For most people, estate planning is an uncomfortable process. Few people want to think about what will happen to their loved ones when they die, and, as a result, people often put off important estate-planning activities such as drafting a living will or establishing a trust.
However, forming an estate plan is vital if you want to preserve your legacy. Today, we're exploring some of the key reasons you need to think about establishing an estate plan.
For help with your estate plan, contact our office online or via phone at (731) 256-0023.
A Will Is About More than Dying
Many people only think about wills as documents made for the express purpose of distributing assets and liabilities after their death. However, that's not the case.
By drafting a living will, you can also establish durable financial and medical Power of Attorney (POA) for yourself.
Power of attorney allows you to dictate who looks after your estate or your health if you become medically incapacitated but don't die. If you have strong feelings about what should happen to your estate or health if you suffer an accident, you need to draft a living will establishing medical and financial POA to ensure you receive the care you deserve.
Additionally, you can use your will to take care of other legal matters, such as establishing guardianship for your children in the event you die or become unable to parent them.
Wills are incredibly powerful legal documents that can help you safeguard your legacy. Establishing one sooner rather than later should be at the top of your list.
Forming a Trust Can Save Your Family Time, Stress, & Money
In addition to establishing a will, you also probably want to set up a trust for your estate (living revocable trusts, which you can modify throughout your life, are the most popular—but consult an attorney before making any final decisions).
Like a will, a trust enables you to establish how your property gets distributed after you die. While a trust lacks certain legal powers (such as establishing guardianship or POA), it allows your loved ones to distribute your assets more easily by circumventing the probate process.
If you want to save time, stress, and money for friends and family members, you should discuss developing a trust alongside your living will and last will and testament with your lawyer.
At Casey, Simmons, and Bryant, PLLC, we'll work with you to ensure you set up an effective estate plan that meets your needs. To schedule a consultation with our team or learn more about our estate planning services, contact us online or via phone at (731) 256-0023.