Protecting your rights and estate
How much do you care about your family? What happens to them in the event of your death? What do you want to happen to your family and your assets if you are unable to make decisions while you are alive? These are the questions that estate planning will answer.
Many of us put plans in place in the event of our deaths, and I can assure you that over 24 years of practice and drafting estate planning documents, no one has died simply by drafting a Last Will and Testament or any other estate planning document. Chances are, you will live long after you engage in your estate planning and the benefits to your family will be invaluable. Estate planning takes out of the hands of the judge or the court certain decisions about your assets and what should happen to them upon your passing. If you have minor children, you can dictate what should happen to them in the event of your death. Estate planning also takes out of the hands of your medical professionals medical decisions when you are unable to consent. If you are unable to act because of a medical condition, you get to guide your doctors, the court and your families about what medical care you want and the person(s) you want to make decisions for you.
What should happen to your assets in the event you need to be in a nursing home or access government benefits, or what if you have a disabled child? Estate planning covers all these eventualities. The benefits of ensuring that your affairs are in order today can be life changing not only to you but also your loved ones.
Additional Information
A Living Will is a legal document in which a person makes known his or her wishes regarding life preserving medical treatment(s). It is a written statement of instructions about health care treatment. It is also referred to as an advance directive, health care directive, or a physician’s directive.
LIVING WILL
A Health Care Proxy designates another person (a proxy) to make health care decisions in the event a person is unable to make his or her wishes known. It can be either permanent or temporary. A Health Care Proxy is not the same as a Living Will, but may be included in the health care proxy.
HEALTH CARE PROXY
A Power of Attorney is a legal document where one person (the principal) appoints another person (the agent) to act on his or her behalf, giving authority to the agent to perform certain acts on behalf of the principal. A Power of Attorney maybe durable.
POWER OF ATTORNEY
A Last Will and Testament is a legal document that tells the court and the Executor/trix how an estate or property should be managed after the writer’s death. This is an essential document for people over 18 years old to have drafted even if you do not believe you have sufficient assets to leave behind. A Will lives after one dies, and ensures that the assets left behind will be handled in the way the writer intended.
LAST WILL AND TESTAMENT
What documents are included in estate planning?
Essential estate planning documents include a will, trusts, powers of attorney for financial and healthcare decisions, and living wills or advance healthcare directives.
Why do I need a will?
A will ensures that your assets are distributed according to your wishes, names guardians for minor children, and appoints an executor to manage the estate.
How often should I update my estate plan?
It is advisable to review and update your estate plan every few years or after major life events such as marriage, divorce, the birth of a child, or significant changes in your financial situation.
Strategic Planning for Your Financial Future