Is An Estate Plan Really Just For Rich People?
This is a common misconception. Everyone can benefit from having an estate plan, not just extremely wealthy people. Having a plan means that you can choose who gets your assets when you pass away. Depending on the arrangements you make, you can even avoid the probate process and the costs associated with it. This means that your friends and relatives get exactly what you want to leave for them. If you pass away without a plan, the court decides who gets everything. This decision may not gel with your wishes, so stay in control by making an estate plan of your own!
What Can An Estate Plan Do?
This isn’t just about your stuff though. Your plan can also allow you to make your last wishes clear and give loved ones power to make decisions for you when you can no longer care for yourself. Giving someone power of attorney allows them to make legal decisions for you and giving someone healthcare power of attorney allows them to make medical decisions.
You can also make a living will, outlining your instructions for what kind of medical care you would want to receive. If you do not want to be kept alive on life support machines, you can tell your loved ones that. If you want to go to a specific doctor or hospital, that can be a part of your instructions as well. When you make an estate plan, you make it possible for your loved ones to care for you without having to worry about protracted court battles and family in-fighting.
Can My Plan Be Used to Choose Guardians For My Kids?
This is one of the reasons that every parent should make an estate plan. You can choose guardians for your minor children as a part of your plan. If you do not choose guardians yourself, the court will choose for you.
You can allow a guardian to care for your kids and their financial matters, or you can choose two different people to split guardianship duties. One can take physical custody of your children while the other helps them manage their finances and any assets you leave behind for them until they reach adulthood.
Contact Our Estate Planning Lawyers
If you want to learn more about what our team can do for you, contact Herting Law, PLLC. We can schedule a consultation and go over all of your estate planning needs with you. Take care of this now and give yourself and your family some peace of mind.
