It is important to have a plan about who will assist you if you are no longer able to manage your own affairs and who will manage your estate upon your death.  You may have very specific ideas about how those affairs should be managed and your assets distributed.  If you don’t provide thatdirection, the law establishes the path for getting these things addressed and it may be contrary to your wishes.

Powers of attorney allow you to designate an agent to make decisions if you lose the capacity to do that, whether it be related to business or health care.  A living will states your desire as it relates to extraordinary efforts to keep you alive when you’ve been diagnosed with a terminal condition.  It is important to prepare these documents in advance so you can rest assured that your wishes are being carried out.

Perhaps you should consider a trust to hold and manage your assets for your benefit, and then for your beneficiaries.  A trust agreement can dictate how your resources are to be expended by your beneficiaries or provide for out-right distribution upon your death.

A last will and testament names a personal representative who gathers your assets, pays your bills, and distributes your assets as you’ve directed.   There are other tools, such as beneficiary designations, joint ownership, and a revocable transfer on death deed, that can be used now to plan for the future as it relates to your real and personal property.

Taking the steps now to let others know how you want things handled upon your incapacity or death will ease the difficulties your family and friends may encounter when that time comes for you.

When someone dies, it may be necessary for a court to facilitate the steps that need to be taken through a probate action.  Whether there is a last will and testament or if a person dies without giving final instructions, legal counsel may be required to navigate the process of an informal or formal probate, appointment of a personal representative, the gathering of assets, identifying and paying creditors, and distributing the assets of an estate.