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Change How You Think About Estate Planning
People procrastinate with their estate planning for many different reasons. However, the results are always the same: a disaster for loved ones, often at great financial and emotional cost. Why do people put off estate planning? Considering our own certain mortality or potential incapacity is unsettling. Excuses come easily, and other tasks take precedence, like planning a vacation or cleaning out the garage.
Think about your life and legacy instead. The more planning you do, the more control you have over the final outcome. A completed estate plan means you have done the work of preparing for the future.
Estate Planning for the Living
Many people think they are too young to need an estate plan. However, the opposite is true. While the legal documents used in an estate plan may be known by different names, depending on your state of residency, the need to execute them begins upon reaching adulthood. This is age 18 in most states.
In many states, parents need a Last Will and Testament to nominate a guardian for their minor children. Without a Last Will, a judge in the local probate court must be petitioned to select and appoint a guardian to serve as the backup parent. A Last Will empowers parents with the authority to decide who will raise their minor children, if orphaned. In addition, the Last Will is used to designate a trusted family member, friend or institution to be in charge of the children’s inheritance under terms provided by the parents. You may designate the same person, but the duties of raising minor children and administering their inheritance are often divided between two people.
Estate Planning for Incapacity
If you become incapacitated due to illness or injury without having executed the necessary legal documents in advance, your family will need to petition the court to appoint someone to make medical and legal decisions for you. This requires filings with the court, at least two attorneys and testimony from family, friends and medical providers. In addition, this court process exposes private and confidential information regarding your health and finances to the public record.
Consequently, an estate plan should include a Durable Power of Attorney for Financial Matters, a Durable Power of Attorney for Healthcare Decisions and a Living Will. Through these fundamental legal documents, you determine who would make your legal, financial and medical decisions, were you ever incapacitated. This is far less stressful and less costly when done in advance.
Overwhelmed by Paperwork?
The thought of wading through years of paperwork is another reason people put off creating an estate plan. If you are not organized, it can be daunting. However, who would you rather go through your personal, financial and medical files: yourself, your children, or a court-appointed stranger? Your estate planning attorney will give you a list of the documents needed, which will keep this task focused.
Cost Concerns
Creating an estate plan with an experienced attorney is far less costly than the expense, stress and family strife resulting for your loved ones, when there is no estate plan. If you are planning your estate for the first time, you may only need the legal documents described in this article. However, if your assets include a family-owned business or significant assets, there are many other strategic legal tools available to protect you and your loved ones. Regardless, whether you are of modest means or live in a mansion, a well-designed and legally executed estate plan is essential to protect your loved ones and assets.
Proper estate planning is not a “do it yourself” project, since there is little margin for error. This article is strictly educational and must not to be relied upon as personal legal advice. Accordingly, your estate planning attorney can ensure that your estate plan is just right for your unique circumstances.
Final Thoughts on Estate Planning
Consider your estate plan to be like a owning a home. It requires insurance, maintenance and when necessary, a refresh in design. As a “rule of thumb,” you should at least review your estate plan every two years, when members of the U.S. House of Representatives are chosen. This event alone can trigger significant tax law changes impacting your estate plan. In addition, during the time period between reviews, there may be changes in your life and your important relationships. To help keep your estate plan properly maintained, your estate planning attorney can provide thorough reviews and updates, as needed.
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