We don’t like to think about the fact that life is not certain. We can’t control when our lives may change suddenly. An accident could leave you incapacitated, incompetent, or interred. If the unexpected happens, do you have a plan for those you love?  

Life Is About Making Plans

Much of a successful life is about planning carefully for each stage. You often prepare for life events for an entire year: weddings, 50th birthday parties, quinceaneras, or college graduations. You prepare your children for a future career by focusing on their education and enrichment activities. Their graduation from high school is 13 years in the making. 

For the sake of those you love, are you prepared if something were to happen and you could no longer make decisions? 

An Estate Plan Is A Gift 

As adults who are responsible for our parents, children, finances, real estate, businesses and IRAs, it makes sense to plan for the day that we are no longer here. Do you have a plan in place or will your family struggle to make decisions while grieving your loss of mind or loss of life?   

Planning for the future is a gift to your loved ones. Give them the confidence to handle any medical emergencies you might face and know how to handle your financial, business, and digital assets once you are gone.   

A Good Estate Plan Includes: 

• Your Will 
• Power of Attorney  
• Trusts for your Financial Assets 
• Medical Directives

Planning well will help you save on taxes for future generations and yourself. Trusts can help to avoid probate proceedings that keep your assets tied up. A well thought-out plan includes a power of attorney that appoints someone to take care of financial decisions in your stead if you are incapacitated. A medical directive appoints someone to make medical decisions for you in case you are no longer able to make those decisions on your own.  

More About Wills 

If you own any property, a will is a legally binding document that lays out who the property is left to. Without a will in place, the state will decide who gets your property. In your will, you also name the person (or people) who would be responsible for your minor children if you can no longer care for them. If you are married and you and your spouse both die, it is important to have this designation in place so that their future is secure. Without naming someone, your children could be placed in foster care or with a relative you would not have chosen.  

More About Trusts 

A trust is a legal way to put money into an account that someone you trust has control over during your life and also after you pass on. You decide which type of trust to use and when, how, and under what circumstances the money is given out. When you pass on, the money in a trust does not have to go through probate and is available immediately to your beneficiaries.   

Some trusts let you give to certain groups of people without having to pay as much tax. Generation skipping taxes must be paid when you give money to your grandchildren unless you use a GST Trust. There are also life insurance policies that act like trusts. These can be revocable or irrevocable.   Trusts have different designations depending on the goal. Working with an attorney is the best way to understand which trusts will most benefit your situation.   

More About A Power Of Attorney 

When you make a power of attorney agreement, you are giving someone you trust the power to act as if they are actually you as they take care of your financial issues. If you are incapacitated or declared incompetent, the person you choose will be in charge of your decisions about money. Writing out a power of attorney for your estate plan is much preferred to allowing the state to appoint someone who may not have your best interests at heart.  

More About Medical Directives 

If you become incapacitated and cannot make your own medical decisions, a health care proxy or a power of attorney for health care allows you to choose someone you trust to make decisions about your healthcare needs. You can also develop a living will, a document that states your wish for life support to be withdrawn if you are in a vegetative state or in the process of dying.   

Seek Wise Counsel 

For the future of your minor children, your health if in an accident, and for your financial, business, and digital assets, make an estate plan that includes the necessary documents to make your wishes known. This is a gift of peace of mind to yourself and a gift of certainty for your children or others who may need to make difficult decisions about your finances or healthcare.   

Contact a knowledgeable attorney in estate planning law to find out about next steps.  If you don’t make a plan, the state will step in and make a plan for you. Don’t neglect this most important planning stage. Your future and the future of your loved ones depend on it.