Are you prepared for what might happen to your estate if you were to become incompetent? The smart thing for you to do is creating an estate plan in advance, as it will allow you to maintain a sense of control over your life if you ever become incompetent. Find out below about the benefits that having an estate plan, as well as what a lawyer might charge for helping you create one.
Why Should an Estate Plan Be Drafted Up?
An estate plan is the best way to make sure your needs and assets are handled by people that you care about. The court will have to handle everything if you don't have an estate plan in place. The first thing that you must do is hire a lawyer to legally appoint an executor over your estate plan. The executor will have the responsibility of opening a court case to make sure your wishes are carried out. Your lawyer will want to discuss your finances, medical needs and family to help you come up with the best plan possible.
One thing that you can do is appoint someone over your medical needs in the estate plan. The medical trustee will be responsible for making sure a good doctor is treating your condition. He or she can also determine what happens in the event that you are put on life support equipment, such as if the plug should be pulled or not. The trustee can also hire you a home care nurse if it becomes necessary.
A lawyer can also help you appoint a trustee to handle all of your finances. He or she will make sure that any debts that you owe are paid on time. Money can also be deposited or withdrawn from your bank account, so it must be someone that you fully trust. It is good to appoint a financial trustee that is good with accounting and staying out of debt in his or her own personal life.
What Does a Lawyer Charge to Help with an Estate Plan?
Assistance from a lawyer for an estate plan will cost at least $800, but it depends on your specific situation. However, the fees can go over $3,500 if you need a lot added to your estate plan. For instance, if you have multiple appointees and beneficiaries in an estate plan, it will require more labor from the lawyer. Talk to a lawyer like The Legal Solution Professional Corporation as soon as possible so he or she can get your estate plan drafted up!