Estate Planning
Estate Planning, in its simplest form, is the process of deciding how to plan for the future security of your family when you are no longer here or are no longer able to handle your affairs. There are several different aspects to estate planning, and depending upon your circumstances, these aspects can be complicated or simple. No matter your personal circumstances, the primary goal of estate planning should be to cover “all your bases” in the event you die or become incapacitated.
The estate planning aspect that most individuals are familiar with is the establishment of a Last Will and Testament. Last Wills and Testaments are directives given by you that detail how and who you want your assets distributed after your death and by whom. Without a Will, your estate will be given to those directed by the laws of the state rather than by you. Allowing state law to dictate who receives your property at your death is not what most people want yet the majority of people do not take the necessary steps to make their own estate plan.
Through your Will, you can direct the disposition of your home and other real estate, automobiles, bank accounts and investments, and your personal property including your sentimental items. There are different ways and options as to how to distribute these assets. For example, you may want to set up a Trust so that money can be distributed to minor children over an extended period of time to ensure that they are provided for until they become adults. Or, you may wish to establish a plan to provide for a family member such as a spouse or adult child who is unable to care for themselves. Your Will can address all these issues and a host of other concerns. It will also allow you to designate the person you trust most to handle your affairs after you die.
Another aspect of estate planning is establishing a Durable Power of Attorney. A Power of Attorney is a legal document that allows someone to step in and act for you. A Durable Power of Attorney allows someone to act for you if you become incapacitated. Without a Durable Power of Attorney in place, if you become incapacitated, your family will likely be forced to file a court proceeding to obtain legal authority to handle your affairs. If, however, you should become incapacitated but have a Durable Power of Attorney in place, then the person you have selected will be able to step in and handle a wide range of tasks for you such as pay bills, manage your home, file your taxes, deal with your financial accounts, and other important matters. A Durable Power of Attorney is the best defense for planning for incapacity, and it allows you to choose who you trust most to handle your important financial affairs if you are unable to do so yourself.
Estate planning also includes establishing a Medical Directive, such as a Living Will or Health Care Power of Attorney. These Medical Directives set forth your wishes and desires for your health care should you become incapacitated and unable to make decisions for yourself. Through these Directives, you can authorize someone your trust to step in to make health care decisions for you. You can also set forth specific instructions about life-sustaining treatment, hospice or nursing home care, organ donation, withdrawal of life support, and other important care and treatment issues. Having a Medical Directive in place will allow your wishes to be honored and carried out should you be unable to make these decisions for yourself.
Whether you have a small estate or a large estate, multiple people you wish to leave your property or a single person or charity of choice, having a well-prepared estate plan that includes all your wishes and desires is easily obtainable. And, putting the people in place that you most trust to step in and act for you and to protect you when you are unable to act for yourself will create a path of ease for your loved ones. Establishing an estate plan is an important aspect of all our lives, and it will provide you with the peace of mind that comes with taking care of your family and your own personal needs. Let our firm help you with your Estate Planning today.
If you would like to meet with us about creating an Estate Plan, we would love to speak with you. To serve you better, please complete the Confidential Estate Planning Questionnaire below. You can either print and then complete the PDF version or use the Word version that will allow you to type your answers. Completing the Questionnaire allows us to understand your unique situation so that we can best advise you and tailor an Estate Plan that’s just right for you! If you do not know some of the information included in the Questionnaire, that’s okay too. We will review it with you during your consultation with us. Remember, we give a free ½ hour consultation! This questionnaire helps make the most of your time.
Click here for the PDF Version Click here for the Word Version