Three Essential Estate Planning Tasks

Make sure you have the basic estate planning documents in place to protect yourself and your loved ones.

Definitely planning your estate can be overwhelming and for many people it is tempting to put it off; however, it is very important that everyone has certain documents in place before disaster strikes. Even if you are concerned that you won’t be able to afford the perfect plan, it’s always best to have at least the basics in place, and then you can review and replace things in the future as circumstances change. Of course, if you ask me, I would tell you that there are other important tasks to complete, but if I were to cut them down, I think these three things are the most essential to have in place.

1. Make sure you have your health care documents in place. Commonly known as advance directives, there are several documents you can complete to document your wishes and give someone the authority to make decisions for you if you are unable to make those decisions yourself. Some recommended documents include a medical / health care power of attorney and a living will.

The medical / health care power of attorney is important because it allows you to choose who you would like to make your medical and health decisions, should you need someone to take over that role. Without this document, someone may have to go to court to get this right, and it may end up being someone other than whom you yourself would have chosen.

Through your living will, you can tell your family and other important people if you want life-sustaining treatment, if you plan to be an organ donor, and what type of treatment you want to alleviate pain or suffering.

Note that you can revoke or amend these documents at any time, but it is best to have them in place to reflect your current wishes, then amend them, then never have them and end up in the situation where the person you would have wanted to make decisions. it lacks the authority to intervene and help.

2. Make sure you have completed the instructions for guardianship of your children. If you already have documents for this purpose, please review them and make sure they still reflect your wishes.

I have spoken with several families who put off ALL of their estate planning because they were having difficulty determining the appropriate guardian for their children, or they just couldn’t agree. I hate using scare tactics; however, it would be incredibly stressful for your children if you do not complete this planning. A colleague told me the story of a young couple who had moved to Colorado and had no family in the city, but had two young children. When the husband was on an international trip, the wife was seriously injured. Although she was unable to take care of her children, the State had to intervene and take over custody of the children. Even though the couple had informally discussed with friends that they could take care of the children in the event of an emergency, they had no legally documented right to take temporary custody of the children, so the state was unable to release the children to they. The children were in a foster home until their distraught father was able to return home.

This situation could be much worse if something happened to both parents. Without their wishes documented, the extended family could fight for custody of the children, adding unnecessary stress to an already devastating situation for the children.

3. Complete your Estate Planning. Stop putting it off and schedule an appointment with a trusted estate planning attorney. Most people realize that eventually EVERYONE needs a will, trust, or other estate planning documents. As I mentioned earlier, you don’t need to wait for all the stars to line up correctly to start the process. Having your estate planning documents completed is not like getting a signed permission form, where you do it once and then you’re good to go … forever. Your estate plan will inevitably evolve and change over the years as your family grows and your financial situation changes. It is important to establish a relationship with an estate planning attorney who is your partner in this evolution and who can not only provide guidance, but also meet your needs at every stage of life. This should be a relationship, not just a transaction, and clients should feel comfortable that the attorney they are working with is available to answer questions and make small changes to the plan, without having to start from scratch. Keep in mind that you are not simply buying a product, but you are designing your ideal plan and your attorney should work with you to refine your documents as your idea of ​​ideal changes.

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