Wills, Powers of Attorney, Probate & Why They Are Important
Wills, Powers Of Attorney, And Probate: Why Are They Important?
Most people feel a little lost when it comes to Nashville family law issues encompassing wills, probate, and powers of attorney. At Rogers, Shea & Spanos, a reputable law firm in Nashville, we believe everyone must understand what these legal tools are, how they work together to secure your future financial matters, and why these are vital for individuals and families. Our attorneys have the experience and knowledge to guide you every step of the way and answer any questions you may have.
What Are Wills, Probates, And Power Of Attorney?
A will is a legal document that automatically comes into effect upon one’s death. It details any of your directives and wishes regarding assets and possessions. More importantly, if you have any children, a will should ensure that your kids go to your selected guardian if they are not of age.
Probate is a process that ensures all your debts are paid in full. It also ensures that the legal titles of your assets are passed on to the proper beneficiaries and heirs. It’s essentially designed to begin the administration process. If you name an executor in your will, that individual will take over the overall administration of the estate upon your passing. However, if you have not appointed an executor, the court will appoint someone to take on that role.
On the other hand, a power of attorney is a little different. Power of attorney tends to take effect in case you become seriously ill or get injured and cannot make decisions related to your personal care and property. A power of attorney will appoint one or more individuals to make all critical decisions on your behalf. Though they are often used in various situations, both powers of attorney and will should help ensure that you have a say in all critical matters related to your children, yourself, and your real estate, no matter what happens.
Why Do You Need A Will?
If you don’t have a will, your assets are most likely not distributed how you would have preferred. Leaving your loved ones behind without a will may cause stress and lead to severe family conflict. Even your kids might end up in a living situation that you would have never chosen for them.
Hence, you must speak with a professional and experienced lawyer from Rogers, Shea & Spanos regarding your will if you have minor kids or grandchildren, both for protecting their assets until they reach legal age and for their guardianship. You must also seek professional advice if you are separated from a spouse or have a large estate.
If you don’t have a legal will, probate will ensure that your estate is handled with care and that all your outstanding debts are paid. It can also help you properly distribute all your remaining assets if you don’t have a will.
Why Do You Need Power Of Attorney?
In some cases, having a power of attorney might be much more critical than having a legal will. Suppose you don’t have a power of attorney and become too mentally or physically incapacitated to make sound decisions about your personal care and property. In that case, that power might go to the trustee and public guardian.
Without having a power of attorney in place, if you ever lose capacity, you must apply to a court of protection to help appoint a deputy to act in your best interest. In this case, the court will decide who must be selected, which can often be lengthy and costly. Not only will this mean you might receive the care you wouldn’t have agreed with, but it may also cut your loved ones out of the decision-making process. So, it’s better to have all these things in check when you still have time.
Attorneys From Rogers, Shea & Spanos Can Help!
It is always a good idea to speak with a professional attorney and find out everything you need related to wills, probate, and power of attorney. All our legal experts have years of training and courtroom experience, enabling them to understand the law clearly. They can guide you through the process with ease and help you avoid the probate process effortlessly. If you are looking for professional legal guidance in Nashville, contact us at 888-521-9952 for assistance.