Many individuals mistakenly believe that Estate Planning is only for the wealthy, but in reality, it involves much more than just distributing assets. At LeRoy Peterson Law, we understand the importance of comprehensive Estate Planning, which includes the following essential elements:
- Medical Decisions: Prepare for the possibility of incapacitation by outlining your medical decisions, including life support preferences and duration.
- Beneficiaries: Determine the beneficiaries of your entire estate, ensuring your assets go to the right individuals or causes.
- Guardians: Nominate preferred legal guardians for your minor children, providing them with a secure future.
To get started on your Estate Plan, call us today at 402.718.8888.
Together, we will explore all the key elements of an Estate Plan.
Last Will and Testament:
Your Last Will and Testament serves as evidence in a Probate proceeding and outlines how your assets will be distributed. This document also identifies your chosen Personal Representative, responsible for managing your estate.
Trusts are agreements where one party (the trustor) transfers property to a second party (the trustee) for the benefit of a third party (the beneficiary). Trusts can help avoid Probate and simplify asset distribution, especially for minor children.
Power of Attorney (POA):
A POA allows you to designate someone (your agent) to make decisions on your behalf when you cannot act for yourself. It is essential to choose a POA for financial and medical decisions, and you can appoint different individuals for each role.
A Living Will provides crucial guidance for your medical care if you are unable to make decisions for yourself. It articulates which medical actions should or should not be taken in terminal situations, ensuring your wishes are respected.
If you have minor children, it is vital to nominate legal guardians who will take care of them in the event of your passing. Consider appointing successor guardians to ensure preparedness for any situation.
Reasons Why You Need an Estate Plan
Without a Will, your family will have to navigate the complex “Intestate Probate” process, leaving state laws to determine how your asset will be distributed. This lengthy and avoidable process can be simplified with proper planning.
If you don’t have a Power of Attorney, you could force your family to hire an attorney and go through a costly legal process to manage your property and medical decisions with a court appointed Guardian and/or Conservator.
Guardianship for Minor Children:
If you pass away without a Will and have minor children, you won’t have a say in who becomes their legal guardian.
Secure your family’s future by crafting a comprehensive Estate Plan with our dedicated team. Contact us today to schedule a consultation with an experienced estate planning attorney in Omaha, Nebraska and ensure peace of mind for you and your loved ones.
How To Get Started
When you are ready to start planning, give our office a call to schedule a consultation: 402.718.8888. Most initial consultations last about 45 minutes and are designed to understand your situation and goals in order to guide you toward getting peace of mind.
Before your consultation, collect this information:
- Names and birthdays for children
- Names and contact details for Power of Attorneys
- Names and contact details for beneficiaries
- List of assets that are in your name
- Life insurance details