Do You Have an Updated Will in Place?

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Real estate

Someday you will be the example you would like to be for your kids. It is too bad, however, that your children will probably be raising their own kids by the time you get to that point! You do not know what parenting looks like on the outside, but it is not pretty on the inside. It is messy and fraught with mistakes. It is time to cry a little, pray for grace, and try again tomorrow.

Estate planning can be a difficult task, but the reality is that every part of parenting is difficult. The difficulty, however, is not an excuse to avoid the responsibilities that we have. From making different parental choices to working with lawyers to make sure that you have your will, power of attorney, and all aspects of estate planning in place is essential if you want to make sure that you follow through on all of the important aspects of being a parent. Having the right estate planning attorney could help you easily understand the processes that are needed to make sure that all of your affairs are in order.
Consider these statistics about the lawyers who help clients writing a will to make sure that all of the details are covered:

  • 51% of Americans between the ages of 55 to 64 do not have wills.
  • In addition to a will, if you have assets in the six figures or higher you probably ought to have a trust as well. This can help you minimize avoid probate and minimize estate taxes.
  • With a cost between $500 and $1,500, a qualified estate attorney will draft documents nominating a Health Care Proxy and a Durable Power of Attorney.
  • You are exempt from federal estate taxes unless your estate is valued at more than $5.43 million. The value for a married couple is $10.86 million.
  • A majority of survey respondents indicated that they had difficulty obtaining acceptance of powers of attorney, according to a national survey conducted by the Joint Editorial Board for Uniform Trust and Estate Acts. As many as 63% reported occasional difficulty, while 17% reported frequent difficulty.

Many aspects of parenting can be difficult, but taking the time to make sure that you follow through on the need for a will and other legal documents is important.

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