Why Is It Important To Do Estate Planning If I Have More Liabilites Than Assets?

 

 

Video Summary

 

"Why is it important to do estate planning if I have more liabilities than assets?" This is a question that I am commonly asked by perspective clients. A lot of times people have the misconception that, "If I don't really have very many assets, or no assets at all, or if I owe more than what I'm worth, why would I need to go see an estate planning attorney?" Well, the answer is very simple, because estate planning involves much more than just a last will and testament, which will dispose of your assets that you own at the time of your death. There are many documents which are utilized to assist you during your lifetime to help with things such as incapacity, whether it be due to a motor vehicle accident or whether it be due to the aging process. Incapacity happens much more frequent than people realize. This is why it's very important to come see an estate planning attorney to talk about those different options.

As stated previously, the last will and testament, in my professional opinion, is the least important estate planning document, because it only comes into play after you've passed away, whereas other documents, such as a durable power of attorney, or a healthcare surrogate, or actually a living will, are the most important documents, because they deal with decisions that need to be made while you're alive. With that being said, I would love for you come see me here at the Law Offices of Waller & Mitchell so that we can discuss all of your estate planning needs and which documents may be appropriate for your specific individuized situation. Please give me a call at 727-847-2288.