Estate Planning

The purpose of an Estate Plan is to help provide for yourself and your loved ones in the future. Even if you think your estate is modest, a Will or other legal agreement such as a Living Trust is necessary in order to save money, ensure that your wishes will be carried out and give direction to your family. A well-thought-out Estate Plan can save you and your heirs money by the possible reduction of estate taxes, probate costs and other legal expenses.

Every adult should have a minimum of four documents: a Will and/or Trust, a Durable General Financial/Property Power of Attorney, a Health Care Power of Attorney and a Living Will.

Last Will and Testament/Trust: A Will or a Trust ensures that your estate or possessions are distributed according to your wishes after your death. But, what if before you die you:

Travel to a foreign country?
Are in a car accident? Have a stroke?
Get Lou Gehrig’s, Alzheimer’s, Multiple Sclerosis, Parkinson’s, or some other chronic disease?

Any of these might prevent you from being able to pay your bills, manage your finances, pay your taxes, transfer needed funds to another account, or sell property. A Financial/Property Power of Attorney allows your wishes to be carried out, and may prevent the necessity of court-ordered Guardianship.

Health Care Power of Attorney/Living Will: You need to tell your family the kind of care you would want for yourself if you are unable to make your wishes known, such as after a major stroke or bad accident. What kind of care do you want if your death is imminent, or if you are in a coma or persistent vegetative state? Making these decisions for yourself now protects your family from having to make their best guess about what you would want during a time of incredible stress outside the Emergency Room door.

Byrd & Byrd, LLC is committed to helping clients express their goals, wishes and values through personalized, well-drafted estate planning documents.

ElderLaw

Estate Planning

General Practice