No matter how much you own, you need an estate plan. You never know when you will need one, and when you are sick, you want to be sure you can focus on getting better instead of worrying about who controls your estate.
Estate planning documents who you want to make financial and medical decisions for you, what happens to your assets when you die and who is in charge when you can no longer make your own decisions. There are many reasons why you should consider estate planning.
Select who inherits your assets
All families have something to leave behind. Whether it be a home, some jewelry or a few investments, you likely have something that will be a part of your estate. If you have an estate plan that says who gets these objects, you will rest assured that you have control over what happens when you pass.
Protect your family
No one wants to think about dying young, but if something happens suddenly, you need to be sure your children are safe. Setting up a will to protect your children is a part of estate planning, and this will designate what your children inherit. You can also note who you want to be the guardian of your children.
Choose who has power of attorney
A power of attorney allows you to determine who has the power to act on your behalf for legal and financial matters. Choosing this ensures that you select someone who is trustworthy. You also need to select who has a healthcare proxy, or power of attorney, so someone you trust can make medical decisions for you.
In general, estate planning will give you and your family peace of mind. Contact an estate planning attorney to learn more about your options.
