Don’t Put it Off: Estate Planning Matters
No one likes to think about their death or the death of a loved one, and even fewer people like to think about the possibility of becoming incapacitated. Yet, you can ease some of the fear and anxiety common to those outcomes by taking action to protect your assets and guide your loved ones with a planned process for settling your affairs.
How to Start
Beginning the process of estate planning starts with YOU. It might seem daunting at first, but having an understanding of the steps can make the process straightforward and simple. Identify your assets—money, property—that you would like to protect against creditor claims, irresponsible heirs, estate taxes, and long probate processes. After identifying your assets, you should consider your potential heirs and how to best manage and transfer those assets. Ways to manage and transfer those assets can include a last will and testament, pay-on-death accounts, and/or trusts. The best way to navigate the process of identifying assets and transferring those assets to your heirs is by hiring an experienced, dedicated attorney who can empower YOU to make the best decisions for you and your family.
It’s Not all About Money and Property
Smart estate planning includes a nuanced and comprehensive approach to concerns that go beyond your assets. For example, you may need to designate guardianship for minor children, or you may want to include caretaking plans for your pets. You might also have specific instructions for your funeral or burial. All of these concerns can be included in your estate planning.
Additionally, estate planning is essential in case you or a loved one becomes incapacitated when decisions about your healthcare are critical. Establishing a power of attorney, healthcare proxy, and living will can help your family avoid complications and confusion during such a difficult time.
Not sure if Estate Planning is for You?
Estate planning isn’t for “old people.” Estate planning isn’t for “sick people.” And estate planning isn’t just for “wealthy people” either. Estate planning is essential for everyone “as once you become incapacitated or pass away, it will be impossible for you to go back and do the things you missed.” (Bieber) The best way to diffuse some of the fear and anxiety about end of life decisions is to provide as much guidance as possible about your wishes and intentions.
Bieber, Christy. “Estate Planning Checklist: Get Your Affairs in Order.” Forbes, Forbes Magazine, 29 Jan. 2024, www.forbes.com/advisor/legal/estate-law/estate-planning-checklist/.