Estate planning is the best way to ensure there is no confusion on how you wish your property to be distributed after you have departed. It is part of elder care law, which encompasses government benefits, guardianship, and care coordination as well. These are all issues that will provide your loved ones with clear and decisive answers in the event of your incapacitation or sudden death.
Lawyers who specialize in the field can sit down with you and help you decide how your property is to be divided and how your loved ones are to look after your medical needs if you are no longer able to.
It is especially important to sort such matters out if you have built up your own company or own controlling shares in another enterprise. If you pass away without leaving a legal will, the future of such a business can be put into jeopardy. You can also put the livelihoods of its employees in danger. Rather than leave things to chance you can work with an attorney who specializes in estate law to set down your wishes in a legally-binding document. It may be the case that you want to leave a considerable portion of your financial shares in the company to loved ones while giving operational control to a trusted business partner. The law allows for this, and your attorney can help you draw up a will that stipulates it.
If you still have young children under your care—your grandchildren for instance—you can designate the persons you want to be their guardians in the event of your death. You can also set up trust funds to finance their education and give them a good start in life.
These matters can be sensitive, but it is better to deal with them sooner rather than later. An elder law attorney can help you do so.
