Mental incapacity is certainly considered and provided for in the estate plans our firm completes. It Most people are surprised when I mention deciding how to determine mental incapacity. However, this is very important. If an individual does not want to rely on family members to determine their incapacity, they need to plan ahead and dictate that their incapacity will only be established upon the agreement of one or two physicians.
What Is The Role Of A Personal Representative?
Being a personal representative is a big job with a lot of responsibility. A personal representative is responsible for wrapping up the affairs of the estate. This would include dispersing of the property of the deceased individual according to their trust or will. If the deceased has a will instead of a trust, this will include opening a probate with the courts in most instances. Additionally, the personal representative may be responsible for administering and/or selling property. This can become quite an ordeal if the estate is not in order before the individual’s death.
What Are The Basic Items In An Estate Plan?
The basic items in an estate are a will or trust, durable power of attorney, healthcare power of attorney, and a living will. A will or trust directs where the individual wants their property to go upon their death. The durable power of attorney allows another to act on the individual’s behalf financially if they become incapacitated. The healthcare power of attorney allows another to act on the individual’s behalf medically if they become incapacitated. A living will specifies to what extent an individual wants life sustaining measures taken to prolong their life.
How Long Does It Typically Take To Create An Estate Plan?
We usually take approximately 1 month to create an estate plan. We start out meeting with our client to determine their needs, give the client time to gather necessary documents, then draft a plan and send it to the client for review. If the client approves, we then schedule a time to sign all the estate plan documents with our in-house notary.
What Should I Look For When Retaining An Estate Planning Attorney?
I would look for someone who understands what my assets and liabilities are, and also who seems to understand my wishes. I would beware of someone who does not ask questions about what I want, or who thinks of estate planning in a template based, one-size-fits-all approach. Estate planning is different for each individual and family…no person or family is exactly alike, and so no estate plan will be exactly alike.
What Sets Your Firm Apart In Handling Estate Planning Matters?
Our firm is different in that we provide a thorough end-product to our client. We have a CPA attorney on staff, who reviews our estate plans to ensure we are not setting our client’s up for further issues upon death. We also have a very “home-town” approach. If you can’t come to us, that’s ok. We will come to you. I have done several estate plan signings over the kitchen table of a client. And we want to know you and your family so we can help you find the best fit in estate plans. Our attorneys are dedicated to finding creative options in estate planning that help you preserve your legacy.
For more information on Mental Incapacity & Estate Plans, a free initial consultation is your next best step. Get the information and legal answers you are seeking by calling (501) 254-0311 today.