Estate planning is essential, but many people procrastinate planning because, naturally, death is a topic no one wants to think about or discuss…but it is going to happen to all of us eventually. Unfortunately, many of these people find out too late that estate planning is not just about creating a Last Will and Testament, it is also about protecting your assets while you are alive.
When you have young children at home, or an older child with special needs, it is very important that you establish who will care for them in the event that you are unable to do so. Establishing guardianship is very important because if your children are left without parents, then other people, who are perhaps not family members, could determine who is responsible for their care.
A conservatorship can be used for many things but is most commonly used to manage money for children or incapacitated adults. The person who is the conservator will manage accounts set aside for children or incapacitated adults and help them with their living expenses.
A trust can be used for many things, including reducing your tax burden. Many people find that when they place their assets in a trust, they are better able to manage their accounts. Additionally, trusts can be set up for children and grandchildren with specific ages in which they may access the assets.
It is essential that you have a Will. This document ensures that after you have passed away, your wishes will be carried out. The Will sets guidelines for the distribution of your assets; and could provide guardianship information for minor children.
A Health Care Power of Attorney (also referred to as a Health Care Directive) is a document which provides specific powers to a designated agent to make health decisions for you if you cannot. It also provides that the agent may discuss your health with your physicians and medical providers as well as secure your medical records.
A Durable Financial Power of Attorney may be given for single non-health related matters or be a comprehensive document empowering your agent to take care of all your non-health related matters. It can become effective upon execution or at a designated time in the future.
Our law firm is capable of handling all of your estate planning needs. We will work diligently with you to create a plan that is both financially sound and beneficial to you and your loved ones. If you’re ready to get started, contact us today.