Why would I need an estate plan? I’m not rich!
This is a common question for young families when they start thinking about making a will and coming up with an estate plan and even after passing off your legacy with estate planning. What a lot of folks don’t realize is that an Estate Plan can do more than direct where you want your money to go when you are gone. Of course, one of the goals of estate planning for older and high net-worth individuals is legacy/land succession and minimizing estate in income tax consequences, but that’s not always the primary focus of an estate plan for everyone. For many young families and attorneys helping families with estate planning, they have more debt than assets, but that doesn’t take away from the importance of a little bit of planning. If you really get down to it, the whole purpose of an Estate Plan is to give you peace of mind that your wishes will be carried out after you are gone, and that your wishes can be carried out clearly and efficiently. Often, the things you can control when you are gone that are most important to you have nothing to do with money. Given this fact, here are the common documents that an Estate Planning attorney may recommend for you:
1. A power of attorney. This allows your spouse or some other trusted person to act on your behalf in the present and if you become incapacitated in the future. Your attorney-in-fact may act on your behalf on business transactions (selling your property, signing up for medical or disability benefits, closing or opening bank accounts, etc.) and even make health care decisions for you if you give them that power. This is not an executor or a personal representative (the term used in Nebraska for executors), but rather someone that acts for you while you are alive, and this can become very important if you are not able to act on your own behalf. Get in touch with a legal expert immediately on www.denvercocriminaldefenselawyer.com/
2. A will. According to this elder lawyer in Nashville, a will does more than direct the distribution of your belongings; it also can create Testamentary (which means its created by your will) Trusts for your children, name trustee(s), name guardians as well as direct specific distributions of your assets and personal property. Naming who you want to take care of your children and where you want your property to go not only makes your wishes concrete, but it can save some family strife when you are gone, as well.
3. A living will (health care directive). This has become very popular and increasingly important. If you have specific wishes regarding your end of life care, should it become necessary, its a good idea to put it into writing. In fact, what makes this so beneficial is that it spells out your wishes and takes the burden off of your family members in case they ever have to make tough decisions regarding your care. Once you put your wishes in writing, it puts your family and health care providers on notice of your wishes, and it can also save some potential family turmoil down the road. The lawyers for estate planning located in Cape Cod is whom you can get help from in case of estate related cases.
One more thing that may be a good idea to look into: Life insurance. This is a good way to fund your Testamentary trust to pay for the care and education of your children should something happen to you. It can also ensure that your spouse isn’t burdened with your debt after you are gone. Check out the best life insurance for over 40s according to lifecoverquotes.
Of course there are a million ways to do an estate plan, and it’s impossible to say in an article what is best for everyone, but it’s a good idea for anyone to speak with a will attorney or an estate planning attorney. An estate planning attorney can help you come up with a plan that fits your situation best. Fortunately, there are some very good ones in the Henderson Area who can help you come up with an Estate Plan that fits your needs rather cheaply. Its worth looking into, no matter what your financial or family situation is.
*This article is merely intended as a primer on the need for estate planning and in no way should be construed as legal advice, please talk to a licensed attorney before making decisions regarding your own estate plan.
Sponsored by Town & Country Boutique
