New Year's Resolution- Creating an Estate Plan
What do healthy eating, regular exercise, and saving money have in common? These happen to be some of the most popular new year’s resolutions. If we take these resolutions and put them side-by-side, we are able to notice a common theme, “do something now that benefits your future.” However, what if your new year’s resolution included taking action now to benefit your family’s future?
Estate Planning Essentials
Estate planning ensures that your loved ones are cared for in the event of a worst-case scenario. Such plans also help your assets avoid probate. An organized plan that clearly directs who is in charge and outlines who gets what assets, gives most a sense of relief about their estate plan. It’s very important to understand how the many components operate to ensure that you achieve goals of protecting assets and privacy.
Estate planning essentials include:
Will- A document stating your wishes for the division of your assets after your death, and naming of an executor to carry out those wishes
Power of Attorney- A document granting authority to someone else to manage your financial and healthcare affairs
Advanced Health Care Directive- A document stating your wishes for medical treatment if you are in an end-stage condition and granting authority to someone else to carry out those wishes with your health care provider
If you have questions about how these estate planning essentials can help your family, please contact us.
Resolve Your Family’s Future Now
As you contemplate 2020 and beyond, think about where your family would be without you. Would they know how to handle your assets? Are they ready to make sound decisions about their futures? If the answer isn’t a resounding yes, you should consider acquiring help in determining the best plan for you.
Each year, we make resolutions about the things we care about, so resolve to make an estate plan for your family as soon as possible. A famous saying states, “live for today,” but when we have others depending on us, we must also plan for tomorrow.
If your family knows exactly what to do if a certain circumstance was to arise, such knowledge can alleviate their anxiety and confusion when they are called upon to carry out your wishes. Although Long-Term Care and Estate Planning are difficult subjects for many people to discuss, these types of conversations create an opportunity to get your loved ones on the same page about your wishes for the future – both before and after your passing. By involving your family in the planning process, you can ensure that your family values and traditions are passed on to future generations.
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