Having a Plan in Place
You are never too young to consider these important documents. Some people think estate planning is not necessary until they reach retirement age, but you never know what life may bring. It’s always better to be prepared. Our firm will help you make important decisions regarding money, childcare, and decisions about your own care.
- Wills — Your Last Will and Testament are likely to be the foundation of your estate plan. At the bare minimum, Wills designate beneficiaries and which assets of yours you wish to pass on to them. However, you can also name successor guardians for your minor children, as well as an executor for your estate, in your Will.
- Living Wills — If you have ever been admitted to the hospital or treated in an emergency room, you were probably asked whether or not you had a living will. This is a document that communicates your wishes when it comes to your medical care. The document goes into effect when you lose capacity and are therefore unable to communicate your wishes yourself. Common issues a living will touches on include preferences on the insertion of artificial hydration and nutrition devices, artificial respirators, and other life-prolonging measures. These things are uncomfortable to think about but vitally important to address.
- Power of Attorney — There are many types of power of attorney you may choose to draft depending on your circumstances. On a power of attorney form, you empower an agent to take certain actions and make decisions on your behalf. You might choose to make a general financial power of attorney so that, for example, someone you trust can engage in certain financial transactions while you are traveling outside the country. In something completely different, you might want to make a durable general power of attorney so that your agent can handle your financial affairs while you are incapacitated. Some power of attorney types allow your agent to act on your behalf only while you have capacity of mind. There are countless ways you can structure your power of attorney documents.
Do-it-yourself estate planning services abound on the internet; as a result, many people (understandably) attempt to save costs and simply fill out a Will online. These online services, however, are no substitute for a knowledgeable attorney who can make sure your documents follow applicable state laws and truly meet your goals. Peace of mind is on the other side of planning for you and your family; we look forward to speaking with you about this important legal matter soon.
