Make sure you have basic estate planning documents to protect yourself and your loved ones.

Planning for your estate can definitely be overwhelming and it is tempting for many people to keep putting it off, however it is very important that everyone has certain documents in order before a catastrophe strikes. Even if you’re worried you won’t be able to afford the perfect plan, it’s always best to have at least the basics in place, and then you can review and replace things in the future as circumstances change. Of course, if you ask me, I would tell you that there are other important tasks to complete, but if I had to narrow it down, I think these three things are the most essential to have instead.

1. Make sure you have your health care paperwork in order. Commonly known as advance medical directives, there are several documents you can complete to document your wishes and give someone the authority to make decisions for you if you are unable to make those decisions for yourself. Some recommended documents include a medical/health care power of attorney and a living will.

The medical/health care power of attorney is important because it allows you to choose who you would like to make your medical and health decisions, should you need someone else to assume that role. Without this document, someone may have to go to court to obtain this right, and it may end up being someone other than the one you would have chosen yourself.

Through your living will, you can tell your family and significant others if you want life-sustaining treatment, if you plan to be an organ donor, and what type of treatment you would like to relieve pain or suffering.

Keep in mind that you can revoke or amend these documents at any time, but it’s better to have them in place to reflect your current wishes, and then amend them, than to never have them and end up in the situation where the person you would have wanted to make decisions lacks. authority to step in and help.

2. Make sure you have completed the instructions for guardianship of your children. If you already have documents for this purpose, review them and make sure they still reflect your wishes.

I have spoken with several families who postponed ALL of their estate planning because they were having difficulty determining the right guardian for their children, or just couldn’t agree. I hate using scare tactics; however, it would be incredibly stressful for your children if you don’t complete this schedule. A colleague of mine told me the story of a young couple who had moved to Colorado and had no family in the city, but had two young children. When the husband was on an international trip, the wife was seriously injured. Although she was unable to care for her children, the state had to step in and take custody of the children. Although the couple had informally discussed with friends who could care for the children in an emergency, they had no legally documented right to take temporary custody of the children, so the State was unable to release them to them. The children were in foster care until their distraught father could return home.

This situation could be much worse if something happened to both parents. Without their documented wishes, the extended family could fight over custody of the children, adding unnecessary stress to an already devastating situation for the children.

3. Complete your estate planning. Stop procrastinating and schedule an appointment with a trusted estate planning attorney. Most people realize that eventually EVERYONE needs a will, trust or other estate planning documents. As I mentioned earlier, you don’t need to wait for all the stars to align correctly to start the process. Having your estate planning documents complete is not like getting a signed permission form, where you do it once and then you’re good to go…forever. Your estate plan will inevitably evolve and change over the years as your family grows and your financial situation changes. It is important to establish a relationship with an estate planning attorney who is your partner in this evolution and can not only provide guidance, but also meet your needs at every stage of life. This should be a relationship, not just a transaction, and clients should feel comfortable that the attorney they are working with is available to answer questions and make small changes to the plan, without having to start from scratch. Keep in mind that you are not simply buying a product – you are designing your ideal plan and your attorney should work with you to refine your documents as your idea of ​​ideal changes.

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