Do You Own a Home? Do You Have a Child? Then You Need to Plan Your Estate!
It has come to my attention that most people that either own a home, or have a child are without a successful estate plan. Many are under the impression that he/she doesn’t need an estate plan because he/she owns minimal assets, or he/she is under the belief that he/she is “too young” for an estate plan.
If you want your assets and your loved ones protected when you can no longer do it, you will need an estate plan.
What Makes for a Successful Estate Plan?
A successful estate plan should provide for the management of your financial and personal affairs, as well as management of your health care directives should you be unable to make decisions for yourself in the future. Your estate plan should also provide your wishes for the disposition of your estate after death. A successful estate plan will also allow you to name your children’s guardian in the event of your early death.
How Do You Ensure Your Wishes Are Met If You Are Incapacitated?
It is important to not only consider your wishes upon death, but to also consider your wishes in the event that you become unable to make decision for yourself while living. For example: if you were in an automobile accident and you are now in a coma (therefore incapacitated) you will need to ensure you have someone you trust to make decisions on your behalf, whether that be financially or medically.
One way to make sure you are protected and to ensure your wishes are carried is by executing power of attorney documents. These documents will specifically lay out who can make decisions on your behalf in the event that you become incapacitated.
Benefits of Power of Attorney Documents
Without power of attorney documents in place, a court would have to make the determination as to who is able to make decisions on your behalf in the event that you are no longer able to make decisions for yourself – this can be time consuming and expensive.
Planning ahead allows you to put a lot of thought and consideration into your wishes and allows you the opportunity to speak to your family regarding your wishes. Power of attorney documents allow for you to grant and restrict certain actions your agent can take while acting on your behalf. You can have a certain agent assigned for your healthcare power of attorney and a completely different agent assigned for your financial power of attorney which allows you to choose the person best suited to make certain decisions.
Benefits of a Will
A Will allows you to ensure your possessions are disturbed according to your wishes. If you die without a Will the law in your state will determine how your estate will be disbursed and that might not correlate with your wishes. A Will also allows you to name a guardian for your minor children in the event of death of both parents. You can specify your funeral wishes in a Will and this reduces stress for loved ones while also ensuring your body is treated the way you desire. A Will is generally less expensive and less time consuming to probate as opposed to an estate that does not have a Will.
Do You Need An Attorney?
Choosing a plan for your estate can be overwhelming, at Cotter Law we will make sure you are well prepared and protected while carrying out your wishes. Fill out the form below or call Cotter Law today to schedule your FREE consultation at (865) 888-7155 to speak with an experienced attorney.
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