate planning attorney may suggest forming a trust. This trust will hold one's assets for the particular named person, say one's spouse, and provide for them.

3. Guardianship of Dependents: the will can also help in ensuring the sustenance of any dependents, including minors, relatives with special needs, or mental or physical illness. In the will, a guardian can be assigned who will be entrusted with the responsibility of looking after one's dependents.  For more details regarding estate planning, you can also visit http://www.einheuserlegal.com/rochester-hills-estate-planning-attorney.

4. Charitable Giving: in the will, one can also designate assets they want should be given away to charity. Legal and tax counsel is essential to ensure the gift is accepted and assigned as per the instructions in the will.

5. Healthcare Decisions:  This can involve everything, from medical procedures that one does not want, to whether one wants to be cremated or buried.

6. Power of attorney: this legal document puts a person in charge of making the decisions in one's absence. Specific powers of attorney, like healthcare, financial, etc. can also be assigned to make sure not one person is burdened, or someone with specialized knowledge handles one's assets after death. 

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