• Durable Power of Attorney
• Living Wills
• Healthcare Power of Attorney
Why do you need an estate plan?
If you don't have a plan in writing, in proper form, the government will decide who will acquire your assets. The government may also be forced to determine who will look after your minor children in the event of your demise. Do you have step children that you care to include in the distribution of your estate? Suppose you become incapacitated. Who will handle your finances, make your medical decisions, determine whether to put you in a nursing home? If you own your own business, what will become of it in the event that you are temporarily or permanently unable to make legally binding decisions?
You should also consider if any of your chosen heirs have special needs that may require a guardian; if your heirs are not responsible with money yet you want to provide for their needs; if you have children from a prior marriage that you want to ensure receive a portion of your legacy; if you have some creative ideas for your estate plan; or, if you are concerned with the tax ramifications involved in planning your estate, you may wish to consider preparation of a trust.
If you have an estate plan, when was the last time you checked to see if it still meets your current needs? Should you have a change in circumstances, such as divorce, death in the family, grown children, or marriage, does your estate plan still coincide with your desires?
Depending upon the complexity of your estate plan, a simple will is inexpensive and can save hardship, discontent, and attorney fees for your family at a time when they should be allowed to grieve in peace.