Estate PlanningToo many people like to put off dealing with estate planning issues. Obviously, none of us wants to think about what happens when we die. However, a failure to deal with these very important issues can have terrible consequences for your loved ones.
This is why it is important to consult with an attorney about estate planning. We generally recommend that all persons have four different estate planning documents prepared. The first is a Will. A Will prescribes where your property will go when you pass away. It also can be used to appoint a guardian for your minor children or a trustee for your assets in the event that your children are not old enough to be financially responsible for their inheritance.
You should also have a General Power of Attorney and a Durable Power of Attorney for Health Care Decisions. Most often, these documents are utilized when you are incapacitated and financial or medical decisions need to be made. A General Power of Attorney allows someone to manage your finances while you are incapacitated while a Durable Power of Attorney allows a designated person to make medical decisions on your behalf.
The final document you should have is a Living Will. A Living Will (not to be confused with a Durable Power of Attorney for Health Care Decisions) is simply a statement about what you want to happen in a “end of life” situation.
If you have yet to complete any estate planning documents or you want to have your current documents reviewed or updated, please contact Paul Davis so he can assist you with your estate planning needs.