Leading Elder Law Specialist Dennis Toman Shares Essential Checklist Behind A Good Estate Plan – Greensboro, NC

Greensboro, NC United States – August 15, 2022 — – August 29, 2022 —

A good estate plan, just like any well-built house, is only solid if it has firm foundations, Elder Law Specialist Dennis Toman asserted.

For more information please visit https://www.elderlawfirm.com

As the Founder of The Elderlaw Firm, Greensboro, NC, he has advised hundreds of clients on the best approach to achieve a good estate plan that will smoothly transition assets to family members.

The starting point is to have a will or trust that sets out the main components of how your assets will be divested and to which beneficiaries. The wording is critical in the document and should clearly convey your wishes.

Toman said: “Any plan must have a power of attorney, a person assigned by you to act in your interests and ensure the details of the estate are followed. Without a power of attorney, a court may be assigned to consider what happens to your assets.”

A power of attorney should be a trusted person, usually a family member, spouse or attorney. Their powers depend on the language in the document and so it’s important to get that right. The powers need to include authority to take key steps to protect assets and provide for family members if you become disabled and unable to do that yourself someday. 

A medical power of attorney should be prepared so a trusted person can make healthcare decisions if you become incapacitated and can no longer make decisions independently.

“If in doubt, an experienced Estate Planning Lawyer can guide you through all the issues to ensure your plan reflects your wishes,” he assured. “An estate plan also needs to be kept up to date to reflect any changes in your circumstances, deaths of named beneficiaries, and any changing relationships that occur.”

It is ideal to have a backup or contingent beneficiary if circumstances change. Additionally, ensure all insurance policies and retirement plans have named beneficiaries.

Toman said a letter of intent – one left to an executor about any assets or funeral arrangements – should also be included. This may help if there is a court challenge on asset distribution.

Where children are minors, an estate plan should carefully set out their futures regarding who you wish to care for them legally and how they should be financially provided for out of the estate.

Toman concluded: “An estate plan contains many streams of information and documentation, but in ticking off this essential checklist, it will give you peace of mind. Always keep it up to date, speak to beneficiaries about your plans, and seek advice from a good attorney to ensure the plan you want is the plan you get.”

Source: http://RecommendedExperts.biz

Contact Info:
Name: Dennis Toman
Email: Send Email
Organization: The Elderlaw Firm
Address: 403 W Fisher Ave, Greensboro, NC 27401
Phone: 336-378-1122
Website: https://www.elderlawfirm.com

Release ID: 89080287

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