Most people assume Estate Planning is only for people with the type of estates they see on television, but this is not the case. If you own a car or have made payments on a mortgage, you have an estate. While estate planning can be a somewhat difficult issue to approach, especially for younger people, there are a few documents you should consider no matter your age.
A simple will is the fundamental building block for any estate plan. In a simple will you can name your beneficiaries, determine how your property will be divided, bequeath specific gifts, name guardians for your minor children, and name the executor of your estate, among other things. If you die without a will, the State will use specific formulas to determine how to manage and distribute your estate. Many people would prefer to make these determinations than let the State decide.
A Health Care Power of Attorney is a document that allows you to name specific people to make health care decisions for you, according to your wishes, if for some reason you become incapacitated. This type of document only becomes effective if you are unable to make or communicate decisions for yourself, and can afford you a certain peace of mind in knowing that people you trust will make such important decisions on your behalf.
A Living Will is another estate planning document related to the medical field. The Living Will lists out your requests for treatment if you are in a permanently unconscious or terminally ill state and unable to communicate. While somewhat similar to the Health Care Power of Attorney, this document allows you to make decisions for yourself – decisions that may be too difficult for your family to make.
There are many other estate planning vehicles that may be applicable to your situation. Please do not hesitate to contact my office today if you have any questions about the estate planning process.
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