Do you have a basic asset protection plan in place?
You need to be prepared for the future. This involves having a basic asset protection plan designed for your specific needs. These plans are customized based on your situation and the goals you want to achieve. While many people believe a basic asset protection plan is something only the elderly need to have, this is not the case. If you have assets that need protection should something happen to you, then you need to meet with an asset protection attorney as soon as possible.
The Components of an Asset Protection Plan
Although the main components of an Asset Protection Plan can vary due to a number of factors, many plans contain the following documents.
A Living Will and a Healthcare Power of Attorney
A living will is designed to state your wishes should you become incapacitated. If for instance, you do not want your loved ones to make the decision to remove life support or take other measures, then you need to stipulate your wishes in a living will. A living will outlines who has the authority to make decisions on your behalf or must carry out your wishes as documented. A healthcare power of attorney is a document that allows a trusted loved one to be your medical proxy. They can make decisions for you, access your medical records, and discuss your health/treatment with your physicians.
Financial Power of Attorney
A financial power of attorney is similar to a healthcare power of attorney, only the loved one in question has access to your finances. A designated financial power of attorney can withdraw funds from your account, should you be unable to do so. Your designated power of attorney can also make financial decisions on your behalf. If you are incapacitated, but still need access to your accounts, then a financial power of attorney is often the answer.
Last Will and Testament and an Asset Protection Trust
Although a last will and testament will not necessarily prevent your loved ones from going through the probate process when you pass away, you should have one in place to minimize family squabbles or turmoil. An asset protection trust, on the other hand, protects your estate from creditors. It will protect your assets from divorce proceedings, bankruptcies, and more.
Real Estate Transfer Documents
A basic asset protection plan may also include real estate transfer documents. If you own a property and want to ensure it goes to the right person should something happen to you, then you need to have these documents in place. In addition, real estate transfer documents can protect your physical property from other legal proceedings.
As you can see, there are many components to a basic asset protection plan. Some, or even all of them, may be applicable to you. Contact the asset protection attorneys at AlerStallings to safeguard your assets today!